Brown & Brown, Inc. Announces the Asset Acquisition of John D. Moten, Inc. D/B/A Moten Associates
DAYTONA BEACH, FL and TAMPA, FL -- (Marketwire) -- 04/12/12 -- J. Scott Penny, Regional President & Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and James "Jim" D. Toennies and Janet A. Toennies, the shareholders of John D. Moten, Inc. d/b/a Moten Associates, located in Norristown, Pennsylvania, today announced that Brown & Brown of Pennsylvania, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of John D. Moten, Inc. d/b/a Moten Associates.
With origins dating back to 1970, Moten Associates offers surety bonds, as well as a wide variety of property & casualty insurance products, to clients throughout the Delaware Valley and the eastern United States. The company has combined annual revenues of approximately $1.1 million. Jim and Janet Toennies and their staff will join Brown & Brown (BRO) of Pennsylvania offices in Plymouth Meeting, Pennsylvania, under the leadership of Robert D. "Rob" Heller.
Mr. Penny, who is responsible for Brown & Brown of Pennsylvania's retail operations, stated, "Moten Associates has long-standing roots in the Delaware Valley region. The addition of Jim, Janet, and their team brings added depth and quality to the insurance products and services we can offer our existing and new clients."
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.