SOURCE: Brown & Brown, Inc.

December 01, 2006 14:46 ET

Brown & Brown, Inc. Announces the Asset Acquisition of ProTexn, Inc. and Best Practices Insurance Agency, Inc.

DAYTONA BEACH and TAMPA, FL -- (MARKET WIRE) -- December 1, 2006 -- Linda S. Downs, Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Joseph M. "Joe" Barnard, President of ProTexn, Inc. and Best Practices Insurance Agency, Inc., both of Dallas, Texas, today announced the asset acquisition of ProTexn, Inc. and Best Practices Insurance Agency, Inc. by a wholly owned subsidiary of Brown & Brown, Inc.

ProTexn and Best Practices Insurance Agency, with combined annualized revenues of approximately $1 million, act as program administrators, managing general agents and brokers for lawyer's and accountant's professional liability insurance primarily in Texas and surrounding states. Joe Barnard and his current staff will continue to operate from their existing location, as a freestanding Brown & Brown profit center.

Commenting on the transaction, Ms. Downs said, "We are pleased to have this fine group of specialized insurance professionals join the Brown & Brown National Programs group. Joe and the ProTexn and Best Practices team bring us new talents and expertise and are a welcome addition as we continue growing our presence throughout the Lone Star State."

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

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 Company's 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, 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

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