SOURCE: Brown & Brown, Inc.

January 24, 2007 16:47 ET

Brown & Brown, Inc. Elects Kenneth D. Kirk as Regional President and Kenneth Masters as Regional Executive Vice President

DAYTONA BEACH, FL and TAMPA, FL -- (MARKET WIRE) -- January 24, 2007 -- The Board of Directors of Brown & Brown, Inc. (NYSE: BRO) today announced that Kenneth D. Kirk has been elected as Regional President, responsible for the Company's retail and wholesale brokerage operations in the Western United States. At the same time, as yet another reflection of the Company's on-going growth and expanding market scope, Kenneth Masters was elected a Regional Executive Vice President, and will assume responsibility for certain Program Division operations in the states of California, Michigan, Wisconsin and Oklahoma.

J. Hyatt Brown, Chairman and Chief Executive Officer, stated, "These actions reflect our goal of continuing to maintain the best possible leadership structure as we grow our organization, and to reward those individuals that excel in helping us achieve our goals. Changes like these allow us to continue growing and enhancing the leadership within our Company."

Jim W. Henderson, President and Chief Operating Officer, commented, "Ken Kirk has been responsible for the majority of our growth in the West. He has been a major contributor in building the success of Brown & Brown through creating outstanding earnings growth for our shareholders and through the recruitment and nurturing of future leaders. Ken Masters, since joining Brown & Brown in 2002, has proven himself to be an astute and knowledgeable insurance professional. He will continue as President of our CalSurance subsidiary while bringing his expertise in the arena of insurance programs to other similar Brown & Brown subsidiary operations."

Mr. Kirk has been Brown & Brown's Regional Executive Vice President, responsible for operations in the Western United States, since 2002. He also serves in an executive officer capacity for several Company subsidiaries. Since 1995, Mr. Kirk has been responsible for the growth and development of Brown & Brown's retail and wholesale brokerage operations in the Western United States, including many key acquisitions and the recruitment and enhancement of that region's leadership. In addition to overseeing those operations he also served as profit center leader of the Phoenix, Arizona retail office from 1995 to 2000. Before joining Brown & Brown he was President of Insurance West, a highly regarded Arizona-based insurance agency organization.

Mr. Masters joined Brown & Brown in 2002 when the current CalSurance subsidiary was acquired. He was President of CalSurance at that time and has continued to serve in that capacity. In addition, Mr. Masters provides leadership to the Programs Division of Brown & Brown and has led the acquisition efforts of several successful program business units. Prior to joining CalSurance, Mr. Masters served in a variety of senior management and consulting capacities with Fortune 500 companies, including serving as Vice President of Operations for Transamerica Insurance Company and in a similar capacity with managed health care company Behavioral Systems, Inc.

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 relating to continuing our revenue, earnings and operating growth, as well as identifying and consummating attractive acquisition opportunities. 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, financial condition and achievements may differ, possibly materially, from the anticipated results, financial condition and achievements contemplated by 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: general economic conditions around the country; downward commercial property and casualty premium pressures; the competitive environment; the integration of the Company's operations with those of businesses or assets the Company has acquired or may acquire in the future and the failure to realize the expected benefits of such integration; the potential occurrence of a disaster that affects certain areas of the States of California, Florida, Georgia, New Jersey, New York, Pennsylvania and/or Washington, where significant portions of the Company's business are concentrated; the actual costs of resolution of contingent liabilities; those factors relevant to Brown & Brown's consummation and integration of announced acquisitions, including any matters analyzed in the due diligence process, material adverse changes in the customers of the companies whose operations are acquired, and material adverse changes in the business and financial condition of either or both companies and their respective customers; and the cost and impact on the Company of previously disclosed litigation initiated against the Company and regulatory inquiries regarding industry and Company practices with respect to compensation received from insurance carriers. 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