Sep 14, 2012 (Marketwire via COMTEX) --Anthony T. Strianese, Regional President of Brown & Brown, Inc. (NYSE: BRO), together with Tom Contreras, the principal of Texas Security General Insurance Agency, Inc. and related affiliate companies (collectively, "TSGA"), today announced the acquisition of certain assets of TSGA by certain subsidiaries of Brown & Brown, Inc.
Founded in 1995, TSGA is a wholesale brokerage with annual revenues of approximately $5.8 million that serves a wide base of independent insurance agents offering personal and commercial lines coverages throughout Texas. The company also offers claims management services. Following the transaction, the acquired TSGA operations will continue to operate from their existing San Antonio, Texas, location under the leadership of Tom Contreras.
Mr. Strianese, who is responsible for Brown & Brown's Wholesale Brokerage Division, stated, "TSGA has a very strong wholesale presence throughout the State of Texas. Tom Contreras and his team have built their agency by providing superb customer service to their retail producers. Under Tom's leadership we see TSGA as serving as a platform for Brown & Brown's expansion in the Texas personal and commercial wholesale insurance market. We are pleased to welcome Tom and his team to Brown & Brown."
Mr. Contreras commented, "We are very excited to become part of the Brown & Brown organization. In addition to being a great cultural fit, we are very confident that the Brown & Brown resources that can be leveraged through this transaction will further enhance our ability to serve our agent partners throughout Texas. This is a very important aspect of this partnership."
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, Brown & Brown is ranked by Business Insurance magazine as the United States' sixth largest independent insurance intermediary. Brown & Brown's Web address is www.bbinsurance.com.
This press release may contain certain statements relating to future results which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts, but instead represent only Brown & Brown's current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown's control. It is possible that Brown & Brown'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 Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown's financial results and condition, as well as its other achievements, is contained in Brown & Brown's filings with the Securities and Exchange Commission. Such 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, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown 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 Brown & Brown hereafter becomes aware.
Cory T. Walker
Chief Financial Officer
(386) 239-7250