DAYTONA BEACH, FL and TAMPA, FL, Feb 01, 2010 (MARKETWIRE via COMTEX) -- Kenneth D. Kirk, Regional President of Brown & Brown, Inc. (NYSE:
BRO), and Elizabeth A. Frilling and Stephanie M. Frilling, principals
of Insurance Exchange, Inc., of Albuquerque, New Mexico, today
announced the acquisition of certain assets of Insurance Exchange,
Inc. by a subsidiary of Brown & Brown, Inc.
The acquired assets, with annual revenues of approximately $2
million, comprise the selling entity's "Insurance Exchange" division,
which has served the commercial and personal lines property and
casualty insurance needs of clients throughout New Mexico since 1975.
The acquired operations will combine with Brown & Brown's existing
Albuquerque profit center, under the leadership of Scott Jones.
The selling entity's INEX division was not part of this transaction
and will continue to operate from its existing Albuquerque location.
Mr. Kirk, who is responsible for Brown & Brown's New Mexico retail
operations, commented, "We are fortunate to have Insurance Exchange's
team join us as we continue to grow our footprint in New Mexico. In
this challenging insurance environment, we look forward to offering
Insurance Exchange's clients with access to an even greater range of
products and services."
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.
