SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

January 13, 2011 09:26 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Nies Insurance Agency, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - January 13, 2011) - C. Roy Bridges, Regional President of Brown & Brown, Inc. (NYSE: BRO) and Gerald L. "Jerry" Nies, President of Nies Insurance Agency, Inc. of Camas, Washington, today announced the acquisition of substantially all of the assets of Nies Insurance Agency, Inc. by Fullerton & Company, Inc., a subsidiary of Brown & Brown.

With annual revenues of approximately $2.7 million, Nies Insurance Agency has served the personal, commercial, and employee benefits insurance needs of clients in the greater Portland Oregon/Vancouver, Washington area for 39 years. Jerry Nies and his team will continue to serve their clients from their Camas and Battle Ground, Washington locations, under the leadership of Tim Nielsen, Vice President of Fullerton & Company. 

The transaction does not include the joint venture between Nies Insurance Agency and iQ Credit Union, which will continue to operate separately.

Mr. Bridges commented, "We are excited that Jerry and his team are joining our growing team in the greater Portland/Vancouver metropolitan region. Nies Insurance Agency's continued emphasis on personal service, combined with Brown & Brown's resources, will mean greater opportunities for our company, clients and employees." Jerry Nies noted, "We are thrilled to join the talent and resources of the Fullerton organization. We value the relationships we have with our local communities and this transaction will allow us to continue this tradition while greatly expanding choices, products, and services to our clients."

Brown & Brown, Inc.'s 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