SOURCE: Brown & Brown, Inc.

November 17, 2008 13:42 ET

Brown & Brown, Inc. Acquires Small Business Insurance Unit of Conner Strong Companies

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - November 17, 2008) - Brown & Brown, Inc. (NYSE: BRO) today announced that it has signed an agreement to acquire the small business insurance unit of Conner Strong Companies, Inc. The small business insurance unit, with annualized revenues of approximately $9.3 million, provides commercial insurance and employee benefits to small businesses. Finalization of the transaction is subject to the satisfaction of certain customary conditions. The deal is expected to close in January of 2009.

As part of the transaction, Joseph P. Morrissey, Jr. will join Brown & Brown as leader of the acquired commercial lines operations. Additionally, Brown & Brown will have two new mid-Atlantic locations as a result of the transaction.

"We are pleased that Joe Morrissey and other members of Conner Strong Companies' talented team will be joining Brown & Brown and helping us grow our market presence in the mid-Atlantic region," said Brown & Brown Regional President Thomas E. Riley, who is responsible for certain Northeastern U.S. operations.

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. 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 current belief of Brown & Brown, Inc. and its subsidiaries (collectively the "Company") 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