DAYTONA BEACH, FL and TAMPA, FL, May 10, 2012 (MARKETWIRE via COMTEX) --J. Scott Penny, Regional President & Chief Acquisitions Officer of
Brown & Brown, Inc. (NYSE: BRO), and Howard A. Savitt, the sole
shareholder of Richard W. Endlar Insurance Agency, Inc., located in
Dedham, Massachusetts, today announced that Brown & Brown of
Massachusetts, LLC, a subsidiary of Brown & Brown, Inc., has acquired
certain assets of Richard W. Endlar Insurance Agency, Inc.
Founded in 1975, Richard W. Endlar Insurance Agency specializes in
providing property and casualty insurance products to condominium
associations and other habitation-related clients in Massachusetts
and throughout New England. The company also offers a broad spectrum
of other property and casualty insurance products to its clients in
other sectors. The company has combined annual revenues of
approximately $4.6 million. Following the transaction, Richard W.
Endlar Insurance Agency will continue to operate from its current
location in Dedham, Massachusetts, under the leadership of Howard
Savitt.
Mr. Penny, who is responsible for Brown & Brown of Massachusetts's
retail operations, stated, "Richard W. Endlar Insurance Agency is one
of the premier insurance agencies in the New England area. Howard and
his team have significant experience and expertise providing property
and casualty coverage to condominium associations and other related
clients. They will be an outstanding addition to the Brown & Brown
team."
Mr. Savitt, who will remain in charge of the operations of the
Richard W. Endlar Insurance Agency division of Brown & Brown of
Massachusetts, said "I am delighted to join the outstanding national
team at Brown & Brown which will afford Endlar Agency clientele with
enhanced opportunities and resources for their insurance and risk
management requirements."
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
SOURCE: Brown & Brown, Inc.
