Brown & Brown, Inc. announces the acquisition of WR Reed

 

Monday, Apr 13,2009, 3:53:53 PM   Click:

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Source: Market Wire
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DAYTONA BEACH, FL and TAMPA, FL - (MARKET WIRE) - 04/10/09 - Kenneth D. Kirk, Regional President of Brown & Brown, Inc. (NYSE: BRO), and Michael A. Fohl and Christopher L. Foster, the shareholders of WR Reed & Co., Portland, Oregon, announced the acquisition of WR Reed & Co. by Fullerton & Company, Inc., a subsidiary of Brown & Brown, Inc.

WR Reed & Co., with annualized revenues of nearly $ 1.5 million, was founded by William R. Reed, Sr. in 1957. The agency has provided damage, life, health and other insurance products and services to individuals and businesses in Portland, Oregon and the United States for over 50 years. Michael Fohl, Christopher Foster and their staff combine their operations with those of Brown & Brown existing Portland office, headed by Tim Nielsen.

Mr. Kirk, who is responsible for Brown & Brown operations Oregon, noted: "We are very pleased that Mike, Chris and his excellent team of insurance professionals have chosen to join us. WR Reed is our third operation in Portland, and we look forward to new opportunities for organic growth of our presence and outside the Portland area and across the Beaver State. "

Brown & Brown, Inc. and its subsidiaries offer a broad range of insurance products and reinsurance services, as well as risk management, third party administration, health care management, Medicare and development summerfallow services and programs. Providing services to business, public entity, individual, trade and professional association of client countries, the Company is ranked by Business Insurance magazine as the seventh largest independent insurance intermediary in the United States. Society'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 the acquisition. These statements are not historical facts but represent only the firm with respect to future events belief, many of which, by their nature, are inherently uncertain and outside of the control. It is possible that actual results of the business and financial condition in May different, perhaps, of the results and financial condition indicated in these forward-looking statements. Further information concerning the Company and its business, including factors that could materially affect the financial results of the company and the state, as well as its other achievements, are contained in the Company's filings with the Securities and Exchange Commission . Some factors include the factors relevant to Brown & Brown consumption and the integration of the announced acquisition, including any matters analyzed in the due diligence process, material adverse changes in the company's clients whose operations are being acquired and material adverse changes in the business and financial condition of either or both companies and their respective clients. All forward-looking statements are made only as of the date of this press release and the Company does not undertake any obligation to publicly update or correct forward-looking statements to reflect events or circumstances occurring or the result of which the Company hereafter knowledge.

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