SOURCE: Brown & Brown, Inc.

October 13, 2008 08:46 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Al Phillips Insurance Agency, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - October 13, 2008) - C. Roy Bridges, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Al Phillips, President, and Warren Phillips, Executive Vice President of Al Phillips Insurance Agency, Inc. of Nashville, Tennessee, today announced the asset acquisition of Al Phillips Insurance Agency, Inc. by a subsidiary of Brown & Brown, Inc.

Al Phillips Insurance Agency, with annualized revenues of approximately $4 million, 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. Al Phillips and his staff will join Brown & Brown's existing Nashville, Tennessee profit center under the leadership of Danny Simmerman.

Mr. Bridges commented, "We are very pleased to have Al Phillips, Warren Phillips, and their staff join our forces in the greater Nashville area in the State of Tennessee and welcome a brilliant team of insurance professionals."

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 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