SOURCE: Brown & Brown, Inc.

June 06, 2008 17:55 ET

Brown & Brown, Inc. Announces Asset Acquisition of Dill, Joyce & Thresher, Incorporated

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - June 6, 2008) - J. Scott Penny, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Paul H. Mikkelson, Jr. and Robert F. "Bob" Eilers, Jr., principals of Dill, Joyce & Thresher, Incorporated, of Avon, Connecticut, and David W. Peters, President of Edward J. Kernan & Co., Incorporated d/b/a The Kernan Agency, of Windsor, Connecticut, announce the asset acquisition of Dill, Joyce & Thresher, Incorporated and Edward J. Kernan & Co., Incorporated by a subsidiary of Brown & Brown, Inc.

Dill, Joyce & Thresher and The Kernan Agency, with combined annualized revenues of approximately $4.6 million, focus on employee benefits and property & casualty insurance services and products for individuals, businesses, non-profit organizations and schools in Connecticut and throughout mid-New England. Bob Eilers, Paul Mikkelson, David Peters and their associates will continue to operate from their existing location in Avon, Connecticut as a freestanding Brown & Brown of Connecticut, Inc. operation.

Mr. Penny commented on the transaction, saying, "Bob, Paul, David and their team of insurance professionals are a welcome addition to our team. We are very pleased to have these talented folks join us as we expand our New England presence."

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 sixth largest independent insurance intermediary in the United States, as well as the world. 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