DAYTONA BEACH and TAMPA, Fla., Sept. 1 /PRNewswire-FirstCall/ -- Thomas E. Riley, Regional President of Brown & Brown, Inc. (NYSE: BRO), and Val E. Nichols, President of Nichols & Associates, Inc., of Philadelphia, Pennsylvania, today announced the asset acquisition of Nichols & Associates, Inc. by Brown & Brown, Inc.
Nichols & Associates, with annualized revenues of approximately $1.2 million, is a retail insurance agency that specializes in placing coverage for large health care institutions and physician groups, including medical malpractice coverage. Val Nichols and his team of insurance professionals will continue to operate from their current location as a new freestanding Brown & Brown profit center.
Mr. Riley, responsible for operations that include the Northeastern United States, noted, "We are pleased to have Val and his staff join Brown & Brown's growing presence in the Northeast. They will provide us with expanded resources and service capabilities, with emphasis on the medical malpractice and other coverage needs of our healthcare industry clients."
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, and managed health care 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 http://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.
SOURCE Brown & Brown, Inc.
-0- 09/01/2005
/CONTACT: Cory T. Walker, Chief Financial Officer, Brown & Brown,
+1-386-239-7250/
/Web site: http://www.bbinsurance.com /
(BRO)
CO: Brown & Brown, Inc.; Nichols & Associates, Inc.
ST: Florida
IN: INS
SU: TNM
MD
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2838 09/01/2005 12:37 EDT http://www.prnewswire.com