DAYTONA BEACH, FL and TAMPA, FL, Apr 10, 2009 (MARKET WIRE via COMTEX) -- Kenneth D. Kirk, Regional President of Brown & Brown, Inc. (NYSE:
BRO), and Michael A. Fohl and Christopher L. Foster, the shareholders
of W. R. Reed & Co., of Portland, Oregon, announce the asset
acquisition of W. R. Reed & Co. by Fullerton & Company, Inc., a
subsidiary of Brown & Brown, Inc.
W. R. Reed & Co., with annualized revenues of approximately $1.5
million, was founded by William R. Reed, Sr. in 1957. The agency has
provided property & casualty, life, health and other insurance
products and services to individuals and businesses in Portland,
Oregon and throughout the United States for more than 50 years.
Michael Fohl, Christopher Foster and their staff will combine their
operations with those of Brown & Brown's existing Portland office,
under the leadership of Tim Nielsen.
Mr. Kirk, who is responsible for Brown & Brown's Oregon operations,
noted, "We are very excited that Mike, Chris and their excellent team
of insurance professionals have chosen to join us. W. R. Reed
represents our third transaction in Portland, and we look forward to
new opportunities to grow our presence organically and externally in
the Portland region and throughout the Beaver State."
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 seventh largest independent insurance
intermediary in the United States. 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
associated with this acquisition. 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 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 and condition, as well as its other
achievements, are contained in the Company'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, 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 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.
Cory T. Walker
Chief Financial Officer
(386) 239-7250
SOURCE: Brown & Brown, Inc.
