DAYTONA BEACH, Fla. and TAMPA, Fla., July 9 /PRNewswire/ -- Brown & Brown, Inc. (NYSE: BRO) today announced that it has purchased the business of the Meadowbrook Villari Agency, of Deerfield Beach, Florida, from the Meadowbrook Insurance Group, Inc. The transaction is effective July 1, 2001.
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The Meadowbrook Villari Agency, under the direction of David J. Villari, produces approximately $3.4 million in annualized revenues. David Villari, commenting on he and his staff joining Brown & Brown, said, "We are very excited and pleased to be a part of the Brown & Brown team and for the opportunities this presents to provide our customers an even broader array of services."
Tom Riley, Brown & Brown Regional Executive Vice President responsible for Southeast Florida and Northeastern U.S. operations, noted that, "Having David and his fine staff become part of our broad South Florida presence adds another level of strategic insurance knowledge to our increasingly strong team."
Brown & Brown, Inc. provides a broad range of insurance products and services, as well as risk management, employee benefit administration, and managed health care services through offices located across the United States. The company is ranked by Business Insurance magazine as the nation's ninth largest independent insurance intermediary organization. Our Web address is www.bbinsurance.com.
This press release may contain certain statements relating to future results which are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors such as general economic conditions around the country, fluctuations in equity and fixed income markets, downward commercial property and casualty premium pressures, the competitive environment, the potential occurrence of a major natural disaster in certain areas of the States of Arizona, Florida and/or New York, 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 integration of acquisitions, including any material adverse changes in the customers of the companies whose operations have been acquired and/or any material adverse changes in the business and financial conditions of Brown & Brown or acquired companies and their respective customers. 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. 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.
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SOURCE Brown & Brown, Inc.
Web site: http: //www.bbinsurance.com
CONTACT: Cory T. Walker, Chief Financial Officer of Brown & Brown, 386-239-7250
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888-776-6555 or 212-782-2840
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