Brown & Brown, Inc. Announces the Asset Acquisition of Martin Benefits Consulting, LLC and Martin Human Resources, LLC
October 05 2010 - 4:50PM
Marketwired
Thomas E. Riley, Regional President and Chief Acquisitions Officer
of Brown & Brown, Inc. (NYSE: BRO), and Scott L. Martin,
principal of Martin Benefits Consulting, LLC and Martin Human
Resources, LLC of New York, New York, today announced the
acquisition of substantially all of the assets of Martin Benefits
Consulting, LLC and Martin Human Resources, LLC by Brown &
Brown of New York, Inc., a subsidiary of Brown & Brown.
With combined annual revenues of approximately $3.0 million,
Martin Benefits Consulting and Martin Human Resources offer
employee benefits products and services in New York City and
throughout New York, Connecticut and New Jersey. Scott Martin and
his staff will continue their operations from their current
location as a free-standing profit center in New York, New
York.
Mr. Riley, who is responsible for certain of Brown & Brown's
retail operations in New York, commented, "We are honored to
welcome Scott and his team of high-quality employee benefits
specialists to our organization. These professionals built Martin
Benefits into one of the leading employee benefits firms in the
tri-state area, and we are excited about the opportunities
presented by this addition to our New York presence." Mr. Martin
commented, "My team and I are thrilled to be joining the Brown
& Brown family, where our shared embrace of the entrepreneurial
spirit will only grow stronger. Most importantly, this transaction
will allow us to provide our clients with the same level of
personalized service while exposing them to new resources and
benefits."
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.
Cory T. Walker Chief Financial Officer (386) 239-7250
Brown and Brown (NYSE:BRO)
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