SOURCE: Brown & Brown, Inc.

November 01, 2007 14:24 ET

Brown & Brown, Inc. Announces the Acquisition of Certain Assets of Lloyd Bennett & Company, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - November 1, 2007) - Charles H. Lydecker, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Leo Dwyer, Chief Executive Officer of Lloyd Bennett & Company, Inc. of Duluth, Georgia, today announced the asset purchase of the commercial property and casualty insurance agency business of Lloyd Bennett & Company, Inc. by a subsidiary of Brown & Brown, Inc.

Lloyd Bennett & Company's commercial property and casualty business, with annualized revenues of approximately $3.0 million, operates as a retail commercial insurance agency serving clients throughout the state of Georgia. Leo Dwyer and Jean van der Sommen and their staff will join Brown & Brown's existing Atlanta area office, under the leadership of Bill Zimmer. The Brown & Brown Atlanta retail office will now operate from the Duluth, Georgia location.

Mr. Lydecker commented, "We are extremely pleased to have this fine team of insurance professionals join our growing Georgia presence. These talented folks provide us with new resources and represent an expansion of our middle-market presence in the greater Atlanta/North Georgia market."

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 and worldwide. 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. These statements are not historical facts, but instead represent only the Company's 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, 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 included in this press release are made only as of the date of this press 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 thereafter becomes aware.

Contact Information

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