DAYTONA BEACH, Fla., and TAMPA, Fla., Oct. 1 /PRNewswire/ -- J. Hyatt Brown, Chairman, President and CEO of Brown & Brown, Inc. (NYSE: BRO), and Steve R. Carvajal and William L. Carvajal, Principals of Associated Insurance Agency and Sanborn's Mexico Insurance, both of El Paso, Texas, today announced the acquisition of Associated Insurance Agency and Sanborn's Mexico Insurance by Brown & Brown. The transaction is effective October 1, 2001.
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Associated Insurance Agency and Sanborn's Mexico Insurance, with combined annual revenues of approximately $2.6 million, have been serving the residents and businesses of El Paso and the surrounding area for many years. The Carvajal's and their staff will continue to do business from their existing location as a freestanding Brown & Brown operation.
Ken Kirk, Brown & Brown Regional Executive Vice President responsible for operations in the Western U.S., commented, "We are excited at the prospects of having Steve and Bill and the staff of these two fine organizations join Brown & Brown. This represents our initial entry into the West Texas market and we are looking forward to the opportunities this new area offers."
Brown & Brown, Inc. provides a broad range of insurance products and services, as well as risk management, employee benefit administration, and managed health care services through offices located across the United States. The company is ranked by Business Insurance magazine as the nation's eighth largest independent insurance intermediary organization. Our Web address is www.bbinsurance.com.
This press release may contain certain statements relating to future results which are forward-looking statements. These statements are not historical facts, but instead represent only the Company's 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, are contained in the Company's filings with the Securities and Exchange Commission. Some factors include: general economic conditions around the country, downward commercial property and casualty premium pressures, the competitive environment, the potential occurrence of a major natural disaster in certain areas of the States of Arizona, Florida and/or New York, where significant portions of the Company's business are concentrated, and the performance of these newly acquired companies. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
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SOURCE Brown & Brown, Inc.
Web site: http: //www.bbinsurance.com
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CONTACT: Cory T. Walker, Chief Financial Officer of Brown & Brown, +1-386-239-7250
CAPTION: BROLOGO BROWN & BROWN LOGO Brown & Brown, Inc. logo. (PRNewsFoto)[HD] DAYTONA BEACH AND TAMPA, FL USA 10/03/2000