SOURCE: Brown & Brown, Inc.

July 31, 2008 11:44 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Great Lakes Risk Management, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - July 31, 2008) - J. Scott Penny, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO) and Benjamin A. "Ben" Goff, President of Great Lakes Risk Management, Inc., of Toledo, Ohio, today announced the asset acquisition of Great Lakes Risk Management, Inc. by a subsidiary of Brown & Brown, Inc.

Great Lakes Risk Management, with annual revenues of approximately $1 million, provides group health, life, disability and other employee benefits insurance products and services for businesses and non-profit organizations throughout Ohio, Michigan and the upper-midwestern United States. Ben Goff and his staff will join Brown & Brown's existing Toledo, Ohio profit center under the leadership of Michael Ross. In his new role, Mr. Goff will lead the Toledo profit center's new Employee Benefits Department.

Mr. Penny commented, "We are very excited to join forces with Ben and his team of employee benefits professionals. They are a welcome addition to our expanding presence in the Buckeye State, the Wolverine State and the Upper Midwest."

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 seventh largest independent insurance intermediary in the United States and the ninth largest 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, including those associated with this acquisition. These statements are not historical facts, but instead represent only the Company's current 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 and condition, as well as its other achievements, 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 made herein are made only as of the date of this 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 hereafter becomes aware.

Contact Information

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