DAYTONA BEACH, FL and TAMPA, FL, May 13, 2010 (MARKETWIRE via COMTEX) --J. Scott Penny, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO); and Donald R. Rittman, Jr., and Bernard F. Halligan, principals of D.C.S.R., Inc., d/b/a Stone Insurance Agencies, and The Gardner-Kirby Corporation; Colin E. Burr and Harry E. Burr, principals of H.E.B., Inc., d/b/a McCutcheon Burr & Sons; and Jeffrey F. Hedden, principal of Hedden Agency, Inc. d/b/a Hedden Insurance, today announced the acquisition of certain retail insurance agency and brokerage business-related assets of these agencies by Brown & Brown of Connecticut, Inc., a subsidiary of Brown & Brown, Inc.
The acquired operations, which offer a wide spectrum of personal insurance and commercial insurance products and services, have deep roots in Connecticut. McCutcheon Burr & Sons, located in Middletown, was founded in 1922 by Ernest McCutcheon. The Gardner-Kirby Corporation, located in Meriden, began business in 1924. Hedden Insurance, located in Waterford, began business in 1945 and is headed by Jeff Hedden, a third-generation member of the Hedden family in the agency. Stone Insurance Agencies, also based in Meriden, was founded by Joseph R. Stone in 1947.
The acquired operations, which generate approximately $7.2 million in combined annual revenues, will come under the leadership of Donald McGowan, Executive Vice President of Brown & Brown of Connecticut, Inc.
The selling entities' operations in Bridgeport, Jewett City and Marlborough, Connecticut, and their specialty programs for transportation and drag racing industry participants, were not part of this transaction.
Mr. Penny, who is responsible for Brown & Brown's retail operations in Connecticut, stated, "We have been impressed with the quality and integrity of these operations since we entered the Connecticut marketplace in 2001. This transaction significantly enhances our presence in the Constitution State and throughout New England."
Mr. Rittman commented, "Given the long-standing histories of our companies, we wanted to ensure that the organization we joined appreciated our values. We are delighted to have found such a match with Brown & Brown." Mr. Halligan added, "Joining Scott, Don and their team will enable our staff to offer our insureds an even broader and deeper selection of insurance and risk-management options -- including life, health and other employee benefits products and services."
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, managed health care, and Medicare set-aside services and programs. Providing service to business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the sixth largest independent insurance intermediary in the United States. The Company'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 these acquisitions. These statements are not historical facts, but instead represent only the Company's current 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 and condition, as well as its other achievements, 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 acquisitions, including any matters analyzed in the due diligence process, material adverse changes in the customers of the company whose operations are being acquired and material adverse changes in the business and financial condition of either or both companies and their respective customers. All forward-looking statements made herein are made only as of the date of this 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 hereafter becomes aware.
Cory T. Walker Chief Financial Officer (386) 239-7250
SOURCE: Brown & Brown, Inc.