SOURCE: Brown & Brown, Inc.

March 03, 2008 13:22 ET

Brown & Brown, Inc. Announces the Asset Acquisition of The Benefits Dept.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - March 3, 2008) - Charles H. Lydecker, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and William J. "Bill" Fowler, Jr. and Linda A. Knouse, principals of W.J. Fowler & Company, d/b/a The Benefits Dept., of Charlotte, North Carolina, today announced the asset acquisition of The Benefits Dept. by a subsidiary of Brown & Brown, Inc.

The Benefits Dept., with annualized revenues of approximately $2.3 million, is engaged in the individual and group employee benefits insurance agency and related services business in the States of North Carolina, Florida and throughout the U.S. Bill Fowler, Linda Knouse and their staff will operate as a new stand-alone Brown & Brown office from their current location in Charlotte, North Carolina.

Mr. Lydecker, who will be responsible for oversight of this new profit center, noted, "We are extremely pleased to have this fine group of insurance professionals represent us. Bill and Linda's highly-qualified team will provide us with new resources and service capabilities throughout the country, particularly to our clients in the auto dealership industry. This transaction also represents our long-desired return to the North Carolina retail insurance marketplace."

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 and worldwide. 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. These statements are not historical facts, but instead represent only the Company's 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, 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 included in this press release are made only as of the date of this press 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 thereafter becomes aware.

Contact Information

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