DAYTONA BEACH, FL and TAMPA, FL, Aug 14, 2006 (MARKET WIRE via COMTEX News Network) -- Jim W. Henderson, President and Chief Operating Officer of Brown & Brown, Inc. (NYSE: BRO), and John R. Dietrick, Chief Executive Officer and General Counsel, and Mark E. Nordstrom, President of Monarch Management Corporation, of Topeka, Kansas, today announced the asset acquisition of Monarch Management Corporation by Brown & Brown, Inc.
Monarch Management Corporation, with annualized revenues of approximately $1 million, is engaged in the agency and program management business for insurance programs developed for children, youth and students. These specialized programs include student accident, athletic, student health, special risk, catastrophic accident and children's health insurance plans offered throughout the United States. John Dietrick, Mark Nordstrom and their current staff will continue to operate from their existing location, and under the Monarch name, as a freestanding Brown & Brown profit center.
Mr. Henderson noted, "We are very pleased to have this fine group of specialized insurance professionals join Brown & Brown. John, Mark, and their team bring us new talents and expertise in, for us, a new insurance area, which strongly compliments the sports and entertainment business of our American Specialty subsidiary. They are a welcome addition as we continue growing our presence throughout the insurance industry marketplace."
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.
Contact: Cory T. Walker Chief Financial Officer (386) 239-7250
SOURCE: Brown & Brown, Inc.