Brown & Brown, Inc. : Announces the Asset Acquisition of John D. Moten, Inc. D/B/A Moten Associates
04/12/2012| 10:27pm US/Eastern
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DAYTONA BEACH, FL and TAMPA, FL, Apr 12, 2012 (MARKETWIRE via
COMTEX) --J. Scott Penny, Regional President & Chief
Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and
James "Jim" D. Toennies and Janet A. Toennies, the
shareholders of John D. Moten, Inc. d/b/a Moten Associates,
located in Norristown, Pennsylvania, today announced that
Brown & Brown of Pennsylvania, Inc., a subsidiary of Brown &
Brown, Inc., has acquired certain assets of John D. Moten,
Inc. d/b/a Moten Associates.
With origins dating back to 1970, Moten Associates offers
surety bonds, as well as a wide variety of property &
casualty insurance products, to clients throughout the
Delaware Valley and the eastern United States. The company
has combined annual revenues of approximately $1.1 million.
Jim and Janet Toennies and their staff will join Brown &
Brown of Pennsylvania offices in Plymouth Meeting,
Pennsylvania, under the leadership of Robert D.
"Rob" Heller.
Mr. Penny, who is responsible for Brown & Brown of
Pennsylvania's retail operations, stated, "Moten
Associates has long-standing roots in the Delaware Valley
region. The addition of Jim, Janet, and their team brings
added depth and quality to the insurance products and
services we can offer our existing and new clients."
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' seventh 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. 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,
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
Chief Financial Officer
(386) 239-7250
SOURCE: Brown & Brown, Inc.
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