SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

October 05, 2010 16:50 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Martin Benefits Consulting, LLC and Martin Human Resources, LLC

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - October 5, 2010) -  Thomas E. Riley, Regional President and Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and Scott L. Martin, principal of Martin Benefits Consulting, LLC and Martin Human Resources, LLC of New York, New York, today announced the acquisition of substantially all of the assets of Martin Benefits Consulting, LLC and Martin Human Resources, LLC by Brown & Brown of New York, Inc., a subsidiary of Brown & Brown.

With combined annual revenues of approximately $3.0 million, Martin Benefits Consulting and Martin Human Resources offer employee benefits products and services in New York City and throughout New York, Connecticut and New Jersey. Scott Martin and his staff will continue their operations from their current location as a free-standing profit center in New York, New York.

Mr. Riley, who is responsible for certain of Brown & Brown's retail operations in New York, commented, "We are honored to welcome Scott and his team of high-quality employee benefits specialists to our organization. These professionals built Martin Benefits into one of the leading employee benefits firms in the tri-state area, and we are excited about the opportunities presented by this addition to our New York presence." Mr. Martin commented, "My team and I are thrilled to be joining the Brown & Brown family, where our shared embrace of the entrepreneurial spirit will only grow stronger. Most importantly, this transaction will allow us to provide our clients with the same level of personalized service while exposing them to new resources and benefits."

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, 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