DAYTONA BEACH, Fla. and TAMPA, Fla., May 1 /PRNewswire-FirstCall/ -- J. Hyatt Brown, Chairman, President and CEO of Brown & Brown, Inc. (NYSE: BRO), and Aubrey R. Hickman, President of Louisiana Agencies, Inc., located in Baton Rouge, Louisiana, today announced the asset acquisition of Louisiana Agencies, Inc. by a Louisiana subsidiary of Brown & Brown, Inc. The transaction is effective May 1, 2002.
Louisiana Agencies, with annualized revenues of approximately $750,000, has been serving businesses and individuals throughout Louisiana for many years. The company specializes in surety/bonds and commercial property and casualty insurance. Aubrey Hickman and his staff will ultimately be combining with Brown & Brown's existing Baton Rouge operation, Bynum, Grace & Joffrion.
Roy Bridges, Brown & Brown Regional Executive Vice President responsible for South Central U.S. operations, and Tommy Huval, Executive Vice President for Louisiana, jointly stated, "We are pleased to have Aubrey and his team of insurance professionals join our expanding Louisiana presence. Their addition brings us broadened expertise and expanded opportunities."
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 eighth 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 potential occurrence of a disaster that affects certain areas of the States of Arizona, Florida and/or New York, where significant portions of the Company's business are concentrated, and the performance of these newly acquired entities. 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.
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SOURCE Brown & Brown, Inc.
Web site: http: //www.bbinsurance.com
CONTACT: Cory T. Walker, Chief Financial Officer of Brown & Brown, Inc., +1-386-239-7250