DAYTONA BEACH, FL and TAMPA, FL, Sep 01, 2010 (MARKETWIRE via COMTEX) --
Sam R. Boone, Jr., Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Michael K. Crowe, Kenneth J. Paradis and Brett A. Albren, principals of Crowe Paradis Holding Company, LLC ("Crowe Paradis"), today announced the acquisition of substantially all the assets of Crowe Paradis and two related entities by a subsidiary of Brown & Brown, Inc.
Founded in 2002, Crowe Paradis, with annual revenues of approximately $23 million, is a national provider of Social Security and Medicare advocacy services, and second injury fund recovery services. Crowe Paradis brings to bear its industry experience and expertise, including its proprietary predictive data tool, Disability Logic!(R), to assist its clients at each level of the SSDI filing and appeals process.
Michael Crowe, Brett Albren and their staff will join Brown & Brown and continue to operate from their existing locations, headquartered in Wakefield, Massachusetts.
Crowe Paradis Services Corporation, a Medicare Secondary Payer statute compliance services firm, is not part of this transaction and will continue to operate under the leadership of Kenneth Paradis.
Mr. Boone, who is responsible for Brown & Brown's Services Division, commented, "Crowe Paradis represents a 'best-in-class' operation in the rapidly-growing Social Security and Medicare advocacy business. Michael and Brett have built an organization that shares Brown & Brown's core values of integrity, accountability and entrepreneurship. We are delighted to have them and their team join us." According to Mr. Crowe, "Brown & Brown and Crowe Paradis share a common strategic vision that benefit advocacy services will become an increasing focus for organizations that care about attracting and retaining great employees. The world's best-run organizations all understand that they have a vested interest in helping their employees preserve their personal financial health following a life-changing event, such as a sickness, disability or retirement."
Brown & Brown, Inc. and its subsidiaries offer a broad range of insurance services and Medicare set-aside services and programs. Providing service to business, public entity, individual, and trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the seventh largest independent insurance intermediary in the United States. 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.