SOURCE: Brown & Brown, Inc.

August 18, 2008 10:37 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Advanced Insurance Concepts, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - August 18, 2008) - Thomas E. Riley, Regional President of Brown & Brown, Inc. (NYSE: BRO), and Anthony G. "Tony" Schufreider, Sr., President of Advanced Insurance Concepts, Inc., of Bensalem, Pennsylvania, today announced the asset acquisition of Advanced Insurance Concepts, Inc. by a subsidiary of Brown & Brown, Inc.

Advanced Insurance Concepts, with annual revenues of approximately $2 million, is a General Agent that specializes in offering individual and group employee benefit insurance products and services on behalf of brokers in Delaware, New Jersey, and Pennsylvania. The agency serves as the General Agent for several health insurance providers in the region. Tony Schufreider, Sr., Anthony G. "Tony" Schufreider, Jr. and their staff will join Brown & Brown Consulting, a Brown & Brown profit center located in Philadelphia, Pennsylvania under the leadership of Robert "Rob" Cola.

Mr. Riley commented, "The Advanced Insurance Concepts team is a great addition to our Philadelphia operation. Tony, Sr., Tony, Jr. and their staff have built outstanding relationships with their carrier partners and brokers, which we hope to continue and strengthen in the years to come."

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 seventh largest independent insurance intermediary in the United States and the ninth largest in 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

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