Brown & Brown, Inc. Announces the Asset Acquisition of R.E. Sutton & Associates, LLC
December 15 2008 - 5:11PM
Marketwired
J. Scott Penny, Regional Executive Vice President of Brown &
Brown, Inc. (NYSE: BRO), and Richard E. Sutton, principal of R.E.
Sutton & Associates, LLC, of Brownsburg, Indiana, today
announced the asset acquisition of R.E. Sutton & Associates,
LLC and certain affiliated entities by Brown & Brown of
Indiana, Inc., a subsidiary of Brown & Brown, Inc.
R.E. Sutton & Associates, with annual revenues of
approximately $1.5 million, specializes in providing employee
benefits consulting services to individuals, businesses and
organizations throughout Indiana. In particular, the firm has
developed a specialty in serving school districts, libraries,
municipalities and other public entities throughout Indiana.
Richard Sutton and his staff will operate as a separate specialty
unit within Brown & Brown, under the R.E. Sutton &
Associates name.
Mr. Penny commented, "We are excited about having Richard and
his team join our ever-growing employee benefits practice. Their
reputation and expertise give us a state-wide presence, beyond the
eight Indiana communities in which we are currently located, in
serving the employee benefits needs of Indiana public
entities."
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.
Contact: Cory T. Walker Chief Financial Officer (386)
239-7250
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