Steven Wevodau - Insurance Mergers & Acquisitions

DAYTONA BEACH, FL and TAMPA, FL–(MARKET WIRE)–Mar 2, 2009 — J. Scott Penny, Regional Executive Vice President of Brown & Brown, Inc. (NYSE:BRO - News), and R. John Elmer, President of One Source Insurance, Inc., of Noblesville, Indiana, today announced the asset acquisition of One Source Insurance, Inc. by Brown & Brown of Indiana, Inc., a subsidiary of Brown & Brown, Inc.One Source Insurance, with annual revenues of approximately $1.3 million, provides individual and group life, health, and other employee benefits products and services to individuals, businesses and organizations throughout Indiana. John Elmer and his staff will continue to operate from their existing Noblesville, Indiana office.

Mr. Penny, who is responsible for Brown & Brown’s Midwestern retail operations, commented, “The employee benefits arena is expanding and, as the recently passed stimulus bill shows, growing more and more complex. We are excited to have John and his team join us and further deepen our employee benefits expertise.”

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.

 

     Contact:
     Cory T. Walker
     Chief Financial Officer
     (386) 239-7250