SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

May 02, 2011 08:50 ET

Brown & Brown, Inc. Completes Acquisition of First Horizon Insurance Group, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - May 2, 2011) - Brown & Brown, Inc. (NYSE: BRO), today announced the completion of the previously-announced stock acquisition by Brown & Brown, Inc. from First Tennessee Bank of all of the outstanding stock of the parent company of First Horizon Insurance Group, Inc., effective April 30, 2011.

Also as previously announced, First Horizon Insurance Group, Inc. will change its name and operate as Brown & Brown of Tennessee, Inc.

Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' seventh 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, is 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

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