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Brown & Brown, Inc.: Brown & Brown, Inc. Announces the Asset Acquisition of W. R. Reed & Co.

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^{Published in Business and Finance on Friday, April 10th 2009 at 13:32 GMT, Last Modified on 2009-04-10 13:33:30 by Market Wire}  

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - April 10, 2009) - Kenneth D. Kirk, Regional President of Brown & Brown, Inc. (NYSE: [ BRO ]), and Michael A. Fohl and Christopher L. Foster, the shareholders of W. R. Reed & Co., of Portland, Oregon, announce the asset acquisition of W. R. Reed & Co. by Fullerton & Company, Inc., a subsidiary of Brown & Brown, Inc.

W. R. Reed & Co., with annualized revenues of approximately $1.5 million, was founded by William R. Reed, Sr. in 1957. The agency has provided property & casualty, life, health and other insurance products and services to individuals and businesses in Portland, Oregon and throughout the United States for more than 50 years. Michael Fohl, Christopher Foster and their staff will combine their operations with those of Brown & Brown's existing Portland office, under the leadership of Tim Nielsen.

Mr. Kirk, who is responsible for Brown & Brown's Oregon operations, noted, "We are very excited that Mike, Chris and their excellent team of insurance professionals have chosen to join us. W. R. Reed represents our third transaction in Portland, and we look forward to new opportunities to grow our presence organically and externally in the Portland region and throughout the Beaver State."

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.