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
      

Brown & Brown, Inc. (NYSE: BRO - News) has been faring well lately, while other financial companies continue to struggle. The Zacks #1 Rank (strong buy) company boasts strong fundamentals as it expands through acquisitions.

Company Description

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.

The company services business, public entity, individual, trade and professional association clients nationwide.

BRO is ranked by Business Insurance magazine as the seventh largest independent insurance intermediary in the United States.

Competitive Income for Shareholders

The company recently declared a regular quarterly cash dividend of 75 cents per share. The dividend is payable on February 18 to shareholders of record on February 4. BRO’s dividend represents a 7% increase that occurred in October.

Brown & Brown’s dividend yield of 1.5% is better than the industry average of 0.8%.

Recent Acquisition

The company recently announced its acquisition of the small business insurance unit of Conner Strong Companies, Inc.

Several Asset Acquisitions

Brown & Brown recently acquired assets from Preferred Insurance Services, Baker, Thomsen Associates Insurance Services and Gallagher Associates to name a few.

Strong Fundamentals

The company carries little debt and offers a return on equity (ROE) of 14%, compared to the industry average of 12%. BRO’s net profit margin of 14% tops the industry average of 10%. The company’s earnings per share expected to grow about 15% over the next 3 - 5 years, versus the industry average of 12%.

Brown & Brown is scheduled to release results for the fourth quarter on February 6.

DAYTONA BEACH, FL and TAMPA, FL–(MARKET WIRE)–Dec 31, 2008 — Thomas E. Riley, Regional President of Brown & Brown, Inc. (NYSE:BRO - News), and John J. “Jack” Gallagher, Jr. and John F. “Jack” Corbett of Gallagher Associates, Inc., of Blackwood, New Jersey, announce the asset acquisition of Gallagher Associates, Inc. by a subsidiary of Brown & Brown, Inc.Gallagher Associates, with annualized revenues of approximately $2.0 million, focuses on property & casualty for individuals and businesses in the southern New Jersey, Pennsylvania and Delaware regions. The Gallagher Associates staff will continue to operate from their existing location in Blackwood, New Jersey as a freestanding Brown & Brown profit center.

Mr. Riley commented, “Jack Gallagher, Jack Corbett and their staff are a fantastic addition to our northeastern presence. This combination of insurance professionals will enable us to enhance our operations and provide new resources and service capabilities for our clients in the Northeastern region of the United States.”

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