SOURCE: Brown & Brown, Inc.

October 08, 2007 08:33 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Professional Risk Managers, Inc. and PRM Group, LLC

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - October 8, 2007) - Thomas E. Riley, Regional President of Brown & Brown, Inc. (NYSE: BRO), John P. Raucci, William M. Scott, Peter H. Goodstein, the principals of Professional Risk Managers, Inc., and PRM Group, LLC, today announced the asset acquisition of Professional Risk Managers, Inc. and PRM Group, LLC (collectively the PRM Group) by a subsidiary of Brown & Brown, Inc.

The PRM Group, with annualized revenues of approximately $4.5 million, is primarily engaged in the property and casualty, surety, and group benefits insurance agency business in the New York City metropolitan area. The PRM Group will continue operating out of their current Purchase, New York location.

Mr. Riley noted, "We are very pleased to have John, Bill, Peter and the PRM Group insurance professionals join our New York team, as we expand our presence in the Empire state."

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