Brown & Brown, Inc. Announces the Asset Acquisition of Powers & Company
* Reuters is not responsible for the content in this press release.
DAYTONA BEACH, FL and TAMPA, FL, Mar 31 (MARKET WIRE)
--
Michael Paschke, Regional Executive Vice President of Brown & Brown, Inc.
(NYSE:
BRO), and Richard R. Powers, President of Powers & Effler Insurance Brokers,
Inc., d/b/a Powers & Company Insurance Agents and Brokers, of Rocklin,
California (Powers & Company), today announced the asset acquisition of
Powers & Company by a subsidiary of Brown & Brown, Inc.
Powers & Company is an insurance agency serving clients in the States of
California, Nevada and Arizona, with annualized revenues of approximately $11.2
million. Richard R. "Rich" Powers and his staff will continue to operate
out of their existing office as a new stand-alone Brown & Brown profit center.
Mr. Paschke stated, "We are pleased to welcome Rich and his staff to our
growing presence in California. This represents Brown & Brown's first retail
operation in the greater Sacramento area. However, Rich's team will provide
us with expanded resources and service capabilities for our clients throughout
California and the West."
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, managed health care, and Medicare set-aside services and
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
and worldwide. 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 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.
Contact:
Cory T. Walker
Chief Financial Officer
(386) 239-7250
Copyright 2008, Market Wire, All rights reserved.
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