Brown & Brown Acquires Employee Benefits Firm

Wed. August 13, 2008; Posted: 02:02 PM

DAYTONA BEACH, Fla., Aug 13, 2008 (A. M. Best via COMTEX) -- BRO | Quote | Chart | News | PowerRating -- Brown & Brown Inc. has acquired Reed Brothers Insurance Group Inc., a broker based both in Kentucky and Brown's home state of Florida.

Terms of the transaction were not disclosed.

Reed, with annual revenues of approximately $2.1 million, specializes in providing property/casualty and group employee benefits insurance products and services to clients in the recreational vehicle and power sport dealership and manufactured housing industries throughout the United States, Brown & Brown said in a statement. It also provides life, long-term care and Medicare supplemental insurance coverage.

Reed will operate from its existing Columbia, Ky., and Tampa, Fla., offices as a free-standing profit center under the Reed Brothers Insurance name.

Brown & Brown, based in Tampa and Daytona Beach, Fla., has acquired three other employee benefit firms this month and another in July (BestWire, Aug. 11, 2008).

Brown & Brown (NYSE: BRO | Quote | Chart | News | PowerRating) is the 13th-largest broker based on broker revenue in 2007, according to the Best's Review ranking of top global insurance brokers. It offers insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care and Medicare set-aside services and programs.

Shares of Brown & Brown Inc. were selling at $18.70 in afternoon trading on Aug. 13, up 0.70% from the previous close.

(By Alyn Ackermann, senior associate editor, BestWeek: Alyn.Ackermann@ambest.com)

For full details on Brown & Brown (BRO) click here. Brown & Brown (BRO) has Short Term PowerRatings of 6. Details on Brown & Brown (BRO) Short Term PowerRatings is available at This Link.

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