SOURCE: Brown & Brown, Inc.

December 14, 2007 16:20 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Evergreen Re Incorporated

DAYTONA BEACH, FL and TAMPA, FL and STUART, FL--(Marketwire - December 14, 2007) - Jim W. Henderson, Vice Chairman and Chief Operating Officer of Brown & Brown, Inc. (NYSE: BRO), and Charles C. Crispin, President and Chief Executive Officer of Evergreen Re Incorporated, of Stuart, Florida, today announced the asset acquisition by a subsidiary of Brown & Brown, Inc. of Evergreen Re Incorporated.

Evergreen Re, which places over $65 million in premium and provides consulting services for over $3 billion in pharmacy spending annually and with approximately $7.4 million in annualized revenues, is the nation's largest health plan reinsurance broker. The company provides health plans, physician groups, and other managed healthcare organizations vital information as well as unique best-of-class solutions and services. Evergreen's current management and staff, under the leadership of Charles Crispin, will continue to serve clients from their Stuart, Florida, headquarters and other offices around the country as a stand alone Brown & Brown subsidiary.

Mr. Henderson noted, "We have long held Charles and his team in high regard. His company is guided by the same focus on professionalism that is a Brown & Brown hallmark. We are pleased that they have elected to join us. Evergreen provides complementary capabilities to Axiom Re, our existing reinsurance intermediary, and provides us with another unique niche in which to serve our industry. We look forward to their active participation in our ongoing growth and continued success."

Mr. Crispin noted, "We believe that by joining Brown & Brown, we will be able to provide an increased level of service to our customers, while providing our employees with greater opportunities for future growth and rewards. Our company shares many of the same attributes as Brown & Brown, a fact that helped bring us to this decision."

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 sixth largest independent insurance intermediary in the United States, as well as 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. 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