Brown & Brown, Inc. Announces the Asset Acquisition of Corporate Benefit Consultants, LLC
DAYTONA BEACH, FL and TAMPA, FL -- (Marketwire) -- 06/14/11 -- J. Scott Penny, Regional President & Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and Sonia L. Kaminsky and Dr. Joseph A. "Joe" Fields, principals of Corporate Benefit Consultants, LLC, located in Durham, Connecticut, today announced that Brown & Brown of Connecticut, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of Corporate Benefit Consultants, LLC.
Ms. Kaminsky and Dr. Fields founded Corporate Benefit Consultants in 1997. With combined annualized revenues of approximately $3.0 million, the firm provides specialty employee benefits brokerage and consulting services for public and private sector clients in Connecticut, Florida, and throughout the northeastern United States. The firm has extensive experience in negotiating group and Taft-Hartley Act health care plans with public employee unions on behalf of public entities. Ms. Kaminsky, Dr. Fields and their staff will join Brown & Brown of Connecticut's offices in Rocky Hill, Connecticut, under the leadership of Donald M. "Don" McGowan, Jr.
Mr. Penny, who is responsible for Brown & Brown of Connecticut's retail operations, stated, "Sonia and Joe bring extensive expertise and experience in designing, negotiating and implementing employee benefit plans. They are especially adept in meeting the unique needs of school boards, municipalities, and other public entities. We believe their specialized skills, combined with our scale and insurance market relationships, will greatly benefit their existing clients as well as our existing and future clients."
Ms. Kaminsky commented, "We are truly excited to become part of the Brown & Brown family. This acquisition provides us with a wide range of new products and services to help our customers manage their health care costs in this challenging economic environment." Dr. Fields added, "The experience and depth of the Brown & Brown organization, coupled with our experience and passion for providing our customers with 'best-in-class' products and services, makes this new venture a win for everyone involved."
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