DAYTONA BEACH, FL and TAMPA, FL, Jan 19, 2012 (MARKETWIRE via COMTEX) --Brown & Brown, Inc. (NYSE: BRO) today announced that one of its
wholly owned subsidiaries has acquired substantially all of the
assets of Independent Pharmaceutical Consultants, Inc. (IPC).
Kenneth W. "Ken" Anderson, a registered pharmacist, founded IPC in
1991. With annual revenues of approximately $1.8 million, IPC
provides pharmaceutical benefits management (PBM) consulting and
compliance services to clients throughout the United States. As part
of this transaction, IPC's operations will join with Evergreen Rx, a
division of Brown & Brown's Evergreen Re profit center, to form a new
combined specialty pharmacy benefit consulting department.
Ken Anderson, Christine Johnston, Kathy Friedman and their team will
continue to serve their clients from IPC's office in O'Fallon,
Missouri.
J. Scott Penny, Regional President and Chief Acquisitions Officer for
Brown & Brown, Inc., stated, "For over 20 years, IPC has provided
tailored PBM solutions for its clients. During that time, the firm
has assisted its clients to stay at the forefront of changes that
affect their drug benefit plans, from Medicare Part D to pending
changes under last year's healthcare reform law, and developed
innovative solutions for their clients. We are proud to have Ken,
Christine, Kathy and their team bring their expertise to our existing
pharmacy benefits consulting group."
Ken Anderson, President of IPC, stated that, "It is a unique
experience to develop a strong personal and synergetic relationship
with a company the size of Brown & Brown. We have found that we share
the key elements required to have a long-term successful profitable
business partnership; sharing our dedication to grow our practice,
client-centric service, innovation solutions to a growing number of
issues challenging our clients and providing an environment in which
each of our employees can work to accomplish their professional
goals.
Ron Taylor, CEO of Brown & Brown's Evergreen Re / Evergreen Rx, a
division of the subsidiary acquiring IPC's operations, added:
"Evergreen has had a long standing relationship with IPC and we have
come to trust and rely on their pharmacy knowledge and expertise. I
believe Ken and his dedicated staff will take us to the next level in
our pharmacy benefits consulting practice."
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=8FE75767402B294F
