Brown & Brown, Inc. Announces the Acquisition of the Group Employee Benefits Division of Roussel & Associates, LLC
August 31 2009 - 5:00PM
Marketwired
C. Roy Bridges, Regional Executive Vice President of Brown &
Brown, Inc. (NYSE: BRO), and Steve R. Roussel, owner of Roussel
& Associates, LLC, located in Brentwood, Tennessee, today
announced that a subsidiary of Brown & Brown has acquired the
group employee benefits division of Roussel & Associates.
Roussel & Associates is an established financial services
agency and will continue to offer a range of financial products and
services to individuals and businesses in Brentwood, Tennessee and
the greater Nashville metropolitan area.
With annualized revenues of approximately $1.7 million, the
group employee benefits division of Roussel & Associates will
relocate to Brown & Brown's existing Nashville, Tennessee
operation, under the leadership of Danny Simmerman. Mr. Bridges,
who is responsible for certain of Brown & Brown's operations in
the Southeast, commented, "We are honored to have Chris Hartnett,
Paul Roussel and the other members of Roussel & Associates'
group benefits team join our forces in Nashville, and we are
excited about the opportunities presented by this new addition to
our employee benefits portfolio."
"Our team spent a lot of years and hard work building this side
of the business," said Steve Roussel, Founder and Owner of Roussel
& Associates. "I feel confident saying the employee benefits
portfolio will remain in good hands with Brown & Brown."
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
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