Brown & Brown, Inc. Announces the Asset Acquisition of Fitzharris Agency, Inc., Fitzharris & Company, Inc., and Fitzharris Admin
May 05 2011 - 7:30AM
Marketwired
Charles H. Lydecker, Regional President of Brown & Brown, Inc.
(NYSE: BRO) and Executive Vice President of Brown & Brown of
New York, Inc., a subsidiary of Brown & Brown, Inc., and Dennis
J. Fitzharris, Jr., President of Fitzharris Agency, Inc.,
Fitzharris & Company, Inc., and Fitzharris Administrators,
Inc., located in Farmingdale, New York, today announced that Brown
& Brown of New York, Inc. has acquired substantially all of the
assets of Fitzharris Agency, Inc., Fitzharris & Company, Inc.,
and Fitzharris Administrators, Inc., collectively doing business as
Fitzharris Insurance.
Fitzharris Insurance, with aggregate annualized revenues of
approximately $6.2 million, provides property and casualty,
employee benefits, and third-party administrative services to
school districts, other public entities, and commercial and
individual clients in Long Island and throughout New York State.
Fitzharris Insurance's Farmingdale office will become a new
stand-alone profit center of Brown & Brown of New York, Inc.,
under the leadership of Dennis Fitzharris, Jr.
Mr. Lydecker, who is responsible for certain of Brown &
Brown of New York, Inc.'s retail operations, commented, "Dennis
Fitzharris, his brother, Chris, and his son, D.J., have built one
of the most respected insurance intermediaries, and one of the
premier third-party administrators for public entities, in New York
State. We are honored to have them represent Brown & Brown as
we continue to deepen our presence and portfolio of products and
services in the Empire State."
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 buyer
or 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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