SOURCE: Brown & Brown, Inc.

February 07, 2007 09:00 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Marcello Agency, Inc., American Insurance Service, Inc. and Beyer-Beeson Insurance Agency, Inc.

DAYTONA BEACH, FL and TAMPA, FL -- (MARKET WIRE) -- February 7, 2007 -- C. Roy Bridges, Regional Executive Vice President, responsible for Brown & Brown, Inc.'s (NYSE: BRO) operations in Louisiana and other southeastern states, and Jerry J. Marcello, President of Marcello Agency, Inc., American Insurance Service, Inc. and Beyer-Beeson Insurance Agency, Inc., of Lockport, Louisiana, announce the asset acquisition of Marcello Agency, Inc., American Insurance Service, Inc. and Beyer-Beeson Insurance Agency, Inc. by a subsidiary of Brown & Brown, Inc.

Marcello Agency, American Insurance Service, and Beyer-Beeson Insurance Agency, with combined annualized revenues of approximately $2 million, are commercial property and casualty commercial insurance intermediaries which focus on serving the insurance and risk management needs of the energy and marine services industries in Southern Louisiana and the Gulf Coast. Jerry Marcello and his staff will continue at their current location as a specialty division of Brown & Brown's existing Lafayette, Louisiana operation, under the leadership of Mark Romero. Brown & Brown's presence in Louisiana dates from 2001, when it acquired The Huval Companies.

Commenting on the transaction, Mr. Bridges, noted, "We are very pleased to have Jerry Marcello and his group of insurance professionals join our expanding presence in the Bayou State. They bring us increased expertise in the important areas of energy and marine risk management and related insurance services capabilities."

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 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, 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

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