The acquired accounts, with annualized revenues of approximately $1.1 million, will be serviced out of Hull & Company's existing Gig Harbor, Washington office. Hull & Company will also be hiring several of Anchor Bay's employees responsible for producing and servicing these accounts. Mr. McGrew commented, "This is a valuable addition to our existing operations in the Northwest and we are honored to have these new employees join our forces in Portland."
Anchor Bay Insurance Managers, established in May of 2000, will continue to operate but with a more specific focus on the restaurant, bar, and tavern trade and clients with environmental exposures. "This is an exciting time for us," said Bill Tanner. "This transaction allows us to focus on bringing superior products and services to these two segments of the market and also to expanding nationally."
Hull & Company, Inc. is a wholly-owned subsidiary of Brown & Brown, Inc. (NYSE: BRO), which offers 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 sixth largest independent insurance intermediary in the United States. The Company's web address is 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 current belief of Brown & Brown, Inc. and its subsidiaries (collectively the "Company") 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 Hull & Company, Inc.'s integration of the acquired accounts, including any matters analyzed in the due diligence process, material adverse changes in the acquired accounts, and material adverse changes in the business and financial condition of either or both companies. 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.
Robert L. McGrew Chief Operating Officer (800) 678-4855
SOURCE: Brown & Brown, Inc.