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|Apex Insurance Agency, Inc. Announces the Asset Acquisition of Global Intermediaries of Eugene, L.L.C.|
DAYTONA BEACH, FL and TAMPA, FL, May 06, 2011 (MARKETWIRE via COMTEX) --
Anthony T. "Tony" Strianese, Regional Executive Vice of Brown & Brown, Inc. (NYSE: BRO) and Chairman of Apex Insurance Agency, Inc., Karl F. Snearer, President of Apex Insurance Agency, Inc., and Judd L. Feldman, President of Global Intermediaries of Eugene, L.L.C., located in Eugene, Oregon, today announced that Apex Insurance Agency, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Global Intermediaries of Eugene, L.L.C., d/b/a Global Intermediaries.
With annualized revenues of approximately $1.3 million, Global Intermediaries is a wholesale operation that provides excess liability, worker's compensation, medical malpractice, police professional, and other specialty insurance lines to self-insured public entities. Judd Feldman and his team of insurance professionals will continue to serve their clients and customers from their existing Eugene, Oregon location, under the Apex Insurance Services name.
Commenting on the transaction, Mr. Snearer said, "Apex has had a long and successful relationship with Global Intermediaries. We are proud to have Judd and his team joining Apex and assisting us in expanding our presence in the Pacific Northwest and western United States."
Mr. Feldman noted, "I have known Karl Snearer and the brokers at Apex for 13 years and am excited for the synergy between our two operations and to be part of the Apex team."
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. 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, is 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, and material adverse changes in the business and financial condition of the sellers, the buyer or both, 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.