SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

May 17, 2012 09:01 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Insurcorp

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - May 17, 2012) - C. Roy Bridges, Regional President of Brown & Brown, Inc. (NYSE: BRO), together with Brian W. Cruden, the president and sole shareholder of Insurcorp, and Georges G. Maalouf, manager and sole member of GGM Investments LLC d/b/a Maalouf Benefit Resources, both located in Las Vegas, Nevada, today announced that Brown & Brown Insurance of Nevada, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of Insurcorp and Maalouf Benefit Resources, which recently combined under the name "Insurcorp."

Insurcorp provides employee benefits retail brokerage and consulting services to employers in Nevada and surrounding states. The company also offers property and casualty and related insurance products to its clients. Insurcorp has annual revenues of approximately $5 million. Following the transaction, Insurcorp's operations will be combined with those of Brown & Brown Insurance of Nevada's existing Las Vegas, Nevada office which will operate under the leadership of Brian Cruden.

Mr. Bridges, who is responsible for Brown & Brown Insurance of Nevada's retail operations, stated, "Insurcorp, with the addition of Maalouf Benefit Resources, is one of the largest employee benefit consultancies in Nevada. Brian, Georges and their team have significant experience and expertise providing employee benefits coverage as well as developing new innovations to assist their clients. They will be an outstanding addition to the Brown & Brown team."

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' seventh largest independent insurance intermediary. Brown & Brown's Web address is

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