SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

November 08, 2011 08:15 ET

Brown & Brown of Northern California, Inc. Acquires Assets of Sitzmann, Morris & Lavis Insurance Agency, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - Nov 8, 2011) - Brown & Brown of Northern California, Inc., a subsidiary of Brown & Brown, Inc. (NYSE: BRO), today announced that it has acquired substantially all of the assets of Sitzmann, Morris & Lavis Insurance Agency, Inc. (SML®).

Founded in 1980 by Gary R. Sitzmann, SML is an established leader in the employee benefits, life insurance, estate planning, and business continuity fields. With annual revenues of approximately $18 million, SML is the largest independent insurance brokerage and consulting firm in northern California. SML will continue to serve its clients from its offices in Oakland, Lafayette, and Santa Rosa, California, under the leadership of Matthew M. Sitzmann.

SML Financial Services, LLC (401(k) practice) is not part of the transaction and will continue to operate from its existing Oakland, California location.

C. Roy Bridges, Regional President for Brown & Brown, Inc., stated, "Among the qualities that set SML apart are its ability to better serve its clients' needs by leveraging its exclusive benefit offerings, superior case management, innovative technology, and cost reduction capabilities. We anticipate our clients and insurance carrier partners will especially appreciate the efficiencies and cost savings afforded by SML's proprietary technology and benefit administration systems. Long term, SML will strengthen our ability to take advantage of future opportunities in the dynamic benefits marketplace."

Matthew M. Sitzmann, Chief Executive Officer for SML, stated, "Brown & Brown is the ideal partner for our clients and employees. We will be looking to quickly expand our significant resources and presence in the employee benefit, life insurance, executive benefit and, now, property and casualty marketplaces. Brown & Brown provides both the regional and national platforms to accomplish our growth initiatives while enhancing the client experience. I, along with my partners Gary Sitzmann, Don Morris and Bill Lavis, am thrilled to be a part of the Brown & Brown team."

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, Brown & Brown is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. Brown & Brown's Web address is

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 Brown & Brown's current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown's control. It is possible that Brown & Brown'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 Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown's financial results and condition, as well as its other achievements, is contained in Brown & Brown'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, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown 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 Brown & Brown hereafter becomes aware.

Contact Information

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