The Combined Group of Companies, with aggregate annualized revenues of approximately $12.6 million, have been serving the people and businesses of Texas for 18 years. The Combined Group companies primarily operate as managing general agencies which market, underwrite and administer risks for insurance underwriting companies. Their primary focus is in the areas of Texas Nonsubscriber (Workers Compensation "Opt-Out" insurance) and small account standard lines and excess and surplus property, liability and package lines of business primarily utilizing its proprietary web-based QuoteExpress system. Blake Stock, Michael Hardin, Edmund Dabrowski and Lynn Berg, along with their staff of insurance professionals will continue to operate the various agencies from the existing location in Carrolton, Texas as freestanding Brown & Brown operations.
Mr. Brown noted that "The Combined Group is a welcome addition to our growing presence in Texas. We are very pleased to have Blake, Michael, Edmund and Lynn join our team. They strengthen our already highly-regarded expertise and scope of operations serving the insurance needs of agents throughout the Lone Star State and beyond."
Brown & Brown, Inc. and its subsidiaries offer a broad range of insurance and reinsurance products and services, as well as risk management, third party administration, managed health care, and Medicare set-aside services and programs. Providing service to business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the sixth largest independent insurance intermediary in the United States, as well as in the world. 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. 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 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 included in this press release are made only as of the date of this press 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 thereafter becomes aware.
Cory T. Walker Chief Financial Officer (386) 239-7250
SOURCE: Brown & Brown, Inc.