DAYTONA BEACH, FL and TAMPA, FL, Jan 05, 2010 (MARKETWIRE via COMTEX) -- C. Roy Bridges, Regional Executive Vice President of Brown & Brown,
Inc. (NYSE: BRO), and J. Patrick "Pat" McMahan, Chairman and Chief
Executive Officer, and G. Michael "Mike" Gilpin, President, of Alamo
Insurance Group, Inc., of San Antonio, Texas, today announced the
asset acquisition of Alamo Insurance Group, Inc. by a subsidiary of
Brown & Brown, Inc.
Alamo Insurance Group, with annual revenues of approximately $4.3
million, has provided property and casualty insurance, employee
benefits insurance, personal insurance, and risk management products
and services to clients since 1998. The Alamo Insurance Group team
has expertise in a variety of industries, including school districts,
governmental entities, entertainment, transportation, and
construction.
Pat McMahan, Mike Gilpin and their staff will continue to operate
from their existing San Antonio and McAllen, Texas locations under the
Alamo Insurance Group name.
Mr. Bridges, who is responsible for Brown & Brown's Texas retail
operations, commented, "Pat and Mike have built Alamo Insurance Group
into one of the most respected and successful insurance operations in
the San Antonio region. We are proud that they have chosen to join
us. We look forward to working with Pat, Mike and their team to
continue the great service that their clients have come to expect, as
well as to offer their clients additional coverage and risk
management choices and solutions."
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 sixth 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.
Contact:
Cory T. Walker
Chief Financial Officer
(386) 239-7250
SOURCE: Brown & Brown, Inc.
