DAYTONA BEACH, Fla., and TAMPA, Fla., Oct. 1 /PRNewswire-FirstCall/ -- Jim W. Henderson, Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Thomas A. Reiser, principal of Technical Risks, LP, of Houston, Texas, today announced the asset acquisition of Technical Risks, LP by Brown & Brown, Inc. The transaction is effective October 1, 2002.
Technical Risks, with annualized revenues of approximately $3.3 million, is a commercial property and casualty insurance agency, serving clients in the greater Houston area and throughout Texas. While specializing in mid-size to large commercial accounts, they also provide a full range of personal insurance products. Susan Fontaine, Executive Vice President of Technical Risks and Profit Center Manager, along with the existing staff, will remain at their current location and continue to operate under the Technical Risks name as a freestanding Brown & Brown operation.
Jim Henderson, who is responsible for Brown & Brown operations in Houston, noted, Technical Risks has the same client-focused attitude that is a Brown & Brown hallmark. The combining of our two organizations further enhances our service capabilities in the thriving Texas market. We are very pleased to welcome Tom, Susan and their dedicated team to our growing Texas family of insurance professionals.
Brown & Brown, Inc. and its subsidiaries provide a broad range of insurance and reinsurance products and services, as well as risk management, employee benefit administration, and managed health care services through offices located across the United States. The company is ranked by Business Insurance magazine as the nation's sixth largest independent insurance intermediary organization. Our 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: general economic conditions around the country; downward commercial property and casualty premium pressures; the competitive environment; the integration of the Company's operations with those of businesses or assets the Company has acquired or may acquire in the future and the failure to realize the expected benefits of such integration; and the potential occurrence of a disaster that affects certain areas of the States of Arizona, Florida and/or New York, where significant portions of the Company's business are concentrated. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
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SOURCE Brown & Brown, Inc.
-0- 10/01/2002
/CONTACT: Cory T. Walker, Chief Financial Officer of Brown & Brown, Inc., +1-386-239-7250/
/Web site: http://www.bbinsurance.com /