SOURCE: Brown & Brown, Inc.

July 17, 2007 13:49 ET

Brown & Brown, Inc. Names Michael Paschke and Anthony Strianese as Regional Executive Vice Presidents

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - July 17, 2007) - Brown & Brown, Inc. (NYSE: BRO) today announced that the Board of Directors has elected Michael Paschke and Anthony Strianese Regional Executive Vice Presidents.

J. Hyatt Brown, Chairman and CEO, commented, "This action continues our focus on continually strengthening our leadership team as a key element in growing our Company. We have determined that this is best accomplished by utilizing the strongest leaders from within our Company. Mike and Tony are two more of the high caliber individuals who have been instrumental in forging our growth. Their addition to our senior leadership now gives us ten distinctive regional leaders who expand our growth potential and core operating strength."

Mr. Paschke joined Brown & Brown in 1990. An Employee Benefits specialist, he was the top sales producer in the Western United States from 1993 through 1998. In 1995, he was promoted to Manager of the Phoenix Employee Benefits Department and in January 2000 was named Profit Center Leader of the Phoenix, Arizona office. From 2000 through the present, the Phoenix office has grown to become the 3rd largest retail office in Brown & Brown. In addition Mr. Paschke's responsibilities have included taking a lead position on Western Region mergers and acquisitions, and recruitment and development of personnel. He has been a member of the Brown & Brown Leadership Counsel since 2000 and represents the Company on several industry-related committees and forums. Mr. Paschke has just completed a two-year term as Chairman of the Council of Employee Benefits Executives (the "CEBE"), after having served as Vice Chair the two years prior. The CEBE is part of the Council of Insurance Agents & Brokers ("CIAB"), a Washington, D.C.-based organization largely responsible for shaping the insurance industry. He continues to represent Brown & Brown with the CIAB as a member of its Foundation for Agency Management Excellence ("FAME") Board. In his new position he will continue to be active in mergers and acquisitions and recruiting as well as oversee offices in Seattle and Tacoma, Washington and Tucson, Prescott and Phoenix, Arizona.

Mr. Strianese, who is a graduate of the College of Insurance in New York, is widely acknowledged for his expertise in large, complex property placements. He came to Brown & Brown in January of 2000 when he formed Peachtree Special Risk Brokers (PSRB). Prior to joining the Company he held leadership positions with The Home Insurance Company, Kemper Insurance Company, and Tri-City Brokers, in New York City. During the past seven years, under Mr. Strianese's leadership, PSRB has been one of the fastest growing entities in Brown & Brown. Today there are ten PSRB offices in six states providing wholesale brokerage services for agents on a broad range of risks, with a growing presence in placing risks in the UK and other European markets. Additionally, Mr. Strianese has been very active in the Company's ongoing mergers and acquisitions activity, especially as it relates to wholesale brokers. In his new capacity he will continue to direct the PSRB offices and actively seek new opportunities while also overseeing the operations of several other Brown & Brown wholesale operations, including ECC Insurance Brokers, MacDuff Underwriters and Roehrig & MacDuff Underwriters.

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 effects of recent legislative and regulatory changes in Florida pertaining to the insurance industry; 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, Michigan, 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:
    J. Hyatt Brown
    Chairman & CEO
    (386) 239-5777