Brown & Brown, Inc. Announces the Asset Acquisition of Insurance 1, Inc.
December 22 2008 - 11:46AM
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 James "Jimmy" Bradford, Brian Duke and Martin Heyman,
principals of Insurance 1, Inc., of Alexandria, Louisiana, announce
the asset acquisition of Insurance 1, Inc. by a subsidiary of Brown
& Brown, Inc.
With annualized revenues of approximately $800,000, Insurance 1,
Inc. focuses on property & casualty, as well as health &
life insurance for individuals and businesses in Louisiana. James
"Jimmy" Bradford, Brian Duke, Martin Heyman and their staff will
continue at their current location as a specialty division of Brown
& Brown's existing Lafayette, Louisiana operation, under the
leadership of Mark Romero.
Mr. Bridges stated, "We are honored to have another group of
talented insurance professionals join our forces in Louisiana. The
knowledge and talent this group adds to our Louisiana presence
enables us to provide additional service locations to our clients
in the Southern Region. This acquisition, along with the Alexander
& Bolton acquisition (announced previously), gives Brown &
Brown initial annualized revenues of approximately $2 million in
Alexandria and signifies Brown & Brown's solid commitment to
the Alexandria community through its association with insurance
professionals of the highest caliber and integrity."
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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