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Brown & Brown, Inc. Announces the Asset Acquisition of Wiita
Insurance Agency, Inc., Robert Wiita Insurance Agency, Inc. and Tribal Benefits
Specialists, LLC
DAYTONA BEACH, Fla. and TAMPA, Fla., July 12 /PRNewswire-FirstCall/ -- J.
Scott Penny, Regional Executive Vice President of Brown & Brown, Inc. (NYSE:
BRO), John R. "Bob" Wiita, President of Wiita Insurance Agency, Inc. and Robert
Wiita Insurance Agency, Inc., doing business as Wiita & Stevens Insurance and
James E. Lauer, Principal of Tribal Benefits Specialists, LLC, today announced
the asset acquisition of Wiita Insurance Agency, Inc., Robert Wiita Insurance
Agency, Inc., and Tribal Benefits Specialists, LLC by Brown & Brown, Inc.
These three entities, with combined annualized revenues of approximately $2
million, specialize in providing insurance products and services to Native
American tribes and related businesses in the upper Midwest and expanding
across the United States. Considered to be among the preeminent agencies
serving this specialized clientele, the agencies operate from offices in Hurley
and Minocqua, Wisconsin, Ontonagon, Michigan (doing business there as Rogers
Agency, Inc.), and Woodbury, Minnesota. Bob Witta will be the profit center
manager for this new stand-alone Brown & Brown operation, which will continue
to operate from its current locations.
Mr. Penny, who is responsible for Brown & Brown's operations in the Midwestern
United States, said, "We are very pleased that Bob and Jim elected to join our
team. The addition of these operations adds increased strength to our already
highly regarded expertise and scope of operations serving the insurance needs
of Native Americans, quite literally from coast to coast and border to border."
Brown & Brown, Inc. and its subsidiaries offer a broad range of insurance and
reinsurance products and services, as well as risk management, employee benefit
administration, and managed health care programs. Providing service to
business, public entity, individual and trade and association clients
nationwide, the Company is ranked by Business Insurance magazine as the United
States' sixth largest independent insurance intermediary. Our Web address is
http://www.bbinsurance.com/.
This press release may contain certain statements relating to future results
which are forward-looking statements. These statements are not historical
facts, but instead represent only the Company's 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, are
contained in the Company's filings with the Securities and Exchange Commission.
Some factors include: general economic conditions around the country; downward
commercial property and casualty premium pressures; the competitive
environment; the integration of the Company's operations with those of
businesses or assets the Company has acquired or may acquire in the future and
the failure to realize the expected benefits of such integration; the potential
occurrence of a disaster that affects certain areas of the States of Arizona,
California, Florida, New Jersey, New York and/or Washington, where significant
portions of the Company's business are concentrated; the actual costs of
resolution of contingent liabilities; and 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, material
adverse changes in the business and financial condition of either or both
companies and their respective customers, and substantial delay in the expected
closing of the transaction. All forward-looking statements included in this
press release are made only as of the date of this press release, and we do not
undertake any obligation to publicly update or correct any forward-looking
statements to reflect events or circumstances that subsequently occur or of
which we hereafter become aware.
DATASOURCE: Brown & Brown, Inc.
CONTACT: Cory T. Walker, Chief Financial Officer, Brown & Brown, Inc.,
+1-386-239-7250
Web site: http://www.bbinsurance.com/