DAYTONA BEACH, FL and TAMPA, FL, Sep 01, 2011 (MARKETWIRE via COMTEX) --
Brown & Brown of Central Michigan, Inc., a subsidiary of Brown & Brown, Inc. (NYSE: BRO), today announced that it has acquired substantially all of the assets of Public Employee Benefits Solutions, L.L.C., located in Saginaw, Michigan.
Founded in 2003 by Fred D. Todd and Mitchell T. Singer, Public Employee Benefits Solutions ("PEBS"), with approximately $2.3 million of annual revenues, provides employee benefits coverage and advice to municipalities, public and quasi-public agencies, and not-for-profit organizations throughout the State of Michigan. The PEBS team will continue to serve its clients from PEBS's Saginaw location, under the leadership of PEBS's current President, Angela L. Garner.
Linda S. Downs, Regional President for Brown & Brown, Inc., stated, "PEBS's singular focus has led it to build one of the most skilled teams in the industry devoted to the employee benefits needs of governmental entities. We are excited about having this dynamic group of professionals join our growing presence in the Wolverine State."
Fred D. Todd stated, "Brown & Brown's culture of honesty and integrity, along with the resources they bring as one of the largest and most respected insurance intermediaries, is an excellent fit for partnership with PEBS. We are delighted they chose our agency to be part of the B&B(SM) team. The wide range of resources available through B&B will be indispensable to our current and future clients."
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and related services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third-party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, Brown & Brown is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. Brown & Brown'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 Brown & Brown's current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown's control. It is possible that Brown & Brown'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 Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown's financial results and condition, as well as its other achievements, is contained in Brown & Brown'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, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown 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 Brown & Brown hereafter becomes aware.
Cory T. Walker Chief Financial Officer (386) 239-7250 Email Contact
SOURCE: Brown & Brown, Inc.
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