SOURCE: Brown & Brown, Inc.

August 15, 2007 15:40 ET

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

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - August 15, 2007) - J. Scott Penny, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Michael T. Levy, President of Muirfeld Insurance, Inc., of Lexington, Kentucky, today announced the asset acquisition of Muirfeld Insurance, Inc. by a subsidiary of Brown & Brown, Inc.

Muirfeld Insurance, with annualized revenues of approximately $1.9 million, is one of the largest and most highly respected agencies specializing in equine insurance in the United States. With a strong focus on serving the thoroughbred industry the agency provides equine mortality insurance and related coverages for owners of all breeds. Mike Levy and his staff of equine insurance specialists will continue to operate from their existing location in Lexington as a freestanding Brown & Brown operation.

Mr. Penny, who is responsible for Brown & Brown's operations in the Midwestern United States, said, "Mike and his staff are another welcome addition to our growing team of high-caliber insurance professionals. This also represents our initial move into the highly specialized area of horse mortality while further strengthening our expertise and scope of operations serving the insurance needs of our clients generally."

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, 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