SOURCE: Brown & Brown, Inc.

August 31, 2007 13:23 ET

Hull & Company, Inc. Announces the Asset Acquisition of Two Subsidiaries of Bollinger, Inc.

FT LAUDERDALE, FL--(Marketwire - August 31, 2007) - Robert Cohen, Senior Vice President of Hull & Company, Inc. (Hull), and Jack Windolf, Chairman and Chief Executive Officer of Bollinger, Inc., today announced the asset acquisition of two Bollinger subsidiaries, Market Solution Managers, Inc., of New York, New York, and Princeton Risk Managers, Inc., of Princeton, New Jersey, by Hull & Company.

Market Solution Managers and Princeton Risk Managers, with combined annualized net revenues of approximately $1.6 million, serve the excess and surplus lines insurance needs of agents located primarily in the northeastern United States. While the New York City operation will remain at its current location, the Princeton office will be combined with Hull's existing Florham Park, New Jersey office. The two locations will be under the leadership of Jon Bannett, who heads Hull's existing DVUA office in Florham Park, New Jersey.

Mr. Cohen commented, "The acquisition of these two operations represents another fine move for us, increasing our presence in the Northeast and further expanding our array of services and our long-term platform from which we serve our customers."

Hull & Company, Inc. is a wholly-owned subsidiary of Brown & Brown, Inc. (NYSE: BRO). Brown & Brown, Inc. (the "Company") 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 sixth largest independent insurance intermediary in the United States and worldwide. 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 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 and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, are contained in the Company's filings with the Securities and Exchange Commission. Some factors include those factors relevant to Hull & Company, Inc.'s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process, material adverse changes in the customers of the company whose operations are being acquired and material adverse changes in the business and financial condition of either or both companies and their respective customers. All forward-looking statements included in this press release are made only as of the date of this press 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 thereafter becomes aware.

Contact Information

  • Robert Cohen
    Senior Vice President
    (215) 443-3671