Brown & Brown, Inc. Announces the Asset Acquisition of Stewart & Tunno Insurance Agency, Inc.
December 08 2008 - 8:54AM
Marketwired
Michael A. Paschke, Regional Executive Vice President of Brown
& Brown, Inc. (NYSE: BRO), and Eleanor M. Procter, Ronald Manza
and Colleen J. Thomas, the shareholders of Stewart & Tunno
Insurance Agency, Inc. of Portland, Oregon, announce the asset
acquisition of Stewart & Tunno Insurance Agency, Inc. by a
subsidiary of Brown & Brown, Inc.
Stewart & Tunno Insurance Agency, Inc., with annualized
revenues of approximately $1.8 million, focuses on property &
casualty insurance for individuals and businesses in Portland,
Oregon and throughout the United States. Eleanor Procter, Ronald J.
Manza, Colleen Thomas and their staff will combine their operations
with those of Brown & Brown's existing Portland office, under
the leadership of Tim Nielsen.
Mr. Paschke stated, "We are extremely pleased to add Eleanor,
Ronald, Colleen and their staff to our growing presence in Oregon.
This team of talented insurance professionals will provide us with
new resources and services capabilities for our clients in the
Pacific Northwest."
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, including
those associated with this acquisition. These statements are not
historical facts, but instead represent only the Company's current
belief 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 and condition, as well as its other
achievements, 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 made herein are made only
as of the date of this 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 hereafter becomes aware.
Cory T. Walker Chief Financial Officer (386) 239-7250
Brown and Brown (NYSE:BRO)
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