Brown & Brown, Inc. Announces the Asset Acquisition of Rowlands & Barranca Agency, Inc.
DAYTONA BEACH, FL and TAMPA, FL -- (Marketwire) -- 12/14/12 -- Charlie Lydecker, Retail Division President of Brown & Brown, Inc. (NYSE: BRO) and Nick Dereszynski, Regional Vice President of Brown & Brown, Inc., together with Bruce Rowlands and Michael Barranca, the shareholders of Rowlands & Barranca Agency, Inc. ("RBA"), today announced the acquisition of certain assets of RBA by Brown & Brown of New York, Inc., subsidiary of Brown & Brown, Inc.
Founded in 1996, RBA has annual revenues of approximately $4.0 million. RBA provides a variety of employee benefits brokerage and consulting services to its clients in New York state. Following the transaction, the acquired RBA operations will continue to operate from RBA's existing office located in Albany, New York, under the leadership of Bruce Rowlands.
Nick Dereszynski, Regional Vice President responsible for certain of Brown & Brown's (BRO) retail operations in New York state, stated, "Rowlands & Barranca Agency has built a reputation as an expert in employee benefits products and services in the New York state capital area. That skill and expertise makes this agency an excellent addition to our New York operations and establishes a foundation for Brown & Brown in the Albany metropolitan market. We are very pleased to welcome Bruce, Michael and their team to the Brown & Brown family."
Bruce Rowlands stated, "After careful and thoughtful consideration, Mike and I decided that the time was right to broaden our scope by partnering with a national insurance leader. Selecting Brown & Brown was a natural choice based on their business model that allows us to conduct business the way we always have, while simultaneously offering our clients the advantage of broader market strength."
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' sixth 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. Such 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.