SOURCE: Brown & Brown, Inc.

December 08, 2008 08:54 ET

Brown & Brown, Inc. Announces the Asset Acquisition of Stewart & Tunno Insurance Agency, Inc.

DAYTONA BEACH, FL and TAMPA, FL--(Marketwire - December 8, 2008) - Michael A. Paschke, Regional Executive Vice President of Brown & Brown, Inc. (NYSE: BRO), and Eleanor M. Procter, Ronald Manza and Colleen J. Thomas, the shareholders of Stewart & Tunno Insurance Agency, Inc. of Portland, Oregon, announce the asset acquisition of Stewart & Tunno Insurance Agency, Inc. by a subsidiary of Brown & Brown, Inc.

Stewart & Tunno Insurance Agency, Inc., with annualized revenues of approximately $1.8 million, focuses on property & casualty insurance for individuals and businesses in Portland, Oregon and throughout the United States. Eleanor Procter, Ronald J. Manza, Colleen Thomas and their staff will combine their operations with those of Brown & Brown's existing Portland office, under the leadership of Tim Nielsen.

Mr. Paschke stated, "We are extremely pleased to add Eleanor, Ronald, Colleen and their staff to our growing presence in Oregon. This team of talented insurance professionals will provide us with new resources and services capabilities for our clients in the Pacific Northwest."

Brown & Brown, Inc. and its subsidiaries offer a broad range of insurance and reinsurance products and services, as well as risk management, third party administration, managed health care, and Medicare set-aside services and programs. Providing service to business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the seventh largest independent insurance intermediary in the United States. The Company'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 the Company's current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company'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 the Company and its business, including factors that potentially could materially affect the Company's financial results and condition, as well as its other achievements, are contained in the Company'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, material adverse changes in the customers of the company whose operations are being acquired and material adverse changes in the business and financial condition of either or both companies and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and the Company 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 the Company hereafter becomes aware.