SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

August 04, 2011 08:26 ET

Brown & Brown of Washington, Inc. Acquires Assets of Thompson, Spears & Associates, Ltd.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - Aug 4, 2011) - Brown & Brown of Washington, Inc., a subsidiary of Brown & Brown, Inc. (NYSE: BRO), today announced that it has acquired substantially all of the assets of Thompson, Spears & Associates, Ltd., in Bellevue, Washington.

Lawrence C. "Larry" Thompson and W. Winn Spears founded Thompson, Spears & Associates, Ltd. ("TSA") in 1997. These individuals also serve as trustees of the Northwest Employers Trust ("NET"), which provides group medical and dental coverage to small employer groups in the states of Washington and Oregon through Regence BlueShield (medical) and United Concordia Insurance Company (dental), respectively. With annual revenues of approximately $2.4 million, TSA serves as the managing general agent for coverage placements through NET.

Larry Thompson, Winn Spears, and their staff will remain in their current Bellevue, Washington location.

J. Scott Penny, Chief Acquisitions Officer and Regional President for Brown & Brown, Inc., stated, "TSA is a well-known and highly respected MGA, and Larry and Winn have helped NET grow into one of the premier fully-insured trusts in the Northwest. Their innovative approach to meeting the dynamic needs of small employer groups makes this an exciting addition to our portfolio of employee benefits products and services."

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 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 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