DAYTONA BEACH, FL and TAMPA, FL--(MARKET WIRE)--May 15, 2006 -- Thomas E. Riley, Regional President of Brown & Brown, Inc. (NYSE:BRO - News), and Matthew E. Mink and Charles M. "Chas" Pires, principals of Benefit Development Group, Inc., of Malvern, Pennsylvania, today announced the asset acquisition of Benefit Development Group, Inc. by Brown & Brown, Inc.
Benefit Development Group, with annualized revenues of approximately $1.0 million, is engaged in the specialized insurance arena of employee benefit plans and serves commercial clients throughout the greater Delaware Valley region. Matt, Chas and their staff will be combining their operation with that of Brown & Brown's Doyle Consulting Group, at its office in Philadelphia.
Mr. Riley, responsible for operations in the Northeastern U.S. and other areas, noted, "We are very pleased to have Matt and Chas, and their fine team of insurance professionals, join Brown & Brown. They and their team bring us new talents and expertise and are a welcome addition to our expanding presence in the Commonwealth."
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 United States' seventh largest independent insurance intermediary. 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. 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 and material adverse changes in the business and financial condition of either or both companies and their respective customers. 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.
Contact:
Cory T. Walker
Chief Financial Officer
(386) 239-7250
Source: Brown & Brown, Inc.