SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

December 06, 2012 16:43 ET

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

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - Dec 6, 2012) -  Charles H. Lydecker, Retail Division President of Brown & Brown, Inc. (NYSE: BRO) and Colin E. Lowe, Profit Center Leader of Brown & Brown of Florida, Inc.'s Miami Lakes office, together with Fred M. Behnke, Mark E. Introcaso, C. Scott Kinzel, and Victor Eugene McFadden, the principals of Behnke & Associates, Inc., today announced that Brown & Brown of Florida, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of Behnke & Associates.

Founded in 1995, Behnke & Associates specializes in providing personal lines property and casualty insurance products to clients throughout South Florida. With annual revenues of approximately $4.0 million, the company has offices in Hollywood and Pembroke Pines, Florida. As part of this transaction, Behnke & Associates' Hollywood office will join Brown & Brown of Florida's existing Miami Lakes office, and Behnke & Associates' Pembroke Pines office will continue to operate from its existing location. Going forward, Mark Introcaso will supervise the day-to-day operations of the Behnke & Associates team in both locations under the leadership and direction of Colin E. Lowe.

Mr. Lowe stated, "Behnke & Associates has become one of the premier South Florida property and casualty agencies in large part because of the superior customer service it provides its clients. Fred, Mark, and their team bring a wealth of experience to our existing operations, and we are very pleased to welcome them to Brown & Brown."

Fred Behnke, President of Behnke & Associates, stated, "As a Florida-based agency, we are particularly pleased to become a part of the Brown & Brown organization. The consolidation of our operation into their existing Miami Lakes office allows us to benefit from the expertise they have developed within that office. Our strength in personal lines allows both parties to leverage their respective strengths."

Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, Brown & Brown is ranked by Business Insurance magazine as the United States' sixth largest independent insurance intermediary. Brown & Brown'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 Brown & Brown's current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown's control. It is possible that Brown & Brown'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 Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown's financial results and condition, as well as its other achievements, is contained in Brown & Brown's filings with the Securities and Exchange Commission. Such 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, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown 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 Brown & Brown hereafter becomes aware.

Contact Information

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