Brown & Brown, Inc. Announces the Asset Acquisition of Agency Associates, Inc.
November 13 2008 - 4:39PM
Marketwired
J. Scott Penny, Regional Executive Vice President of Brown &
Brown, Inc. (NYSE: BRO), and Frederick W. "Fred" McClaine, B.
Michael Haffey and Ronald L. "Ron" Smith, principals of Agency
Associates, Inc., today announced the asset acquisition of Agency
Associates, Inc. and certain affiliated entities by a subsidiary of
Brown & Brown, Inc.
Agency Associates and its affiliates, with combined annual
revenues of approximately $5.2 million, offer property and casualty
insurance, individual and group employee benefits insurance, and
financial planning products and services to individuals and
businesses throughout Indiana. Agency Associates serves numerous
professional and trade associations and their members, as well as
individuals, businesses and non-profit organizations, throughout
Indiana and the region. Fred McClaine, Michael Haffey, Ron Smith
and their producers and staff will join Brown & Brown and
continue serving their clients from their Zionsville, Kokomo, and
Mishawaka, Indiana locations. In coordination with Brown &
Brown of Indiana, Inc.'s Executive Vice President, Eric E.
Anderson, Brown & Brown's Indianapolis office and Agency
Associates' Zionsville office will move into one location in
"Northside Corridor" of the greater Indianapolis area. At that time
the combined office will be under the leadership of Fred
McClaine.
Mr. Penny commented, "We are excited to join forces with Fred,
Michael, Ron and their exceptional team. Their insurance expertise,
particularly in serving the needs of professional and commercial
trade groups, is hard to match."
Mr. Anderson noted, "The greater Indy marketplace has been a
vibrant place to do business. I look forward to working with Fred,
Michael and Ron to integrate our two operations and to leverage the
best of our teams' talents for the benefit of our clients."
Added Mr. McClaine, "Coming together with Brown & Brown
means greater resources and career opportunities for our employees;
stronger, deeper relationships with our insurance companies and
trade association partners; and a wider portfolio of insurance and
financing planning products and services, for our clients as well
as Brown & Brown's clients. Michael, Ron and I are eager to
work with Scott and Eric to build the preeminent insurance and
financial planning operation in the State of Indiana."
Brown & Brown, Inc. and its subsidiaries offer a broad range
of insurance and reinsurance products and services, as well as risk
management, third party administration, managed health care, and
Medicare set-aside services and programs. Providing service to
business, public entity, individual, trade and professional
association clients nationwide, the Company is ranked by Business
Insurance magazine as the seventh largest independent insurance
intermediary in the United States. The Company's Web address is
www.bbinsurance.com.
This press release may contain certain statements relating to
future results which are forward-looking statements. These
statements are not historical facts, but instead represent only the
current belief of Brown & Brown, Inc. and its subsidiaries
(collectively the "Company") regarding future events, many of
which, by their nature, are inherently uncertain and outside of the
Company's control. It is possible that the Company's actual results
and financial condition may differ, possibly materially, from the
anticipated results and financial condition indicated in these
forward-looking statements. Further information concerning the
Company and its business, including factors that potentially could
materially affect the Company's financial results, are contained in
the Company's filings with the Securities and Exchange Commission.
Some factors include those factors relevant to Brown & Brown's
consummation and integration of the announced acquisition,
including any matters analyzed in the due diligence process,
material adverse changes in the customers of the company whose
operations are being acquired and material adverse changes in the
business and financial condition of either or both companies and
their respective customers. All forward-looking statements included
in this press release are made only as of the date of this press
release, and the Company does not undertake any obligation to
publicly update or correct any forward-looking statements to
reflect events or circumstances that subsequently occur or of which
the Company thereafter becomes aware.
Contact: Cory T. Walker Chief Financial Officer (386)
239-7250
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