DAYTONA BEACH, FL and TAMPA, FL, Jul 01, 2010 (MARKETWIRE via COMTEX) --
Linda S. Downs, Senior Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Todd R. Tyler, Matthew M. Moore and Christopher C. Cook, principals of Commonwealth Insurance Group, LLC, of Charleston, South Carolina, today announced the asset acquisition of Commonwealth Insurance Group, LLC by Brown & Brown of South Carolina, Inc., a subsidiary of Brown & Brown, Inc.
Founded in 1996 by Todd R. Tyler, Commonwealth Insurance Group, with annual revenues of approximately $2.6 million, provides commercial property and casualty, group employee benefits, and workplace safety and wellness products and services to businesses and organizations in South Carolina and throughout the United States. The agency's proprietary risk and benefit management process, RECON 365(R), assists clients in assessing their current situation and evaluating their future needs.
In coordination with Brown & Brown of South Carolina's Vice President, Richard K. "Rick" Hawkins, Brown & Brown of South Carolina's existing Charleston office will move into and combine with Commonwealth Insurance Group's existing office in North Charleston, under the leadership of Todd Tyler.
Ms. Downs, who is responsible for Brown & Brown of South Carolina's retail operations, commented, "Todd, Matthew and Chris have built one of the premier insurance organizations in the Palmetto State. We are very excited to bring our two Charleston teams together. This combination will bring to our clients, particularly contractors, the benefit of Commonwealth's expertise, while offering Commonwealth's customers a broader range of insurance market alternatives."
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.