SOURCE: Brown & Brown, Inc.

April 13, 2007 13:55 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Sobel Affiliates, Inc.

DAYTONA BEACH, FL and TAMPA, FL -- (MARKET WIRE) -- April 13, 2007 -- Thomas E. Riley, Regional President of Brown & Brown, Inc. (NYSE: BRO), and Alan Labadorf, President of Sobel Affiliates, Inc., of Garden City, New York, today announced the asset acquisition of Sobel Affiliates, Inc. by a wholly-owned subsidiary of Brown & Brown, Inc.

Sobel Affiliates, with annualized revenues of approximately $12.1 million, was founded in 1904. The agency provides comprehensive risk management and insurance services to a wide diversity of commercial and personal customers, and offers many specialty niche programs. Sobel Affiliates will become a new freestanding Brown & Brown profit center with Alan Labadorf, Michael Labadorf and Irwin Labadorf and their staff continuing to operate from their current Garden City, New York location.

Mr. Riley, responsible for operations that include certain Northeastern U.S. locations, noted, "We are very pleased that Alan, Michael and Irwin have elected to join Brown & Brown's growing presence in the Empire State. They and their talented team of insurance professionals, which represent our initial presence on Long Island, provide us with expanded resources and service capabilities."

Alan Labadorf, commenting on the transaction, said, "We are thrilled to partner with the Brown & Brown organization. It is a company with the same values that we take so seriously. With our combined resources we look forward to taking our business to the next level."

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 United States' sixth 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, 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