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Brown & Brown, Inc. Announces the Asset Acquisition of Kane Partners
Posted February 23, 2012
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DAYTONA BEACH, FL and TAMPA, FL -- J. Scott Penny, Regional President & Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO), and Robert "Rob" F. Fitzpatrick and Fred V. Leone, the shareholders of Kane Partners, Inc., located in Mamaroneck, New York, today announced that Brown & Brown of Connecticut, Inc., a subsidiary of Brown & Brown, Inc., has acquired certain assets of Kane Partners, Inc.
Founded in 2003, Kane Partners has combined annual revenues of approximately $1.2 million. The company provides a wide range of employee benefits-related services, including brokerage and consulting services, to clients in the northeastern United States and Florida. Mr. Fitzpatrick, Mr. Leone, and their staff will join Brown & Brown of Connecticut's offices in Rocky Hill, Connecticut, under the leadership of Donald M. "Don" McGowan, Jr.
Mr. Penny, who is responsible for Brown & Brown of Connecticut's retail operations, commented, "Rob and Fred have significant, specialized experience providing employee benefits-related services to a wide variety of clients in the public and private sector. We are proud to welcome them to the Brown & Brown team."
Mr. Fitzpatrick commented, "We are very pleased to be joining the Brown & Brown team. We believe the resources that can be leveraged through this transaction will further enhance our ability to help our clients manage their health care costs in this tough economic climate." Mr. Leone added, "The experience and resources of the Brown & Brown organization, coupled with our experience and passion for providing our customers with top-notch products and services, make this partnership a win for everyone."
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.
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