SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

May 05, 2011 07:30 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Fitzharris Agency, Inc., Fitzharris & Company, Inc., and Fitzharris Administrators, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - May 5, 2011) - Charles H. Lydecker, Regional President of Brown & Brown, Inc. (NYSE: BRO) and Executive Vice President of Brown & Brown of New York, Inc., a subsidiary of Brown & Brown, Inc., and Dennis J. Fitzharris, Jr., President of Fitzharris Agency, Inc., Fitzharris & Company, Inc., and Fitzharris Administrators, Inc., located in Farmingdale, New York, today announced that Brown & Brown of New York, Inc. has acquired substantially all of the assets of Fitzharris Agency, Inc., Fitzharris & Company, Inc., and Fitzharris Administrators, Inc., collectively doing business as Fitzharris Insurance.

Fitzharris Insurance, with aggregate annualized revenues of approximately $6.2 million, provides property and casualty, employee benefits, and third-party administrative services to school districts, other public entities, and commercial and individual clients in Long Island and throughout New York State. Fitzharris Insurance's Farmingdale office will become a new stand-alone profit center of Brown & Brown of New York, Inc., under the leadership of Dennis Fitzharris, Jr.

Mr. Lydecker, who is responsible for certain of Brown & Brown of New York, Inc.'s retail operations, commented, "Dennis Fitzharris, his brother, Chris, and his son, D.J., have built one of the most respected insurance intermediaries, and one of the premier third-party administrators for public entities, in New York State. We are honored to have them represent Brown & Brown as we continue to deepen our presence and portfolio of products and services in the Empire State."

Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. 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, is 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, and material adverse changes in the business and financial condition of the sellers, the buyer or both, 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