Brown & Brown, Inc. Announces the Asset Acquisition of Ladd's Agency, Inc.
December 08 2010 - 4:12PM
Marketwired
J. Scott Penny, Regional President of Brown & Brown, Inc.
(NYSE: BRO), today announced that Brown & Brown of New York,
Inc., a subsidiary of Brown & Brown, Inc., has acquired from
Alliance Financial Corporation, an independent financial holding
company headquartered in Syracuse, New York, substantially all of
the assets of Ladd's Agency, Inc., located in North Syracuse, New
York. The acquisition includes certain assets of two wholly-owned
subsidiaries of Ladd's Agency, Inc.
With annualized revenues of approximately $1.4 million, Ladd's
Agency and its predecessors have been providing insurance products
and services to businesses and individuals in the greater Syracuse
metropolitan area since 1928. Ladd's Agency operations will
relocate to Brown & Brown of New York's existing office in
Syracuse, under the leadership of Nick Dereszynski.
Mr. Penny, who is responsible for certain retail operations of
Brown & Brown of New York, commented, "Ladd's Agency is an
established and well-respected name in the Syracuse community. We
are excited about the quality of the new employees and clients that
will help us continue the growth and success of our Syracuse
office."
Brown & Brown, Inc., through its subsidiaries, offers a
broad range of insurance and reinsurance products and related
services. Additionally, certain Brown & Brown subsidiaries
offer a variety of risk management, third-party administration, and
other services. Serving business, public entity, individual, trade
and professional association clients nationwide, the Company is
ranked by Business Insurance magazine as the United States' seventh
largest independent insurance intermediary. 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, is 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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