DAYTONA BEACH and TAMPA, Fla., Jan. 13 /PRNewswire-FirstCall/ -- Thomas E. Riley, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and James J. McCahill, President of Braishfield Associates, Inc., today announced the acquisition of substantially all of the assets related to the commercial business, including program and wholesale brokerage business, of the Orlando, Florida operations of Braishfield Associates, Inc. by a subsidiary of Brown & Brown, Inc.
The purchased assets of Braishfield Associates' Orlando enterprise have annualized revenues of approximately $5 million and operate principally as a wholesale broker for insurance programs serving a broad array of commercial clients. The existing Orlando management and staff will become a new freestanding Brown & Brown profit center, operating under the Braishfield name.
Mr. Riley, who directs Brown & Brown operations in several states, said, "We feel quite fortunate to have this fine group join our growing Programs Division. We look forward to their contributions as we continue to grow our organization."
Brown & Brown, Inc. and its subsidiaries offer a broad range of insurance and reinsurance products and services, as well as risk management, third-party administration, and managed health care programs. Providing service to business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' eighth-largest independent insurance intermediary. The Company's Web address is http://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 those factors relevant to Brown & Brown's consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process, material adverse changes in the customers of the company whose operations are being acquired, material adverse changes in the business and financial condition of either or both companies and their respective customers, and substantial delay in the expected closing of the transaction. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company 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 the Company thereafter becomes aware.
SOURCE Brown & Brown, Inc.
-0- 01/13/2005
/CONTACT: Cory T. Walker, Chief Financial Officer, Brown & Brown, Inc.,
+1-386-239-7250/
/Web site: http://www.bbinsurance.com /
(BRO)
CO: Brown & Brown, Inc.; Braishfield Associates, Inc.
ST: Florida
IN: FIN INS
SU: TNM
SP-DS
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5648 01/13/2005 16:30 EST http://www.prnewswire.com