DAYTONA BEACH, FL and TAMPA, FL, Apr 01, 2011 (MARKETWIRE via COMTEX) --
J. Scott Penny, Regional President and Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO) and President of Brown & Brown of Washington, Inc., and Kevin M. Werlinger and David J. Libao, principals of Compass Consulting Group, LLC, located in Seattle, Washington, today announced that Brown & Brown of Washington, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of Compass Consulting Group, LLC, in particular, the books of business serviced by Messrs. Werlinger and Libao.
The acquired books of business, with aggregate annualized revenues of approximately $1.0 million, consist primarily of employee benefits products and services offered to businesses and individuals throughout the greater Seattle metropolitan area. Kevin Werlinger, David Libao and other Compass Consulting Group employees join Brown & Brown of Washington's existing Seattle profit center.
Peter Goerlitz, who is also a principal of Compass Consulting Group, will not be joining Brown & Brown, and will continue to service his clients through Compass Consulting Group, LLC.
Mr. Penny, who is responsible for Brown & Brown's retail operations throughout Washington, commented, "Kevin Werlinger, David Libao and the other members of the Compass team have established a reputation for quality service and benefits expertise throughout the greater Seattle metropolitan area. We are honored to have them join us and contribute to the growth and success of Brown & Brown's employee benefits portfolio."
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, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. 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, is 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, and material adverse changes in the business and financial condition of the sellers, the buyeror both, 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.
Cory T. Walker Chief Financial Officer (386) 239-7250
SOURCE: Brown & Brown, Inc.