SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

February 01, 2010 14:21 ET

Brown & Brown, Inc. Announces the Acquisition of Certain Assets of Insurance Exchange, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - February 1, 2010) - Kenneth D. Kirk, Regional President of Brown & Brown, Inc. (NYSE: BRO), and Elizabeth A. Frilling and Stephanie M. Frilling, principals of Insurance Exchange, Inc., of Albuquerque, New Mexico, today announced the acquisition of certain assets of Insurance Exchange, Inc. by a subsidiary of Brown & Brown, Inc.

The acquired assets, with annual revenues of approximately $2 million, comprise the selling entity's "Insurance Exchange" division, which has served the commercial and personal lines property and casualty insurance needs of clients throughout New Mexico since 1975. The acquired operations will combine with Brown & Brown's existing Albuquerque profit center, under the leadership of Scott Jones.

The selling entity's INEX division was not part of this transaction and will continue to operate from its existing Albuquerque location.

Mr. Kirk, who is responsible for Brown & Brown's New Mexico retail operations, commented, "We are fortunate to have Insurance Exchange's team join us as we continue to grow our footprint in New Mexico. In this challenging insurance environment, we look forward to offering Insurance Exchange's clients with access to an even greater range of products and services."

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