SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

October 08, 2010 07:30 ET

Brown & Brown, Inc. Announces the Asset Acquisition of T.R. Jones & Company

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - October 8, 2010) -  Thomas E. Riley, Regional President of Brown & Brown, Inc. (NYSE: BRO), and Bret D. Quigley, Executive Vice President and Chief Financial Officer of Beecher Carlson Holdings, Inc., today announced the asset acquisition of Thomas R. Jones, Inc. and T.R. Jones & Company of Broward, L.C., subsidiaries of Beecher Carlson Holdings, Inc. collectively doing business as T.R. Jones & Company, by Brown & Brown of Florida, Inc., a subsidiary of Brown & Brown, Inc.

With total annual revenues of approximately $6.7 million, T.R. Jones & Company has provided commercial and personal lines property as well as casualty and employee benefits products and services to individuals, businesses, and organizations throughout Florida for over 50 years. Thomas R. "Tom" Jones, Alan Lund, and their staff will join Brown & Brown and continue to serve their clients from their Homestead, Key Largo, and Ocean Reef offices. The agency's Winter Park operations, doing business as Kraft Insurance Agency, will combine with Brown & Brown of Florida's existing Maitland, Florida office, under the leadership of John Berner.

Mr. Riley, who is responsible for certain Brown & Brown of Florida's retail operations, commented, "Tom and Alan have built one of the most admired insurance operations in South Florida; and Kraft Insurance Agency has been part of the foundation of the insurance community in Central Florida for almost 100 years. We are very pleased to have this group of insurance professionals join our team."

"We are pleased to join the Brown & Brown team," said Tom Jones. "Tom Riley and his team are some of the most respected insurance professionals in the business and have been formidable competitors over the years. We have had a nice run at Beecher Carlson and appreciate the efforts our former partners there made on our behalf."

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 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 these acquisitions. 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 acquisitions, 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