Brown & Brown, Inc. Announces the Asset Acquisition of Balcos Insurance, Inc. and Mike Howard Insurance
January 05 2011 - 8:00AM
Marketwired
J. Scott Penny, Regional President of Brown & Brown, Inc.
(NYSE: BRO); Mark S. Balcos and Scott N. Balcos, principals of
Balcos Insurance, Inc.; and Michael P. Howard, principal of M C H,
Inc. of Seattle, d/b/a Mike Howard Insurance, today announced the
acquisition of substantially all of the assets of Balcos Insurance,
Inc. and M C H, Inc. of Seattle by Brown & Brown of Washington,
Inc., a subsidiary of Brown & Brown.
With annual revenues of approximately $3.0 million, Balcos
Insurance, Inc. offers a broad spectrum of personal lines and
commercial lines insurance, as well as specialized products and
services for the restaurant and hospitality, automotive service and
repair, construction, and manufacturing and distribution
industries, among other specialty niches. Founded in 1985, the
agency serves clients throughout the western United States. In June
2010, Mark Balcos, President of Balcos Insurance, was named the
2010 Agent of the Year by the Professional Insurance Agents (PIA)
of Washington/Alaska.
Mike Howard Insurance, with annual revenues of approximately
$500,000, has provided its individual and business clients in the
greater Seattle area and throughout the state of Washington with a
variety of personal, life, and commercial insurance products and
services since 1992.
Following the transactions, Brown & Brown of Washington will
operate from two new locations, in Ballard (Seattle) and
Bellingham, Washington, under the leadership of Mark Balcos.
Mr. Penny, who is responsible for Brown & Brown of
Washington's retail operations, commented, "The Balcos brothers and
Mike Howard have built two of the finest insurance operations in
the Pacific Northwest. We are honored to have their teams of
insurance professionals join us and help us expand our retail
presence in Seattle and into northern Washington as well." Mark
Balcos stated, "I am excited that Balcos Insurance and Mike Howard
Insurance will now be part of Brown & Brown. The company's
business model is based upon local leadership and service, backed
by the size and strength of a national organization. Joining Brown
& Brown will enable us to expand and improve service for our
most valued clients and career opportunities for our
employees."
Brown & Brown, Inc.'s 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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