DAYTONA BEACH, Fla. and TAMPA, Fla., July 12 /PRNewswire-FirstCall/ -- J. Scott Penny, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), John R. "Bob" Wiita, President of Wiita Insurance Agency, Inc. and Robert Wiita Insurance Agency, Inc., doing business as Wiita & Stevens Insurance and James E. Lauer, Principal of Tribal Benefits Specialists, LLC, today announced the asset acquisition of Wiita Insurance Agency, Inc., Robert Wiita Insurance Agency, Inc., and Tribal Benefits Specialists, LLC by Brown & Brown, Inc.
These three entities, with combined annualized revenues of approximately $2 million, specialize in providing insurance products and services to Native American tribes and related businesses in the upper Midwest and expanding across the United States. Considered to be among the preeminent agencies serving this specialized clientele, the agencies operate from offices in Hurley and Minocqua, Wisconsin, Ontonagon, Michigan (doing business there as Rogers Agency, Inc.), and Woodbury, Minnesota. Bob Witta will be the profit center manager for this new stand-alone Brown & Brown operation, which will continue to operate from its current locations.
Mr. Penny, who is responsible for Brown & Brown's operations in the Midwestern United States, said, "We are very pleased that Bob and Jim elected to join our team. The addition of these operations adds increased strength to our already highly regarded expertise and scope of operations serving the insurance needs of Native Americans, quite literally from coast to coast and border to border."
Brown & Brown, Inc. and its subsidiaries offer a broad range of insurance and reinsurance products and services, as well as risk management, employee benefit administration, and managed health care programs. Providing service to business, public entity, individual and trade and association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' sixth largest independent insurance intermediary. Our 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: 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, New Jersey, New York and/or Washington, where significant portions of the Company's business are concentrated; 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.
SOURCE Brown & Brown, Inc.
-0- 07/12/2004
/CONTACT: Cory T. Walker, Chief Financial Officer, Brown & Brown, Inc.,
+1-386-239-7250/
/Web site: http://www.bbinsurance.com /
(BRO)
CO: Brown & Brown, Inc.; Wiita Insurance Agency, Inc.; Robert Wiita
Insurance Agency, Inc.; Tribal Benefits Specialists, LLC
ST: Florida
IN: INS
SU: TNM
DS-CH
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2308 07/12/2004 09:10 EDT http://www.prnewswire.com