DAYTONA BEACH, FL and TAMPA, FL, Aug 04, 2011 (MARKETWIRE via COMTEX) --
Brown & Brown of Washington, Inc., a subsidiary of Brown & Brown,
Inc. (NYSE: BRO), today announced that it has acquired substantially
all of the assets of Thompson, Spears & Associates, Ltd., in
Bellevue, Washington.
Lawrence C. "Larry" Thompson and W. Winn Spears founded Thompson,
Spears & Associates, Ltd. ("TSA") in 1997. These individuals also
serve as trustees of the Northwest Employers Trust ("NET"), which
provides group medical and dental coverage to small employer groups
in the states of Washington and Oregon through Regence BlueShield
(medical) and United Concordia Insurance Company (dental),
respectively. With annual revenues of approximately $2.4 million, TSA
serves as the managing general agent for coverage placements through
NET.
Larry Thompson, Winn Spears, and their staff will remain in their
current Bellevue, Washington location.
J. Scott Penny, Chief Acquisitions Officer and Regional President for
Brown & Brown, Inc., stated, "TSA is a well-known and highly
respected MGA, and Larry and Winn have helped NET grow into one of
the premier fully-insured trusts in the Northwest. Their innovative
approach to meeting the dynamic needs of small employer groups makes
this an exciting addition to our portfolio of employee benefits
products and services."
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, Brown & Brown is ranked by Business
Insurance magazine as the United States' seventh largest independent
insurance intermediary. Brown & Brown'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 Brown & Brown's current belief
regarding future events, many of which, by their nature, are
inherently uncertain and outside of Brown & Brown's control. It is
possible that Brown & Brown'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 Brown & Brown and its business,
including factors that potentially could materially affect Brown &
Brown's financial results and condition, as well as its other
achievements, is contained in Brown & Brown'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 seller, 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 Brown & Brown 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 Brown & Brown hereafter becomes aware.
Cory T. Walker
Chief Financial Officer
(386) 239-7250
Email Contact
SOURCE: Brown & Brown, Inc.
http://www2.marketwire.com/mw/emailprcntct?id=C8CEC2248F893741
