SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

December 08, 2010 16:12 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Ladd's Agency, Inc.

DAYTONA BEACH and TAMPA, FL--(Marketwire - December 8, 2010) - J. Scott Penny, Regional President of Brown & Brown, Inc. (NYSE: BRO), today announced that Brown & Brown of New York, Inc., a subsidiary of Brown & Brown, Inc., has acquired from Alliance Financial Corporation, an independent financial holding company headquartered in Syracuse, New York, substantially all of the assets of Ladd's Agency, Inc., located in North Syracuse, New York. The acquisition includes certain assets of two wholly-owned subsidiaries of Ladd's Agency, Inc.

With annualized revenues of approximately $1.4 million, Ladd's Agency and its predecessors have been providing insurance products and services to businesses and individuals in the greater Syracuse metropolitan area since 1928. Ladd's Agency operations will relocate to Brown & Brown of New York's existing office in Syracuse, under the leadership of Nick Dereszynski.

Mr. Penny, who is responsible for certain retail operations of Brown & Brown of New York, commented, "Ladd's Agency is an established and well-respected name in the Syracuse community. We are excited about the quality of the new employees and clients that will help us continue the growth and success of our Syracuse office."

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, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. 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, is 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

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