SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

August 31, 2009 17:00 ET

Brown & Brown, Inc. Announces the Acquisition of the Group Employee Benefits Division of Roussel & Associates, LLC

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - August 31, 2009) - C. Roy Bridges, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Steve R. Roussel, owner of Roussel & Associates, LLC, located in Brentwood, Tennessee, today announced that a subsidiary of Brown & Brown has acquired the group employee benefits division of Roussel & Associates.

Roussel & Associates is an established financial services agency and will continue to offer a range of financial products and services to individuals and businesses in Brentwood, Tennessee and the greater Nashville metropolitan area.

With annualized revenues of approximately $1.7 million, the group employee benefits division of Roussel & Associates will relocate to Brown & Brown's existing Nashville, Tennessee operation, under the leadership of Danny Simmerman. Mr. Bridges, who is responsible for certain of Brown & Brown's operations in the Southeast, commented, "We are honored to have Chris Hartnett, Paul Roussel and the other members of Roussel & Associates' group benefits team join our forces in Nashville, and we are excited about the opportunities presented by this new addition to our employee benefits portfolio."

"Our team spent a lot of years and hard work building this side of the business," said Steve Roussel, Founder and Owner of Roussel & Associates. "I feel confident saying the employee benefits portfolio will remain in good hands with Brown & Brown."

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

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