DAYTONA BEACH and TAMPA, Fla., Nov. 14 /PRNewswire-FirstCall/ -- Jim W. Henderson, President and Chief Operating Officer of Brown & Brown, Inc. (NYSE: BRO), today announced the formation of a new reporting region within the Company. Brown & Brown Public Entity Services(SM) will focus on providing insurance-related products and services to governmental and quasi-governmental entities nationwide. Already recognized as a leader in understanding and serving public entities' insurance needs, the formation of this specialized region will allow Brown & Brown to provide additional assets for one of its fastest-growing market segments.
K. Shane Caldwell, President of Brown & Brown's Public Risk Underwriters(SM) subsidiary, will assume the position of President of Brown & Brown Public Entity Services(SM). Mr. Caldwell, along with Brown & Brown Regional Executive Vice President J. Powell Brown, will be responsible for the operations of the new region.
Mr. Caldwell noted, "State and local governmental entities nationwide account for 20% of all insurance spending in the United States and are pro- active clients of insurance products and services. The formation of Brown & Brown Public Entity Services further enhances Brown & Brown's ability to access and serve this important sector." The Company plans to grow both internally by bringing new creative products to market as well as through the strategic acquisition of agencies that specialize in public entity business.
"The formation of a region to specifically focus on the insurance needs of the public sector, combined with our commitment of the leadership and resources necessary to make it an industry leader, is a result of our recognition of the importance to fully meet the insurance needs of public entities across our country," commented J. Hyatt Brown, the Company's Chairman and Chief Executive Officer.
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 http://www.bbinsurance.com .
This press release may contain certain statements relating to future results which are forward-looking statements, including those relating to continuing our revenue, earnings and operating growth, as well as identifying and consummating attractive acquisition opportunities. 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, financial condition and achievements may differ, possibly materially, from the anticipated results, financial condition and achievements contemplated by 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: 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; the potential occurrence of a disaster that affects certain areas of the States of Arizona, California, Florida, Georgia, New Jersey, New York, Pennsylvania and/or Washington, where significant portions of the Company's business are concentrated; the actual costs of resolution of contingent liabilities; those factors relevant to Brown & Brown's consummation and integration of announced acquisitions, including any matters analyzed in the due diligence process, material adverse changes in the customers of the companies whose operations are acquired, and material adverse changes in the business and financial condition of either or both companies and their respective customers; and the cost and impact on the Company of previously disclosed litigation initiated against the Company and regulatory inquiries regarding industry and Company practices with respect to compensation received from insurance carriers. 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.
SOURCE Brown & Brown, Inc.
-0- 11/14/2005
/CONTACT: Jim W. Henderson, President & Chief Operating Officer, Brown &
Brown, +1-386-239-5789/
/Web site: http://www.bbinsurance.com /
(BRO)
CO: Brown & Brown, Inc.; Brown & Brown Public Entity Services
ST: Florida
IN: INS
SU: PDT PER
AC-DS
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4217 11/14/2005 15:28 EST http://www.prnewswire.com