SOURCE: Brown & Brown, Inc.

November 13, 2008 16:40 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Agency Associates, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - November 13, 2008) - J. Scott Penny, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Frederick W. "Fred" McClaine, B. Michael Haffey and Ronald L. "Ron" Smith, principals of Agency Associates, Inc., today announced the asset acquisition of Agency Associates, Inc. and certain affiliated entities by a subsidiary of Brown & Brown, Inc.

Agency Associates and its affiliates, with combined annual revenues of approximately $5.2 million, offer property and casualty insurance, individual and group employee benefits insurance, and financial planning products and services to individuals and businesses throughout Indiana. Agency Associates serves numerous professional and trade associations and their members, as well as individuals, businesses and non-profit organizations, throughout Indiana and the region. Fred McClaine, Michael Haffey, Ron Smith and their producers and staff will join Brown & Brown and continue serving their clients from their Zionsville, Kokomo, and Mishawaka, Indiana locations. In coordination with Brown & Brown of Indiana, Inc.'s Executive Vice President, Eric E. Anderson, Brown & Brown's Indianapolis office and Agency Associates' Zionsville office will move into one location in "Northside Corridor" of the greater Indianapolis area. At that time the combined office will be under the leadership of Fred McClaine.

Mr. Penny commented, "We are excited to join forces with Fred, Michael, Ron and their exceptional team. Their insurance expertise, particularly in serving the needs of professional and commercial trade groups, is hard to match."

Mr. Anderson noted, "The greater Indy marketplace has been a vibrant place to do business. I look forward to working with Fred, Michael and Ron to integrate our two operations and to leverage the best of our teams' talents for the benefit of our clients."

Added Mr. McClaine, "Coming together with Brown & Brown means greater resources and career opportunities for our employees; stronger, deeper relationships with our insurance companies and trade association partners; and a wider portfolio of insurance and financing planning products and services, for our clients as well as Brown & Brown's clients. Michael, Ron and I are eager to work with Scott and Eric to build the preeminent insurance and financial planning operation in the State of Indiana."

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. 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 current belief of Brown & Brown, Inc. and its subsidiaries (collectively the "Company") 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