SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

July 22, 2011 15:36 ET

Brown & Brown, Inc. Settles Lawsuit Against Former Employees

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - Jul 22, 2011) - Brown & Brown, Inc. (NYSE: BRO), today announced the settlement of its lawsuit against former employees, Jim W. Henderson, Thomas E. Riley, Eric A. Anderson, Stanley K. Kinnett, II, Paul A. Vredenburg, and their new company, AssuredPartners, Inc. (the "Defendants").

"We are satisfied with the settlement in this litigation, and we believe this matter was resolved appropriately within the judicial system," said J. Powell Brown, President and Chief Executive Officer of Brown & Brown, Inc.

The amount of money to be paid by the Defendants pursuant to the settlement is confidential, but the parties agreed to an order to be entered by the court, which includes certain restrictions on the Defendants, the nature and scope of which are set forth in the Agreed Order (See Attached Agreed Order issued by the Court on July 20, 2011).

Brown & Brown, Inc., through its subsidiaries, offers 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' 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. 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. 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