DAYTONA BEACH, Fla. and TAMPA, Fla., Jan. 28 /PRNewswire-FirstCall/ -- Jim W. Henderson, President and Chief Operating Officer of Brown & Brown, Inc. (NYSE: BRO), and William E. Harrison, Sr., principal of Coleman Company Insurance Services, L.P., of San Antonio, Texas, today announced the asset acquisition of Coleman Company Insurance Services, L.P. by Brown & Brown, Inc. The transaction is effective January 1, 2003.
Coleman Company Insurance Services, with annualized revenues of approximately $3.0 million, is a retail commercial property and casualty insurance agency that has been serving clients in San Antonio and throughout the "Hill Country" region of Texas for many years. William E. Harrison, Jr. will remain and assume the role of Profit Center Manager for this new Brown & Brown stand-alone operation, and he and William E. Harrison, Sr., along with their existing staff, will remain at their current location and continue to operate under the Coleman Company Insurance Services name.
Mr. Henderson, noted, "Bill, Sr. and Bill, Jr. and the Coleman Company team have the same client-focused attitude that is a Brown & Brown hallmark. The addition of Coleman Company Insurance Services further enhances our service capabilities in the vibrant Texas market. We are very pleased to welcome this dedicated team to our growing Texas family of insurance professionals."
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 sixth 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, California, 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. SOURCE Brown & Brown, Inc.
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/CONTACT: Cory T. Walker, Chief Financial Officer, Brown & Brown, +1-386-239-7250/