DAYTONA BEACH and TAMPA, Fla., April 30 /PRNewswire-FirstCall/ -- C. Roy Bridges, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Martin M. Rhodes, President of Rhodes & Associates, Inc., RAI, Inc. and RAI of Oklahoma, Inc., all headquarted in Little Rock, Arkansas, today announced the asset acquisition of Rhodes & Associates, Inc., RAI, Inc. and RAI of Oklahoma, Inc. by an Arkansas and Oklahoma subsidiary of Brown & Brown, Inc. The transaction is effective May 1, 2002.
The three companies, with combined annualized revenues of approximately $2.7 million, provide a range of insurance services. Rhodes & Associates is a multi-line independent insurance agency that has been serving individuals and businesses throughout Arkansas for many years. RAI is a managing general agency, offering coverages through standard carriers for agents in Arkansas, while RAI of Oklahoma provides similar services in that state. Mr. Rhodes and his staff will continue to serve their clients from their current location, as a freestanding Brown & Brown operation.
Mr. Bridges, who is responsible for Brown & Brown's operations in most of the South Central United States, noted, "We are very pleased to have Marty and his team of insurance professionals join our expanding Sun Belt presence. Their addition represents our initial entry into Arkansas and brings us broadened expertise, as well as the opportunities associated with entry into a new market."
Brown & Brown, Inc. and its 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 integration of the Company's operations with those of businesses or assets the Company has acquired or may acquire in the future and the failure to realize the expected benefits of such integration; and 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. 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