SOURCE: Brown & Brown, Inc.

September 20, 2007 17:02 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Security Insurance, Inc. II and Security Risk Managers, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - September 20, 2007) - C. Roy Bridges, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Fred Viehmann, President of Security Insurance, Inc. II of Nashville, Tennessee, and Dan Webb, President of Security Risk Managers, Inc. of Nashville, Tennessee, today announced the asset acquisition of Security Insurance and Security Risk Managers, Inc. by a subsidiary of Brown & Brown, Inc.

Security Insurance and Security Risk Managers, with combined annualized revenues of approximately $4.0 million, have been serving their clients in Tennessee and throughout the United States for over 48 years. Security Insurance is a retail insurance agency which serves the general commercial property and casualty insurance needs of a wide range of clients throughout the State of Tennessee. Security Risk Managers is a wholesale brokerage specializing in builders' risk and construction-related products offered to retail agents throughout the United States. Fred Viehmann and Dan Webb and their staffs will continue serving clients from their current Nashville, Tennessee location.

Mr. Bridges, who will be responsible for oversight of these operations, noted, "We are extremely pleased to have Fred Viehmann and the Security Insurance team and Dan Webb and the Security Risk Managers team represent our initial entry into the greater Nashville area in the State of Tennessee. These talented teams of insurance professionals provide us with new resources and service capabilities on both the retail and wholesale sides of our business."

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 and worldwide. 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. 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

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