DAYTONA BEACH and TAMPA, Fla., Oct 14, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- J. Scott Penny, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and William P. "Mike" Weible and William "Bill" Cahill, principals of Weible & Cahill, LLC, of Lisle, Illinois, today announced the asset acquisition of Weible & Cahill, LLC by Brown & Brown, Inc.
Weible & Cahill, with annualized revenues of approximately $7.5 million, is a general retail insurance agency serving clients throughout "Chicagoland" and the upper mid-west region with business, personal and employee benefits insurance. In addition the agency offers expertise in the areas of construction insurance and surety bonding. Mike Weible and Bill Cahill and their staff will operate a new stand-alone Brown & Brown office from their current location.
Mr. Penny, who is responsible for Brown & Brown's operations in the Midwestern United States, said, "We are pleased that Mike and Bill have elected to join our team. Their addition enhances our strength and expertise to our operations in the Midwest and further expands our acknowledged experience within the construction industry."
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.
Cory T. Walker, Chief Financial Officer, Brown & Brown, +1-386-239-7250
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