SOURCE: Brown & Brown, Inc.

November 09, 2007 15:27 ET

Hull & Company, Inc. Announces the Asset Acquisition of McFall General Agency, Inc.

FT. LAUDERDALE, FL and PORTLAND, OR--(Marketwire - November 9, 2007) - Robert L. "Bob" McGrew, Executive Vice President and Chief Operating Officer of Hull & Company, Inc. and Bob McFall, President of McFall General Agency, Inc. (MGA), with offices in Portland, Oregon and Gig Harbor, Washington, today announced the asset acquisition of MGA by Hull.

"Bob McFall, who founded MGA in 1981, will remain with the company during the transition and will assume a consulting role thereafter," noted Bob McGrew. "Adding Bob's company and its quality people to our family of businesses makes our whole organization better." Added Mr. McFall, "I've known the folks at Hull & Company for many years, they have a great reputation, and their business is very closely aligned with ours, so it makes for a great fit."

Jenny Lupescu will become Senior Vice President and Branch Manager of both MGA offices. She will report to Bob McFall during the transition period then directly to Tim Neff, who is Hull's Western Operations leader. In addition, Jo Julian-Smith will become Senior Vice President in charge of operations for the two MGA locations and will report to Jenny.

"McFall General Agency has revenues of $2.7 million and works in three states out of its two offices. An added benefit for Hull is the addition of a presence in the Northwest, which gives our company real coast-to-coast scope," stated Tim Neff, Senior Vice President of Hull.

Hull & Company, Inc. is a wholly owned subsidiary of Brown & Brown, Inc. (NYSE: BRO), offering a broad range of insurance and reinsurance products and services, as well as risk management, third-party administration, and managed health care programs. Providing service to business, public entity, individual, trade and professional association clients nationwide. Brown & Brown, Inc. is ranked by Business Insurance magazine as the sixth largest insurance intermediary in both the United States and 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 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 this transaction, including any matters analyzed in the due diligence process, material adverse changes in the customers of the company, material adverse changes in the business and financial condition of either or both companies and their respective customers, and/or substantial delay in the expected closing of the transaction. 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

  • Robert L. McGrew
    Executive Vice President & Chief Operating Officer
    (800) 678-4855