DAYTONA BEACH, Fla., and TAMPA, Fla. and SANTA BARBARA, Calif., Nov. 13 /PRNewswire-FirstCall/ -- Kenneth D. Kirk, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Robert Montgomery, Chief Executive Officer, and Susan Rodriguez, President of MFC&V Insurance Services, Inc., with offices in Santa Barbara, Lompoc and Camarillo, California, today announced the signing of a definitive agreement for Brown & Brown, Inc. to acquire the assets of MFC&V Insurance Services, A California Corporation. Finalization of the transaction is subject to completion of Brown & Brown's due diligence review and other customary conditions. It is anticipated that the closing will be effective January 1, 2003.
MFC&V insurance Services, with annual revenues of approximately $12 million, has been serving the insurance needs of California residents and businesses since 1935. The entire management team and staff of this highly regarded, multi-faceted, commercial property and casualty, life and group health benefits insurance agency will be joining Brown & Brown. They will continue to serve clients from their current locations as freestanding Brown & Brown operations.
Ken Kirk, who is responsible for Brown & Brown's operations in the Western U.S., noted, "We are very pleased to have this fine team of insurance professionals join our family. MFC&V offers us increased capacity and service capabilities for our clients, as well as increased growth opportunities. The addition of MFC&V brings Brown & Brown's total number of retail operations in California to six, with offices in eight cities and combined annual revenues in excess of $50 million."
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; 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, and the actual costs of resolution of contingent liabilities, and 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, material adverse changes in the business and financial condition of either or both companies and their respective customers, and substantial delay in the expected closing of the transaction. 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.
Make Your Opinion Count - Click Here
http://tbutton.prnewswire.com/prn/11690X66853309
SOURCE Brown & Brown, Inc.