DAYTONA BEACH, FL and TAMPA, FL, Oct 25, 2010 (MARKETWIRE via COMTEX) --
Thomas E. Riley, Regional President and Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and Daniel C. McCormick, principal of Greystone Benefits, Inc. of Berwyn, Pennsylvania, today announced the acquisition of certain assets of Greystone Benefits, Inc., in particular, the book of business serviced by Mr. McCormick, by Brown & Brown of Pennsylvania, Inc., a subsidiary of Brown & Brown, Inc.
The acquired book of business, with annual revenues of approximately $1.2 million, consists primarily of employee benefits products and services offered throughout eastern Pennsylvania and the greater Philadelphia area. Mr. McCormick and his team will relocate to Brown & Brown's existing operation in Plymouth Meeting, Pennsylvania, under the leadership of Rob Heller. Greystone Benefits will continue doing business under the direction of Joseph Vogt.
Mr. Riley, who is responsible for certain retail operations of Brown & Brown in Pennsylvania, commented, "We are impressed with the quality of Dan McCormick's operation, and we are excited about the opportunities presented by this new addition to our 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, 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.
Cory T. Walker Chief Financial Officer (386) 239-7250
SOURCE: Brown & Brown, Inc.