SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

January 05, 2010 19:00 ET

Alamo Insurance Group, Inc. Joins Brown & Brown, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - January 5, 2010) - C. Roy Bridges, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and J. Patrick "Pat" McMahan, Chairman and Chief Executive Officer, and G. Michael "Mike" Gilpin, President, of Alamo Insurance Group, Inc., of San Antonio, Texas, today announced the asset acquisition of Alamo Insurance Group, Inc. by a subsidiary of Brown & Brown, Inc.

Alamo Insurance Group, with annual revenues of approximately $4.3 million, has provided property and casualty insurance, employee benefits insurance, personal insurance, and risk management products and services to clients since 1998. The Alamo Insurance Group team has expertise in a variety of industries, including school districts, governmental entities, entertainment, transportation, and construction.

Pat McMahan, Mike Gilpin and their staff will continue to operate from their existing San Antonio and McAllen, Texas locations under the Alamo Insurance Group name.

Mr. Bridges, who is responsible for Brown & Brown's Texas retail operations, commented, "Pat and Mike have built Alamo Insurance Group into one of the most respected and successful insurance operations in the San Antonio region. We are proud that they have chosen to join us. We look forward to working with Pat, Mike and their team to continue the great service that their clients have come to expect, as well as to offer their clients additional coverage and risk management choices and solutions."

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 sixth 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.

Contact Information

  • Contact:
    Cory T. Walker
    Chief Financial Officer
    (386) 239-7250