DES MOINES, Iowa and TAMPA, Fla., Nov 25, 2003 /PRNewswire-FirstCall via Comtex/ -- NCMIC Group, Inc. and Brown & Brown, Inc. (NYSE: BRO) today announced that NCMIC Insurance Company will become the new carrier for the Lawyer's Protector Plan(R) (LPP)(R) insurance program, effective as soon as new filings can be approved by the appropriate state insurance departments on or after January 1, 2004.
The LPP is a professional liability insurance program offered by Brown & Brown, Inc., a publicly held insurance brokerage company traded on the NYSE under the symbol "BRO." Brown & Brown is the 6th largest insurance broker in the United States, as ranked by "Business Insurance" magazine. The LPP began operations in 1983 and has since become one of the largest providers of professional liability insurance to small to medium-sized law firms in the U.S., covering nearly 10,000 law firms in 46 states, the District of Columbia and Puerto Rico.
NCMIC Insurance Company has been providing professional liability insurance since 1946 and consistently earns an "A" (Excellent) rating for financial stability from A.M. Best Company. NCMIC has been a major reinsurer for the LPP(R) since January 2001 and has also been the carrier on Brown & Brown's Optometric Protector Plan(R) program for three years.
"We are very excited about our new partnership with NCMIC. The company has been a loyal supporter of the LPP and will help us remain true to our mission of being a stable provider of professional liability insurance coverage to law firms with nineteen or fewer attorneys," said Stephen van Wert, Executive Vice President of Brown & Brown, responsible for the Company's Professional Programs in Tampa, Florida.
"Becoming the carrier for the LPP is a natural evolution for NCMIC, as the company has worked with the LPP as a reinsurer and has extensive experience as a carrier specializing in professional liability insurance. Taking this step enables us to further increase our presence in the professional liability market," said Pat McNerney, President of NCMIC Insurance Company. "The LPP has top-notch lawyers heading the program's management and claims teams, enabling us to provide the highest level of service to smaller law firms," added McNerney.
NCMIC Insurance Company is a part of NCMIC Group, www.ncmicgroup.com, a diversified insurance and financial services entity. Through growth and diversification, NCMIC now offers a wide range of insurance and financial products to the legal and health care professions.
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 Brown & Brown's 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, are contained in Brown & Brown'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 Brown & Brown's operations with those of businesses or assets Brown & Brown has acquired or may acquire in the future and the failure to realize the expected benefits of such integration; and the potential occurrence of a disaster that affects certain areas of the States of Arizona, California, Florida and/or New York, where significant portions of Brown & Brown's business are concentrated. 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.
Danielle Hardiman of Lawyer's Protector Plan(R), +1-800-336-5529, ext. 4207
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