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Brown & Brown, Inc.: Brown & Brown, Inc. Enters Into Agreement to Acquire the Assets of Irving Weber Associates, Inc.

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^{Published in Business and Finance on Tuesday, May 12th 2009 at 13:26 GMT, Last Modified on 2009-05-12 13:27:19 by Market Wire}  

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - May 12, 2009) - Ken Masters, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: [ BRO ]), and Adam Weber, President of Irving Weber Associates, Inc., today announced that two Brown & Brown subsidiaries and Irving Weber have entered into an agreement for the subsidiaries of Brown & Brown to acquire substantially all of the assets of Irving Weber. Finalization of the transaction is subject to the satisfaction of certain customary conditions. The deal is expected to close in late May of this year.

With annualized revenues of approximately $4.0 million, Irving Weber specializes in insurance programs, primarily for the "fabricare" industry -- comprised of drycleaners, linen supply, uniform rental and commercial laundry operations. Irving Weber also offers programs for other industries and has retail insurance agency operations. After the closing, Adam Weber and his staff will continue to operate in the Long Island location in Ronkonkoma, New York, and will continue to operate under the "Irving Weber Associates" name.

Ken Masters, the Regional Executive Vice President responsible for certain of Brown & Brown's program operations, said: "Irving Weber is a recognized leader in providing tailored insurance products and services for clients in the 'fabricare,' grocery, business products, restaurant and other industries. We are pleased that Adam and the other talented members of the Irving Weber team will be joining Brown & Brown to help us grow our program operations."

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. 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 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.