DAYTONA BEACH and TAMPA, FL, May 24, 2006 (MARKET WIRE via COMTEX News Network) -- J. Powell Brown, Regional Executive Vice President, responsible for Brown & Brown, Inc.'s (NYSE: BRO) Public Entity Services(R), and Gerald W. "Gerry" Grupe, President of Ideal Insurance Agency, Inc., of Downers Grove, Illinois, announce the asset acquisition of Ideal Insurance Agency, Inc. by Brown & Brown, Inc.
Ideal Insurance Agency, with annualized premiums revenues of approximately $3.1 million, is a retail and wholesale organization providing insurance program administration, claims administration and related services to public and quasi-public entities in Illinois. The agency is one of two exclusive marketing agents for the Illinois Public Risk Fund, the self-insured fund for worker's compensation coverage for public entities in Illinois. Ideal is also the Regional Director for Volunteer Firemen's Insurance Services, Inc., a provider of property and liability coverages for fire districts and other emergency services organizations, for the State of Illinois. Gerry Grupe, Ronald W. Dukes, and their staff will continue at their current location as a stand-alone operation of Brown & Brown Public Entity Services.
K. Shane Caldwell, President of Brown & Brown Public Entity Services(R), noted, "Ideal Insurance represents another solid expansion of Brown & Brown's Public Entity Services division, a nationwide leader in providing products and services to governmental and quasi-governmental entities throughout the United States. We are very pleased to have Gerry and Ron join our growing family of public sector specialists."
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.
Cory T. Walker Chief Financial Officer (386) 239-7250
SOURCE: Brown & Brown, Inc.