SOURCE: Brown & Brown, Inc.

August 12, 2008 17:07 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Reed Brothers Insurance Group, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - August 12, 2008) - J. Scott Penny, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Michael T. "Mike" Neal, Chairman, and Daniel L. Antle, President, of Reed Brothers Insurance Group, Inc., of Columbia, Kentucky and Tampa, Florida, today announced the asset acquisition of Reed Brothers Insurance Group, Inc. by a subsidiary of Brown & Brown, Inc.

Reed Brothers Insurance Group, with annual revenues of approximately $2.1 million, specializes in offering property and casualty and group employee benefits insurance products and services to clients in the Recreational Vehicle (RV) and Power Sport Dealership industries and the Manufactured Housing industry throughout the United States. Additionally, the agency offers life, long-term care and Medicare supplemental insurance coverage through its affinity relationships with several national RV Dealership, Power Sport Dealership and Manufactured Housing industry associations. The agency's Tampa, Florida office specializes in individual personal lines products and services for owners and operators of RV and Power Sport dealerships and Manufactured Housing businesses across the country. Mike Neal and his staff will operate as a free-standing profit center under the "Reed Brothers Insurance" name from their current locations in Columbia, Kentucky and Tampa, Florida.

Mr. Penny commented, "Mike Neal and his team bring added depth to our commercial lines, personal lines and employee benefits expertise, particularly for our clients in the RV and Power Sport dealership and Manufactured Housing businesses. Their understanding of the needs of these clients is demonstrated by their agency's long-standing relationships with national RV and Power Sport Dealership and Manufactured Housing industry associations."

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

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