Brown & Brown, Inc. Settles Lawsuit Against Former Employees and AssuredPartners
March 02 2017 - 6:45AM
Brown & Brown, Inc. (NYSE:BRO), today announced the settlement
of its lawsuit against certain former employees of Brown &
Brown, their employer, AssuredPartners, Inc. and certain key
executives of AssuredPartners. The settlement includes a
payment of $20,000,000 by AssuredPartners to Brown & Brown and
protection for current Brown & Brown teammates from continued
solicitation for employment by AssuredPartners.
Powell Brown, CEO of Brown & Brown, stated, “We
are satisfied with the settlement in this second litigated case
with AssuredPartners, and we believe this matter was resolved
appropriately within the judicial process.”
Robert Lloyd, General Counsel of Brown & Brown,
stated, “We are pleased that this settlement will wholly compensate
us for the repeated violations by the defendants and we are
gratified with this result for Brown & Brown, our teammates,
clients and shareholders. Our goal is always to handle
matters involving our business in a professional, collaborative
spirit; however, we will not hesitate to protect our company
through legal action when the situation demands it.”
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.
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.
Robert W. Lloyd
General Counsel
(386) 239-5752
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