DAYTONA BEACH, FL and TAMPA, FL, Feb 15, 2011 (MARKETWIRE via COMTEX) --
J. Scott Penny, Regional President & Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO); Stephen H. "Steve" Peck, Robert S. "Bob" Golden and M. Dennis Guappone, principals of United Benefit Services Insurance Agency LLC, Stephen H. Peck & Associates, Inc., M.D. Guappone Insurance Agency, Inc., G.P. Insurance Agency, Inc., and Golden/Robbins Insurance Agency, Inc., collectively doing business as United Benefit Services; and Beverly T. Gottlieb, principal of Beverly T. Gottlieb & Associates, today announced that Brown & Brown of Massachusetts, LLC, a subsidiary of Brown & Brown, Inc., has acquired substantially all of the assets of the aforementioned agencies.
With combined annualized revenues of approximately $6.4 million, United Benefit Services, founded in 2000, and Beverly T. Gottlieb & Associates, founded in 1985, serve the individual and group life, health, and other employee benefit planning needs of clients in the Boston metropolitan area and throughout New England. The employees and operations of United Benefit Services and Beverly T. Gottlieb & Associates will remain at their current locations in Newton and Charlestown, Massachusetts, under the leadership of Stephen Peck.
Mr. Penny, who is responsible for Brown & Brown's retail operations in Massachusetts, stated, "Steve, Bob, Dennis and Beverly have built two of the premier employee benefit insurance operations in New England. We are very excited to have United Benefit Services and Beverly T. Gottlieb & Associates join us as our retail insurance platform in the greater Boston area." Steve Peck commented, "By joining forces with Brown & Brown, we will be able to locally offer an expanded employee benefits portfolio, as well as property and casualty insurance products and services, to our individual and commercial clients. This transaction also represents greater career opportunities for our employees. We look forward to our teams' continued future success within the Brown & Brown organization."
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.