DAYTONA BEACH, Fla. and TAMPA, Fla., Oct. 22 /PRNewswire/ -- J. Hyatt Brown, Chairman, President and CEO of Brown & Brown, Inc. (NYSE: BRO), and Mark E. Paulson, President of Froehlich-Paulson-Moore, Inc., of Grand Forks, North Dakota, today announced the acquisition of Froehlich-Paulson-Moore by Brown & Brown. The transaction is effective October 19, 2001.
Froehlich-Paulson-Moore, with annual revenues of approximately $1 million, has been serving clients in North Dakota and Minnesota for almost 50 years. Mark Paulson and his staff of insurance professionals will continue to serve their clients from their existing location.
Dan Williamson, Brown & Brown Regional Executive Vice President responsible for operations in the upper Midwest said, "We are excited at the prospect of having Mark and his staff join Brown & Brown's expanding presence in the upper Midwest. We are looking forward to the new opportunities this association will bring."
Brown & Brown, Inc. and it subsidiaries provide a broad range of insurance and reinsurance 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 disaster that affects 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 this newly acquired company. 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
CONTACT: Cory T. Walker, Chief Financial Officer of Brown & Brown, Inc., +1-386-239-7250