Brown & Brown, Inc. Announces the Asset Acquisition of Charter Insurance Services, Inc.
December 17 2008 - 4:30PM
Marketwired
Kenneth D. Kirk, Regional President of Brown & Brown, Inc.
(NYSE: BRO), and Helen J. Wertheim, President of Charter Insurance
Services, Inc. of Albuquerque, New Mexico, announce the asset
acquisition of Charter Insurance Services, Inc. by a subsidiary of
Brown & Brown, Inc.
Charter Insurance Services, Inc., with annualized revenues of
approximately $1.1 million, focuses on property & casualty
insurance for individuals and businesses in Albuquerque, New Mexico
and throughout the United States. Helen Wertheim and her team will
combine their agency operations with that of Brown & Brown's
existing Albuquerque office, under the leadership of Scott
Jones.
Mr. Kirk stated, "We are pleased to have Charter Insurance and
their group of talented insurance professionals join our
Albuquerque operations. This combination will enable our New Mexico
operations to thrive and will allow us to provide new resources and
service capabilities for our clients in New Mexico."
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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