DAYTONA BEACH, FL and TAMPA, FL, Dec 28, 2010 (MARKETWIRE via COMTEX) --
Thomas E. Riley, Regional President of Brown & Brown, Inc. (NYSE: BRO), and Anthony L. Johnson, President of Comcover Insurance Group, Inc., based in Dania, Florida, today announced that Brown & Brown of Florida, Inc., a subsidiary of Brown & Brown, Inc., and Comcover Insurance Group, Inc. have entered into an agreement for Brown & Brown of Florida to acquire substantially all of Comcover's assets. Finalization of the transaction is subject to the satisfaction of certain customary conditions. The transaction is expected to close in early January 2011.
With annualized revenues of approximately $1.6 million, Comcover has provided property and casualty and risk management products and services to business owners since 2003. The firm specializes in products and services tailored to clients in the wholesale, distribution, manufacturing, lumber and building materials, transportation, and commercial property ownership and development industries, among other industries. After the closing, Anthony Johnson and his staff will join Brown & Brown of Florida's existing Fort Lauderdale and Miami Lakes, Florida profit centers, under the leadership of Michael Keeby and Colin Lowe, respectively.
Tom Riley, Regional President responsible for certain of Brown & Brown of Florida's retail operations in south Florida, said: "Comcover is a recognized leader in meeting the unique insurance and risk management needs of clients in a wide spectrum of industries. We are proud that Anthony and the other talented members of the Comcover team will be joining Brown & Brown."
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, 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.