DAYTONA BEACH, FL and TAMPA, FL, Dec 23, 2011 (MARKETWIRE via COMTEX) --Sam R. Boone, Jr., Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and James Douglas "Doug" Branham and Felicia A. Branham, the principals of Colonial Claims Corporation, today announced that a subsidiary of Brown & Brown, Inc. has acquired certain assets of Colonial Claims Corporation, Continental Claims Corp., and Colonial Claims of Kentucky, Inc. (collectively, "Colonial Claims").
With origins dating back to 1982, Colonial Claims was founded by Mr. Branham. With combined annualized net revenues of approximately $6.6 million, the firm provides insurance claims adjusting and related services, including education and training services, throughout the United States. Following the transaction, the acquired Colonial Claims operations will continue to operate from their existing locations in Lexington, Kentucky, and Dunedin, Florida, under the leadership of Doug Branham.
Mr. Boone, who is responsible for Brown & Brown's Services Division, stated, "Colonial Claims is a national leader in the insurance claims adjustment industry that has built its success upon providing timely and quality claims adjustment services on behalf of its clients. We are proud to welcome Doug, Felicia, and their experienced team to our nationwide Services Division." Mr. Branham stated, "We are very excited to be joining Brown & Brown and look forward to many years of continued service to our carrier partners."
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, Brown & Brown is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. Brown & Brown'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 this acquisition. These statements are not historical facts, but instead represent only Brown & Brown's current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown's control. It is possible that Brown & Brown'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 Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown's financial results and condition, as well as its other achievements, is contained in Brown & Brown'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, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown 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 Brown & Brown hereafter becomes aware.
Cory T. Walker Chief Financial Officer (386) 239-7250
SOURCE: Brown & Brown, Inc.