SOURCE: Brown & Brown, Inc.

December 22, 2008 11:46 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Insurance 1, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - December 22, 2008) - C. Roy Bridges, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), Tommy Huval, responsible for Brown & Brown, Inc.'s operations in Louisiana and other southeastern states, and James "Jimmy" Bradford, Brian Duke and Martin Heyman, principals of Insurance 1, Inc., of Alexandria, Louisiana, announce the asset acquisition of Insurance 1, Inc. by a subsidiary of Brown & Brown, Inc.

With annualized revenues of approximately $800,000, Insurance 1, Inc. focuses on property & casualty, as well as health & life insurance for individuals and businesses in Louisiana. James "Jimmy" Bradford, Brian Duke, Martin Heyman and their staff will continue at their current location as a specialty division of Brown & Brown's existing Lafayette, Louisiana operation, under the leadership of Mark Romero.

Mr. Bridges stated, "We are honored to have another group of talented insurance professionals join our forces in Louisiana. The knowledge and talent this group adds to our Louisiana presence enables us to provide additional service locations to our clients in the Southern Region. This acquisition, along with the Alexander & Bolton acquisition (announced previously), gives Brown & Brown initial annualized revenues of approximately $2 million in Alexandria and signifies Brown & Brown's solid commitment to the Alexandria community through its association with insurance professionals of the highest caliber and integrity."

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, 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