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Brown & Brown, Inc.: Brown & Brown, Inc. Announces the Asset Acquisition of Preferred Insurance Services, L.L.C.

  //business-finance.news-articles.net/content/200 .. ition-of-preferred-insurance-services-l-l-c.html
  Published in Business and Finance on Friday, January 2nd 2009 at 11:06 GMT, Last Modified on 2009-01-02 11:07:01 by Market Wire
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DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - January 2, 2009) - Michael A. Paschke, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: [ BRO ]), and Gary F. Hapip, Craig S. King and Gary R. Honea, the members and managers of Preferred Insurance Services, L.L.C., of Phoenix, Arizona, announce the asset acquisition of Preferred Insurance Services, L.L.C. by a subsidiary of Brown & Brown, Inc.

Preferred Insurance Services, with annualized revenues of approximately $1.3 million, focuses on property & casualty and benefits insurance for individuals and businesses in Phoenix, Arizona and throughout the United States. Gary Hapip, Craig King, Gary Honea and their staff will combine their agency operations with that of Brown & Brown's existing Phoenix office, under the leadership of John Slater.

Mr. Paschke stated, "We are excited to have Preferred Insurance Services and its incredibly talented staff join our Phoenix operations. This combination will enhance our Phoenix presence and allow our operations to provide new resources and service capabilities for our clients in Arizona."

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 seventh 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, including those associated with this acquisition. These statements are not historical facts, but instead represent only the Company's current 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 and condition, as well as its other achievements, 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 made herein are made only as of the date of this 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 hereafter becomes aware.