SOURCE: Brown & Brown, Inc.

April 03, 2007 15:25 ET

Brown & Brown, Inc. Announces the Asset Acquisition of United Employers Insurance Agency, Inc.

DAYTONA BEACH, FL and TAMPA, FL -- (MARKET WIRE) -- April 3, 2007 -- Charles H. Lydecker, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Paul M. Holland, President of United Employers Insurance Agency, Inc., of Houston, Texas, today announced the asset acquisition of United Employers Insurance Agency, Inc. by Brown & Brown Insurance Services of Texas, Inc. a subsidiary of Brown & Brown, Inc.

United Employers Insurance Agency, with annualized revenues of approximately $1.3 million, is a retail insurance agency which focuses on commercial property and casualty insurance and the employee benefits needs of a wide range of clients throughout the State of Texas. Paul Holland, Dawn Gourgues and the agency staff will be combining their operations with those of Brown & Brown's existing Houston office, under the leadership of Michael A. Garguilo, President & Chief Operating Officer of Brown Insurance Services of Texas, Inc.

Mr. Lydecker, responsible for operations that include the Houston office, noted, "We are extremely pleased to have Paul Holland and Dawn Gourgues and the United Employers team join Brown & Brown's growing presence in Texas. This talented team of insurance professionals provides us with new resources and servicing capabilities."

Commenting on the transaction Mr. Holland stated, "Brown & Brown is truly an excellent fit for our clients and our employees. We serve similar sized businesses and industry classes and our clients will benefit from the increased resources and enhanced services achieved through our combined operations. Working with Mike and Charlie has been a pleasure and we look forward to continuing to work with them and the rest of Brown & Brown's excellent employees in meeting our clients' needs."

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' sixth 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. 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