Brown & Brown, Inc. Enters Into Agreement to Acquire the Assets of Irving Weber Associates, Inc.
May 12 2009 - 4:09PM
Marketwired
Ken Masters, Regional Executive Vice President of Brown &
Brown, Inc. (NYSE: BRO), and Adam Weber, President of Irving Weber
Associates, Inc., today announced that two Brown & Brown
subsidiaries and Irving Weber have entered into an agreement for
the subsidiaries of Brown & Brown to acquire substantially all
of the assets of Irving Weber. Finalization of the transaction is
subject to the satisfaction of certain customary conditions. The
deal is expected to close in late May of this year.
With annualized revenues of approximately $4.0 million, Irving
Weber specializes in insurance programs, primarily for the
"fabricare" industry -- comprised of drycleaners, linen supply,
uniform rental and commercial laundry operations. Irving Weber also
offers programs for other industries and has retail insurance
agency operations. After the closing, Adam Weber and his staff will
continue to operate in the Long Island location in Ronkonkoma, New
York, and will continue to operate under the "Irving Weber
Associates" name.
Ken Masters, the Regional Executive Vice President responsible
for certain of Brown & Brown's program operations, said:
"Irving Weber is a recognized leader in providing tailored
insurance products and services for clients in the 'fabricare,'
grocery, business products, restaurant and other industries. We are
pleased that Adam and the other talented members of the Irving
Weber team will be joining Brown & Brown to help us grow our
program operations."
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. These
statements are not historical facts, but instead represent only the
current belief of Brown & Brown, Inc. and its subsidiaries
(collectively the "Company") 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, 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 included
in this press release are made only as of the date of this press
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 thereafter becomes aware.
Contact: Cory T. Walker Chief Financial Officer (386)
239-7250
Brown and Brown (NYSE:BRO)
Historical Stock Chart
From May 2024 to Jun 2024
Brown and Brown (NYSE:BRO)
Historical Stock Chart
From Jun 2023 to Jun 2024