DAYTONA BEACH, FL and TAMPA, FL, Feb 26, 2010 (MARKETWIRE via COMTEX) -- J. Scott Penny, Regional Executive Vice President of Brown & Brown,
Inc. (NYSE: BRO), and Gregory P. DiMartino, President of DiMartino
Associates, Inc., of Seattle, Washington, today announced the
acquisition of the insurance agency and brokerage business-related
assets of DiMartino Associates, Inc. by Brown & Brown of Washington,
Inc., a subsidiary of Brown & Brown, Inc.
Founded in 1990, DiMartino Associates, with annual revenues of
approximately $4.3 million, offers employee benefit solutions,
including plan design and selection, marketing, employee and plan
participant communications, and compliance support services to a
variety of individual, business, association and governmental
clients. The agency has developed particular expertise providing
employee benefits products and consulting services to Taft-Hartley
Act union trusts, Multiple Employer Welfare Arrangements (MEWAs) and
other trusts and associations.
Based in Seattle, Washington, the agency serves clients throughout
Washington and the western United States. Greg DiMartino and his
staff will continue to operate from their existing Seattle,
Washington office.
The selling entity's DiMartino Financial Services division was not
part of this transaction and will continue to operate from its
existing Seattle location.
Mr. Penny, who is responsible for Brown & Brown's retail operations
in Washington, commented, "For 20 years, Greg and his team have
developed very strong relationships with their carrier and client
partners. We are excited they have chosen to join us. Their addition
will enable Brown & Brown and DiMartino Associates to offer expanded
employee benefits and property and casualty insurance solutions to
our clients."
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.
Cory T. Walker
Chief Financial Officer
(386) 239-7250
SOURCE: Brown & Brown, Inc.
