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Brown & Brown, Inc. Announces the Asset Acquisition of Health Insurance Exchange, Inc.
DAYTONA BEACH, FL AND TAMPA, FL -- (Marketwire) -- 11/05/08 -- Michael A. Paschke,Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), andBruce A. Curry, Principal of Health Insurance Exchange, Inc. of Seattle,Washington, today announced the asset acquisition of Health InsuranceExchange, Inc. by a subsidiary of Brown & Brown, Inc.
Health Insurance Exchange, Inc., with annualized revenues of approximately$1.2 million, focuses exclusively on employee benefits insurance forindividuals and businesses in the state of Washington and throughout theUnited States. Bruce Curry and his staff will join Brown & Brown'sexisting Seattle, Washington profit center under the leadership of JeffMartins. Mr. Curry will assume the title of Senior Vice President andBenefits Manager for the Seattle profit center.
Mr. Paschke stated, "We are extremely pleased to have Bruce and his staffof insurance professionals join our ever growing presence in the Northwest.This team of talented insurance professionals will provide us with newresources and service capabilities for our employee benefits clientsthroughout the State of Washington."
Brown & Brown, Inc. and its subsidiaries offer a broad range of insuranceand reinsurance products and services, as well as risk management,third-party administration, managed health care, and Medicare set-asideservices and programs. Providing service to business, public entity,individual, trade and professional association clients nationwide, theCompany is ranked by Business Insurance magazine as the seventh largestindependent insurance intermediary in the United States. The Company's webaddress is www.bbinsurance.com.
This press release may contain certain statements relating to futureresults which are forward-looking statements. These statements are nothistorical facts, but instead represent only the current belief of Brown &Brown, Inc. and its subsidiaries (collectively the "Company") regardingfuture events, many of which, by their nature, are inherently uncertain andoutside of the Company's control. It is possible that the Company's actualresults and financial condition may differ, possibly materially, from theanticipated results and financial condition indicated in theseforward-looking statements. Further information concerning the Company andits business, including factors that potentially could materially affectthe Company's financial results, are contained in the Company's filingswith the Securities and Exchange Commission. Some factors include thosefactors relevant to Brown & Brown's consummation and integration of theannounced acquisition, including any matters analyzed in the due diligenceprocess, material adverse changes in the customers of the company whoseoperations are being acquired and material adverse changes in the businessand financial condition of either or both companies and their respectivecustomers. All forward-looking statements included in this press releaseare made only as of the date of this press release, and the Company doesnot undertake any obligation to publicly update or correct anyforward-looking statements to reflect events or circumstances thatsubsequently occur or of which the Company thereafter becomes aware.
Contact:Cory T. WalkerChief Financial Officer(386) 239-7250
Mr. Paschke stated, "We are extremely pleased to have Bruce and his staffof insurance professionals join our ever growing presence in the Northwest.This team of talented insurance professionals will provide us with newresources and service capabilities for our employee benefits clientsthroughout the State of Washington."
Brown & Brown, Inc. and its subsidiaries offer a broad range of insuranceand reinsurance products and services, as well as risk management,third-party administration, managed health care, and Medicare set-asideservices and programs. Providing service to business, public entity,individual, trade and professional association clients nationwide, theCompany is ranked by Business Insurance magazine as the seventh largestindependent insurance intermediary in the United States. The Company's webaddress is www.bbinsurance.com.
This press release may contain certain statements relating to futureresults which are forward-looking statements. These statements are nothistorical facts, but instead represent only the current belief of Brown &Brown, Inc. and its subsidiaries (collectively the "Company") regardingfuture events, many of which, by their nature, are inherently uncertain andoutside of the Company's control. It is possible that the Company's actualresults and financial condition may differ, possibly materially, from theanticipated results and financial condition indicated in theseforward-looking statements. Further information concerning the Company andits business, including factors that potentially could materially affectthe Company's financial results, are contained in the Company's filingswith the Securities and Exchange Commission. Some factors include thosefactors relevant to Brown & Brown's consummation and integration of theannounced acquisition, including any matters analyzed in the due diligenceprocess, material adverse changes in the customers of the company whoseoperations are being acquired and material adverse changes in the businessand financial condition of either or both companies and their respectivecustomers. All forward-looking statements included in this press releaseare made only as of the date of this press release, and the Company doesnot undertake any obligation to publicly update or correct anyforward-looking statements to reflect events or circumstances thatsubsequently occur or of which the Company thereafter becomes aware.
Contact:Cory T. WalkerChief Financial Officer(386) 239-7250
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