DAYTONA BEACH, FL and TAMPA, FL, Apr 21, 2006 (MARKET WIRE via COMTEX News Network) -- J. Powell Brown, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and D. Eugene "Gene" Roberts, President of NuQuest Resources, Inc. and Bridge Pointe, Inc., both located in Longwood, Florida, announce the asset acquisition of NuQuest Resources, Inc. and Bridge Pointe, Inc. by Brown & Brown, Inc.
NuQuest Resources, Inc. and Bridge Pointe, Inc., with combined annualized revenues of approximately $5.6 million, are preeminent providers of Medicare Secondary Payer statute compliance-related services. This includes Medicare set-aside services, Medicare cost allocation projections, claims resolution services, custodial account administration and consulting services, primarily in the area of worker's compensation claims. The two businesses will operate as a free-standing Brown & Brown profit center, under the management of Patricia "Patty" Meifert. She and her staff will continue to serve clients from their existing location.
Powell Brown, who is responsible for the operations within Brown & Brown's Services Division, noted, "The NuQuest and Bridge Pointe operations represent our initial entry into a very specialized niche in the realm of workers compensation insurance-related services, while complementing our existing claims service business. We are very pleased to have Patty and her team of professionals join our family of specialty organizations."
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 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.