Brown & Brown, Inc. Announces the Asset Acquisition of United Benefit Services and Beverly T. Gottlieb & Associates
February 15 2011 - 6:48AM
Marketwired
J. Scott Penny, Regional President & Chief Acquisitions Officer
of Brown & Brown, Inc. (NYSE: BRO); Stephen H. "Steve" Peck,
Robert S. "Bob" Golden and M. Dennis Guappone, principals of United
Benefit Services Insurance Agency LLC, Stephen H. Peck &
Associates, Inc., M.D. Guappone Insurance Agency, Inc., G.P.
Insurance Agency, Inc., and Golden/Robbins Insurance Agency, Inc.,
collectively doing business as United Benefit Services; and Beverly
T. Gottlieb, principal of Beverly T. Gottlieb & Associates,
today announced that Brown & Brown of Massachusetts, LLC, a
subsidiary of Brown & Brown, Inc., has acquired substantially
all of the assets of the aforementioned agencies.
With combined annualized revenues of approximately $6.4 million,
United Benefit Services, founded in 2000, and Beverly T. Gottlieb
& Associates, founded in 1985, serve the individual and group
life, health, and other employee benefit planning needs of clients
in the Boston metropolitan area and throughout New England. The
employees and operations of United Benefit Services and Beverly T.
Gottlieb & Associates will remain at their current locations in
Newton and Charlestown, Massachusetts, under the leadership of
Stephen Peck.
Mr. Penny, who is responsible for Brown & Brown's retail
operations in Massachusetts, stated, "Steve, Bob, Dennis and
Beverly have built two of the premier employee benefit insurance
operations in New England. We are very excited to have United
Benefit Services and Beverly T. Gottlieb & Associates join us
as our retail insurance platform in the greater Boston area." Steve
Peck commented, "By joining forces with Brown & Brown, we will
be able to locally offer an expanded employee benefits portfolio,
as well as property and casualty insurance products and services,
to our individual and commercial clients. This transaction also
represents greater career opportunities for our employees. We look
forward to our teams' continued future success within the Brown
& Brown organization."
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, the Company is
ranked by Business Insurance magazine as the United States' seventh
largest independent insurance intermediary. 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, is 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.
Cory T. Walker Chief Financial Officer (386) 239-7250
Brown and Brown (NYSE:BRO)
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