DAYTONA BEACH, FL and TAMPA, FL, Jul 02, 2010 (MARKETWIRE via COMTEX) --
J. Scott Penny, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Ross W. Kraft and Andrew F. Biernat, principals of Meridian Group of New York, Inc., of Utica, New York, today announced the asset acquisition of Meridian Group of New York, Inc. by Brown & Brown of New York, Inc., a subsidiary of Brown & Brown, Inc.
Meridian Group, with annual revenues of approximately $1.3 million, provides life, health, and other employee benefits products and services to individuals, businesses, public entities, non-profit organizations, unions and associations throughout New York State. Ross Kraft, Andrew Biernat and their staff will combine their operations into Brown & Brown of New York's Rome, New York office, under the leadership of David Carello.
Mr. Penny, who is responsible for certain of Brown & Brown New York's retail operations, commented, "We are very pleased that Ross, Andrew and their team have chosen to join us. Ross and Andrew have built an impressive employee benefits practice that will enable us to expand the portfolio of products and services we can offer to our clients."
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. 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 these acquisitions. 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, 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 acquisitions, 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.
Contact: Cory T. Walker Chief Financial Officer (386) 239-7250
SOURCE: Brown & Brown, Inc.