SOURCE: Brown & Brown, Inc.

September 28, 2007 11:09 ET

Brown & Brown, Inc. Announces the Acquisition of Tavor Corp.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - September 28, 2007) - Thomas E. Riley, Regional President of Brown & Brown, Inc. (NYSE: BRO) and Adi Hochman, President of Tavor Corp., of Denville, New Jersey, have announced the asset acquisition of Tavor Corp. by a wholly-owned subsidiary of Brown & Brown, Inc.

Tavor Corp., with annualized revenues of approximately $1.0 million, specializes in trade credit insurance, ocean marine and international insurance. The agency, founded a quarter of a century ago by Adi and Asa Hochman, serves a broad spectrum of clients across the Garden State and throughout the country. The Tavor team will combine with the existing Brown & Brown Metro office in Florham Park, New Jersey.

Mr. Riley commented that, "We are extremely pleased to welcome Adi Hochman and the Tavor insurance professionals to our growing presence in New Jersey and the northeast. The Tavor team fortifies our production capabilities and expands the services available to our valued clients both locally and nationwide."

Adi Hochman expressed her enthusiasm in joining Brown & Brown, noting, "This is a great opportunity for Tavor Insurance to tap into the vast resources at Brown & Brown and greatly expand the variety of products that we can offer our current and future clients."

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