Brown & Brown, Inc. Announces the Asset Acquisition of Alexander & Bolton, Inc.
December 17 2008 - 1:28PM
Marketwired
C. Roy Bridges, Regional Executive Vice President of Brown &
Brown, Inc. (NYSE: BRO), Tommy Huval, responsible for Brown &
Brown, Inc.'s operations in Louisiana and other southeastern
states, and Mr. Roscoe A. Bolton, Chairman of Alexander &
Bolton, Inc., located in Alexandria, Louisiana, announce the asset
acquisition of Alexander & Bolton, Inc. by a subsidiary of
Brown & Brown, Inc.
Alexander & Bolton, Inc., founded in 1890, is one of
Louisiana's longest operating insurance agencies. With annualized
revenues of approximately $1.3 million, Alexander & Bolton,
Inc. focuses on property & casualty, as well as health &
life insurance for individuals and businesses in Louisiana. Mr.
Roscoe A. Bolton and his staff will continue at their current
location as a division of Brown & Brown's existing Lafayette,
Louisiana operation, under the leadership of Mark Romero. Brown
& Brown's presence in Louisiana dates from 2001, when it
acquired The Huval Companies and now has locations in Lafayette,
Baton Rouge, New Orleans and Lockport.
Mr. Bridges stated, "We are honored to have this fine group of
insurance professionals join our forces in Louisiana. The expertise
that this group brings to our Louisiana presence will provide us
with new resources and services capabilities for our clients
throughout the Southern Region." Mr. Roscoe A. Bolton commented,
"We are pleased to continue the long-standing tradition of
Alexander & Bolton through our joining the Brown & Brown
organization. Their resources will further assure our capabilities
and success well into the future."
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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