DAYTONA BEACH, FL and TAMPA, FL, Nov 23, 2010 (MARKETWIRE via COMTEX) --
J. Scott Penny, Regional President of Brown & Brown, Inc. (NYSE: BRO), and Rodney R. Reasen II, owner of Mavum Consulting, LLC and Mavum Risk Management, LLC, each located in Indianapolis, Indiana, today announced that Brown & Brown of Indiana, Inc., a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of Mavum Consulting, LLC and Mavum Risk Management, LLC.
With annualized revenues of approximately $1.3 million, Mavum Consulting and Mavum Risk Management provide insurance products and services to businesses and individuals throughout the greater Indianapolis metropolitan area. Mavum Consulting and Mavum Risk Management's employees will relocate to Brown & Brown of Indiana's existing Indianapolis office, under the leadership of Fred McClaine.
Rod Reasen, the founder and owner of the Mavum companies, will assist in the transition of the acquired operations to Brown & Brown.
Mr. Penny, who is responsible for Brown & Brown's retail operations throughout Indiana, commented, "Our Indianapolis office has grown significantly over the last few years, and we are honored to have Andrew Lockerbie and the other members of Mavum team join our operation and contribute to that growth and success." Mr. Reasen added, "We are excited to be able to bring the resources of Brown & Brown to our clients."
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.