DAYTONA BEACH and TAMPA, Fla., Oct. 17 -- Jim W. Henderson, Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and John Burnett and David Rich, principals of C. Douglas Wilson Company, Inc., of Greenville, South Carolina, today announced Brown & Brown's asset acquisition of C. Douglas Wilson Company, Inc., Life & Health Consultants, Inc., and Burnett-Bates Agency, Inc. The transaction is effective October 1, 2002.
C. Douglas Wilson Company was founded in 1928 by members of the Wilson family and purchased by John Burnett in 1986. Specializing in providing insurance for auto dealerships, manufacturing concerns and aviation interests, the agency serves clients in the Greenville area and throughout South Carolina. Together with Life & Health Consultants and Burnett-Bates Agency, the agencies have combined revenues of approximately $2 million. John Burnett, David Rich, and their staff will be joining Brown & Brown, and will remain in their current location.
Jim Henderson, who is responsible for Brown & Brown's South Carolina operations, noted, "We are very pleased to have this team of established, highly regarded, insurance professionals join our team. These agencies represent an exceptional addition to our South Carolina operations and bring us broadened expertise in several important areas."
Brown & Brown, Inc. and its subsidiaries provide a broad range of insurance and reinsurance products and services, as well as risk management, employee benefit administration, and managed health care services through offices located across the United States. The company is ranked by Business Insurance magazine as the nation's sixth largest independent insurance intermediary organization. Our Web address is http://www.bbinsurance.com.
This press release may contain certain statements relating to future results which are forward-looking statements. These statements are not historical facts, but instead represent only the Company's 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, are contained in the Company's filings with the Securities and Exchange Commission. Some factors include: general economic conditions around the country; downward commercial property and casualty premium pressures; the competitive environment; the integration of the Company's operations with those of businesses or assets the Company has acquired or may acquire in the future and the failure to realize the expected benefits of such integration; and the potential occurrence of a disaster that affects certain areas of the States of Arizona, Florida and/or New York, where significant portions of the Company's business are concentrated. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Source: Brown & Brown, Inc.