DAYTONA BEACH and TAMPA, Fla., Nov. 1 /PRNewswire-FirstCall/ -- Jim W. Henderson, President and Chief Operating Officer of Brown & Brown, Inc. (NYSE: BRO), and Timothy R. "Tim" Downey, Chairman of Timothy R. Downey Insurance, Inc., doing business as Downey Insurance, of Kokomo, Indiana, announce the asset acquisition of Timothy R. Downey Insurance, Inc. by Brown & Brown, Inc.
Downey Insurance, with annualized revenues of approximately $7.4 million, specializes in providing insurance, risk management, administrative and related services to public and quasi-public entities throughout the State of Indiana. As such, the agency represents another solid expansion of Brown & Brown's Public Entity Services division, a nationwide leader in serving the insurance and administrative needs of the public sector. Patrick A. Downey, acting as Profit Center Manager, along with Tim Downey and their staff, will continue to operate at their current location as a stand-alone operation of Brown & Brown Public Entity Services.
K. Shane Caldwell, who heads Brown & Brown's Public Entity Services, noted, "Downey Insurance represents another important addition in our strategic plan to continue our leadership in providing products and services to governmental and quasi-governmental entities throughout the United States. We are very pleased that Tim and Pat have elected to join our family of public sector specialists."
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, and managed health care programs. Providing service to 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 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 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.
SOURCE Brown & Brown, Inc.
-0- 11/01/2005
/CONTACT: Cory T. Walker, Chief Financial Officer, Brown & Brown, Inc.,
+1-386-239-7250/
/Web site: http://www.bbinsurance.com /
(BRO)
CO: Brown & Brown, Inc.; Timothy R. Downey Insurance, Inc.
ST: Florida, Indiana
IN: INS
SU: TNM
AC-MD
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3989 11/01/2005 16:15 EST http://www.prnewswire.com