SOURCE: Brown & Brown, Inc.

October 01, 2007 15:58 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Island Risk Management Associates, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - October 1, 2007) - Thomas E. Riley, Regional President of Brown & Brown, Inc. (NYSE: BRO), Theodore L. "Ted" Walsh, Chief Executive Officer of Island Risk Management Associates, Inc., and John R. Van Son, President, of Island Risk Management Associates, Inc., of Huntington Station, New York, today announced the asset acquisition of Island Risk Management Associates, Inc. by a subsidiary of Brown & Brown, Inc.

Island Risk Management Associates, with annualized revenues of approximately $4.3 million, is primarily engaged in property and casualty, surety, and group benefits insurance on Long Island and throughout the New York City metropolitan area. Ted Walsh, John Van Son and their team of insurance professionals will continue to operate from their current Long Island location as a free-standing Brown & Brown operation.

Mr. Riley says, "Ted and John bring even more new opportunities and experience as Brown & Brown continues to strengthen its presence in the greater New York City and Long Island markets. We look forward to their contribution and we grow our northeast presence."

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

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