From the Wires
Brown & Brown, Inc. Announces the Asset Acquisition of Johnson & Strachan, Inc.
By: Marketwired .
Nov. 7, 2012 09:45 PM
DAYTONA BEACH, FL and TAMPA, FL -- (Marketwire) -- 11/07/12 -- Charlie Lydecker, Retail Division President of Brown & Brown, Inc. (NYSE: BRO), together with Jeff Johnson, Bill Strachan, Charlie Venus and Rick Dygve, the shareholders of Johnson & Strachan, Inc. ("JSI"), today announced the acquisition of certain assets of JSI by a subsidiary of Brown & Brown, Inc.
Founded in 1973, JSI has annual revenues of approximately $2.7 million. JSI provides a broad spectrum of property and casualty, employee benefits and personal lines products and services to its clients in Virginia. Following the transaction, the acquired JSI operations will combine with Brown & Brown's existing office in Manassas, Virginia, under the leadership of Bill Strachan.
Charlie Lydecker, who is responsible for Brown & Brown's retail operations throughout the United States, stated, "Johnson & Strachan has a long history of serving important institutional, business and individual clients in the Northern Virginia market. We believe our existing Manassas, Virginia office will be enhanced with the skill and experience that Johnson & Strachan provides and are very pleased to welcome Bill and his team to Brown & Brown."
Bill Strachan commented, "We are very excited to join forces with an industry leader. Combining the JSI team with the local Brown & Brown office enables us to increase our service offerings for our existing clients as well as enhance our abilities to acquire new clients and obtain the best talent in the industry. We are very optimistic about the future for both our clients and the opportunities that exist for our employees."
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.
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
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