SOURCE: Brown & Brown, Inc.

January 02, 2008 08:30 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Turner & Associates Insurance Agency, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - January 2, 2008) - C. Roy Bridges, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Gary Turner, President of Turner & Associates Insurance Agency, Inc., of Tecumseh, Oklahoma, today announced the asset acquisition of Turner & Associates Insurance Agency, Inc. by a subsidiary of Brown & Brown, Inc.

Turner & Associates, with annualized revenue of approximately $1.7 million, specializes in responding to the insurance needs of the oil & gas industry. The agency provides insurance protection for oil & gas exploration, production and transmission industries, along with several unique programs specifically tailored to the oil & gas industry. Gary Turner and his staff will continue serving clients from their current Oklahoma location as a stand alone Brown & Brown operation.

Mr. Bridges and Tommy Huval, Executive Vice President of Mergers & Acquisitions for Brown & Brown, jointly stated, "We are quite pleased to have Gary and this fine team of insurance professionals join our growing presence in serving the specialized needs of the energy industry. These talented folks provide us with exciting new resources and service capabilities."

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, as well as in the World. 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 current belief of Brown & Brown, Inc. and its subsidiaries (collectively the "Company") 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