DAYTONA BEACH, FL and TAMPA, FL, May 10, 2012 (MARKETWIRE via COMTEX) --J. Scott Penny, Regional President & Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and Howard A. Savitt, the sole shareholder of Richard W. Endlar Insurance Agency, Inc., located in Dedham, Massachusetts, today announced that Brown & Brown of Massachusetts, LLC, a subsidiary of Brown & Brown, Inc., has acquired certain assets of Richard W. Endlar Insurance Agency, Inc.
Founded in 1975, Richard W. Endlar Insurance Agency specializes in providing property and casualty insurance products to condominium associations and other habitation-related clients in Massachusetts and throughout New England. The company also offers a broad spectrum of other property and casualty insurance products to its clients in other sectors. The company has combined annual revenues of approximately $4.6 million. Following the transaction, Richard W. Endlar Insurance Agency will continue to operate from its current location in Dedham, Massachusetts, under the leadership of Howard Savitt.
Mr. Penny, who is responsible for Brown & Brown of Massachusetts's retail operations, stated, "Richard W. Endlar Insurance Agency is one of the premier insurance agencies in the New England area. Howard and his team have significant experience and expertise providing property and casualty coverage to condominium associations and other related clients. They will be an outstanding addition to the Brown & Brown team."
Mr. Savitt, who will remain in charge of the operations of the Richard W. Endlar Insurance Agency division of Brown & Brown of Massachusetts, said "I am delighted to join the outstanding national team at Brown & Brown which will afford Endlar Agency clientele with enhanced opportunities and resources for their insurance and risk management requirements."
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, Brown & Brown is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. Brown & Brown'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 Brown & Brown's current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown's control. It is possible that Brown & Brown'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 Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown's financial results and condition, as well as its other achievements, is contained in Brown & Brown'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, and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown 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 Brown & Brown hereafter becomes aware.
Cory T. Walker Chief Financial Officer (386) 239-7250
SOURCE: Brown & Brown, Inc.