2012-12-07 22:37:23 -
DAYTONA BEACH, FL and TAMPA, FL -- (Marketwire) -- 12/07/12 -- C. Roy Bridges, Regional President of Brown & Brown, Inc. (NYSE: BRO), together with Brian A. Edgren, Richard G. Hecker, Todd M. Lemmon, Gerald C. Mayer, and Jeffrey J. Ogard, the principals of Edgren Hecker & Lemmon Insurance, Inc. ("EHL"), today announced that Brown & Brown of Washington, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of EHL.
With origins dating to the 1930s, EHL is a full-service retail insurance agency serving clients throughout Washington and other states. The company has annual revenues of approximately $3.0 million. Following the transaction, the existing leadership and service team will remain intact and will continue to serve EHL's valued clients out of its Poulsbo and Port Angeles, Washington offices under the leadership of Richard G. Hecker.
Mr. Bridges, who is responsible for Brown & Brown of Washington's retail operations in the State of Washington, stated, "Edgren Hecker & Lemmon's roots on the Kitsap and Olympic Peninsulas, combined with its holistic approach to evaluating and addressing its clients' insurance and risk management needs, has enabled the company to foster many long-term client relationships within those communities. We believe this transaction presents a promising opportunity for our growing operations in the Pacific Northwest."
"We are very excited about joining the Brown & Brown team," said Mr. Hecker. "This strategic move enables us to enhance our value proposition for our existing clients as well as new clients. The experience and resources of the Brown & Brown organization, paired with our expertise and passion for providing our clients with first-class products and services, make this partnership a win for everyone." Mr. Hecker added, "We are extremely optimistic about the opportunity for our existing team members and our ability to attract new talent going forward."
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 : ctt.marketwire.com/?release=963446&id=2368531&type=1& ..
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