DAYTONA BEACH Fla., and TAMPA, Fla., July 3 /PRNewswire/ -- J. Hyatt Brown, Chairman, President and CEO of Brown & Brown, Inc. (NYSE: BRO), and R. Bruce Layne, President of Layne & Associates, Ltd., of Las Vegas, Nevada, today announced the acquisition, effected as a merger, of Layne & Associates, Ltd. The transaction is effective July 3, 2001.
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Layne & Associates, with annual revenues of approximately $6.4 million, is one of Nevada's leading independent insurance agencies and specializes in large commercial accounts in the contracting, gaming and hospitality industries. Bruce Layne, along with Vice Presidents Randy Capurro and Ed Carlton and their staff, will soon be combining their operations with Brown & Brown's existing Las Vegas profit center.
Ken Kirk, Brown & Brown Regional Executive Vice President responsible for Western U.S. operations, commented that, "We are quite pleased to have Bruce and his very knowledgeable team of insurance professionals join our expanding Nevada presence. Their addition brings us broadened expertise and new opportunities."
Brown & Brown, Inc. provides a broad range of insurance 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 ninth 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, as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors such as general economic conditions around the country, fluctuations in equity and fixed income markets, downward commercial property and casualty premium pressures, the competitive environment, the potential occurrence of a major natural disaster in certain areas of the States of Arizona, Florida and/or New York, where significant portions of the Company's business are concentrated, the actual costs of resolution of contingent liabilities, and those factors relevant to Brown & Brown's integration of acquisitions, including any material adverse changes in the customers of the companies whose operations have been acquired and/or any material adverse changes in the business and financial conditions of Brown & Brown or acquired companies and their respective customers. 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. 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.
Web site: http: //www.bbinsurance.com
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CONTACT: Cory T. Walker, Chief Financial Officer of Brown & Brown, Inc., 386-239-7250
CAPTION: BROLOGO BROWN & BROWN LOGO Brown & Brown, Inc. logo. (PRNewsFoto)[HD] DAYTONA BEACH AND TAMPA, FL USA 10/03/2000