SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

February 22, 2012 16:19 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Kane Partners, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - Feb 22, 2012) - J. Scott Penny, Regional President & Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and Robert "Rob" F. Fitzpatrick and Fred V. Leone, the shareholders of Kane Partners, Inc., located in Mamaroneck, New York, today announced that Brown & Brown of Connecticut, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of Kane Partners, Inc.

Founded in 2003, Kane Partners has combined annual revenues of approximately $1.2 million. The company provides a wide range of employee benefits-related services, including brokerage and consulting services, to clients in the northeastern United States and Florida. Mr. Fitzpatrick, Mr. Leone, and their staff will join Brown & Brown of Connecticut's offices in Rocky Hill, Connecticut, under the leadership of Donald M. "Don" McGowan, Jr.

Mr. Penny, who is responsible for Brown & Brown of Connecticut's retail operations, commented, "Rob and Fred have significant, specialized experience providing employee benefits-related services to a wide variety of clients in the public and private sector. We are proud to welcome them to the Brown & Brown team."

Mr. Fitzpatrick commented, "We are very pleased to be joining the Brown & Brown team. We believe the resources that can be leveraged through this transaction will further enhance our ability to help our clients manage their health care costs in this tough economic climate." Mr. Leone added, "The experience and resources of the Brown & Brown organization, coupled with our experience and passion for providing our customers with top-notch products and services, make this partnership a win for everyone."

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 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. 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, 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