Brown & Brown, Inc. Announces the Asset Acquisition of HBA Insurance Group, Inc.
Jun 10, 2008
Houston Chronicle--June 9, 2008
MarketWire News Releases
DAYTONA BEACH, FL and TAMPA, FL — (MARKET WIRE) — 06/09/08 — Thomas E. Riley, Regional President of Brown & Brown, Inc. (BRO), William E. “Bill” Beckham, President, and Ernesto T. “Tito” Freyre, Jr., Chairman of HBA Insurance Group, Inc. of Miami, Florida, today announced the asset acquisition of HBA Insurance Group, Inc. by a subsidiary of Brown & Brown, Inc.
HBA Insurance Group, with annualized revenues of approximately $18.6 million, is a premier insurance agency with operations in Miami, Ft. Lauderdale and Vero Beach, Florida. HBA Insurance Group is the product of a 1999 merger of two well-established south Florida agencies — Head Beckham Insurance Agency, which was founded in 1932, and Amerinsurance which began in Miami in 1961 but has family business origins dating back to 1910 in Cuba. Bill Beckham, Tito Freyre and their team will continue to operate from their existing locations as new, freestanding Brown & Brown profit centers under the name “HBA Insurance Group.”
Mr. Riley noted, “We are pleased to have this outstanding talented group of insurance professionals join Brown & Brown. Bill, Tito and their team of insurance professionals bring us new talents and knowledge and are a welcome addition to our growing presence in the Sunshine State.”
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 sixth largest independent insurance intermediary in the United States, as well as in the World. 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. These statements are not historical facts, but instead represent only the current belief of Brown & Brown, Inc. and its subsidiaries (collectively the “Company”) 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 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 included in this press release are made only as of the date of this press 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 thereafter becomes aware.