SOURCE: Brown & Brown, Inc.

October 01, 2007 14:20 ET

Brown & Brown, Inc. Announces the Purchase of Certain Assets of JPMorgan Insurance Agency, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - October 1, 2007) - Brown & Brown, Inc. (NYSE: BRO) today announced the purchase of the property and casualty insurance brokerage business of JPMorgan Insurance Agency, Inc., located in Newark, Delaware, by a subsidiary of Brown & Brown, Inc.

The acquired business, with annualized revenues of approximately $4.0 million, consists primarily of high-end clientele personal lines property and casualty business. The agency specializes in responding to the needs of clients who require high value coverage for a broad range of residential and specialized, unique, property such as works of art, collectibles and jewelry. The management and staff of the acquired business will continue to operate in Newark, Delaware, as a new Brown & Brown profit center under the name Brown & Brown Private Client Group.

Thomas E. Riley, Regional President of Brown & Brown, Inc., noted, "We are pleased with the new opportunities this purchase presents. We are particularly excited about the new expertise this fine team brings to our ever-expanding presence in the northeast."

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