SOURCE: Brown & Brown, Inc.

December 20, 2007 18:19 ET

Brown & Brown, Inc. Announces the Pending Asset Acquisition of AGA Insurance

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - December 20, 2007) - Charles H. Lydecker, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and James "Jim" T. Strickland, President of McLain, Peeples & Strickland, Inc., doing business as AGA Insurance in Alpharetta, Georgia, today announced the signing of a definitive agreement for a subsidiary of Brown & Brown, Inc. to acquire the assets of AGA Insurance. Finalization of the transaction is subject to the satisfaction of certain customary conditions.

AGA Insurance, with annualized revenues of approximately $1.7 million, is an over 60-year-old full-line retail commercial insurance agency with business concentrated in the greater Alpharetta area and throughout the State of Georgia. The agency has been serving the needs of hundreds of businesses and households successfully for decades and specializes in serving the unique insurance needs of churches, church schools and related ministries. Jim Strickland, CIC, a graduate of the University of Georgia School of Risk Management and Insurance, and the existing AGA staff will continue to operate from their current location, under the leadership of Bill Zimmer, as a satellite office of the existing Atlanta area retail office of Brown & Brown Insurance of Georgia, Inc., located in Duluth, Georgia.

Mr. Lydecker stated, "We are looking forward to having Jim and this fine team of insurance professionals join our growing Georgia presence. These talented folks provide us with additional resources and represent yet another expansion of our service to middle-market businesses in the greater Atlanta/North Georgia market."

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

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 current belief of Brown & Brown, Inc. and its subsidiaries (collectively the "Company") 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