( Houston, TX ) Oct. 6/PR Newswire-First Call – Michael A. Garguilo , President & Chief Operating Officer of Brown & Brown of Texas, Inc. (BBTX) and Susan Fontaine, President of Technical Risks, Inc. (TRI), both subsidiaries of Brown & Brown, Inc. (NYSE: BRO), today announced that Technical Risks, Inc. will join and combine its offices with Brown & Brown of Texas at its current location under the leadership of Mr. Garguilo. These changes are expected to take place by November 18, 2005.
Technical Risks, Inc. will become a subsidiary of Brown & Brown of Texas, Inc. and Ms. Fontaine; the current Profit Center Manager of Technical Risks will join BBTX as an Executive Vice President in its Sales Department. Gary W. Schrock, former Sales Manager and Producer at TRI, will join BBTX as a Senior Vice President and assume the role of Sales Manager for the combined offices. David Mallia, Michael Martinez, and Niko Allen will each join BBTX as Sales Executives.
The combined operations will give Brown & Brown of Texas, Inc. more than $7 million in total annual revenue and a sales force of 16 producers.
Commenting on the move Mr. Garguilo said, “I am extremely excited about the added dimension the Technical Risks folks will add to our team. They bring extensive experience and business in the energy and healthcare fields. Their producers are proven and successful insurance professionals with impressive track records. Clearly, our strengths compliment each other. This combination can only make both teams stronger and together; we are now a significant force in Houston and in Texas.”
Brown & Brown of Texas ’ website address is http://www.bbtexas.com .
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, and managed health care programs. Providing service to 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 http://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 Company's 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, 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 any announced acquisitions or consolidations, 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.
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