SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

December 02, 2010 11:12 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Ruland & Mattingley Insurance Services, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - December 2, 2010) -  C. Roy Bridges, Regional President of Brown & Brown, Inc. (NYSE: BRO), and Lloyd S. Ruland, III and Philip M. Ruland, shareholders of Ruland & Mattingley Insurance Services, Inc. of Laguna Hills, California, today announced the acquisition of substantially all of the assets of Ruland & Mattingley Insurance Services, Inc. by Brown & Brown of California, Inc., a subsidiary of Brown & Brown.

With annual revenues of approximately $1.1 million, Ruland & Mattingley offers employee benefits insurance products and services to businesses and individuals throughout southern California. Lloyd Ruland, Phil Ruland and their team will join Brown & Brown of California's existing Orange, California office, under the leadership of Tim Casey.

Mr. Bridges, who is responsible for Brown & Brown of California's retail operations, commented, "Ruland & Mattingley has been a well-respected member of the California insurance and business community since 1965. We are very pleased that Lloyd, Phil and their team have chosen to join us as we continue to expand our southern California presence." 

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, 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