Brown & Brown, Inc. Announces the Asset Acquisition of Preferred Insurance Services, L.L.C.
January 02 2009 - 1:52PM
Marketwired
Michael A. Paschke, Regional Executive Vice President of Brown
& Brown, Inc. (NYSE: BRO), and Gary F. Hapip, Craig S. King and
Gary R. Honea, the members and managers of Preferred Insurance
Services, L.L.C., of Phoenix, Arizona, announce the asset
acquisition of Preferred Insurance Services, L.L.C. by a subsidiary
of Brown & Brown, Inc.
Preferred Insurance Services, with annualized revenues of
approximately $1.3 million, focuses on property & casualty and
benefits insurance for individuals and businesses in Phoenix,
Arizona and throughout the United States. Gary Hapip, Craig King,
Gary Honea and their staff will combine their agency operations
with that of Brown & Brown's existing Phoenix office, under the
leadership of John Slater.
Mr. Paschke stated, "We are excited to have Preferred Insurance
Services and its incredibly talented staff join our Phoenix
operations. This combination will enhance our Phoenix presence and
allow our operations to provide new resources and service
capabilities for our clients in Arizona."
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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