SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

February 26, 2010 18:48 ET

Brown & Brown, Inc. Acquires Certain Assets of DiMartino Associates, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - February 26, 2010) -  J. Scott Penny, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Gregory P. DiMartino, President of DiMartino Associates, Inc., of Seattle, Washington, today announced the acquisition of the insurance agency and brokerage business-related assets of DiMartino Associates, Inc. by Brown & Brown of Washington, Inc., a subsidiary of Brown & Brown, Inc.

Founded in 1990, DiMartino Associates, with annual revenues of approximately $4.3 million, offers employee benefit solutions, including plan design and selection, marketing, employee and plan participant communications, and compliance support services to a variety of individual, business, association and governmental clients. The agency has developed particular expertise providing employee benefits products and consulting services to Taft-Hartley Act union trusts, Multiple Employer Welfare Arrangements (MEWAs) and other trusts and associations.

Based in Seattle, Washington, the agency serves clients throughout Washington and the western United States. Greg DiMartino and his staff will continue to operate from their existing Seattle, Washington office.

The selling entity's DiMartino Financial Services division was not part of this transaction and will continue to operate from its existing Seattle location.

Mr. Penny, who is responsible for Brown & Brown's retail operations in Washington, commented, "For 20 years, Greg and his team have developed very strong relationships with their carrier and client partners. We are excited they have chosen to join us. Their addition will enable Brown & Brown and DiMartino Associates to offer expanded employee benefits and property and casualty insurance solutions to our 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. 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