Brown & Brown, Inc. Announces the Acquisition of Certain Assets of Compass Consulting Group, LLC
April 01 2011 - 4:00PM
Marketwired
J. Scott Penny, Regional President and Chief Acquisitions Officer
of Brown & Brown, Inc. (NYSE: BRO) and President of Brown &
Brown of Washington, Inc., and Kevin M. Werlinger and David J.
Libao, principals of Compass Consulting Group, LLC, located in
Seattle, Washington, today announced that Brown & Brown of
Washington, Inc., a subsidiary of Brown & Brown, Inc., has
acquired certain assets of Compass Consulting Group, LLC, in
particular, the books of business serviced by Messrs. Werlinger and
Libao.
The acquired books of business, with aggregate annualized
revenues of approximately $1.0 million, consist primarily of
employee benefits products and services offered to businesses and
individuals throughout the greater Seattle metropolitan area. Kevin
Werlinger, David Libao and other Compass Consulting Group employees
join Brown & Brown of Washington's existing Seattle profit
center.
Peter Goerlitz, who is also a principal of Compass Consulting
Group, will not be joining Brown & Brown, and will continue to
service his clients through Compass Consulting Group, LLC.
Mr. Penny, who is responsible for Brown & Brown's retail
operations throughout Washington, commented, "Kevin Werlinger,
David Libao and the other members of the Compass team have
established a reputation for quality service and benefits expertise
throughout the greater Seattle metropolitan area. We are honored to
have them join us and contribute to the growth and success of Brown
& Brown's employee benefits portfolio."
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, and material adverse changes
in the business and financial condition of the sellers, the buyeror
both, 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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