8-KOther Events

BROWN & BROWN, INC. 8-K Report (Dec 12, 2001)

Filed December 12, 2001For Securities:BRO

Summary

This Form 8-K filing from Brown & Brown, Inc. (BRO) on December 12, 2001, announces the completion of its acquisition of Raleigh, Schwarz & Powell, Inc. (RSP) through a merger that occurred on November 1, 2001. The company has elected to account for this acquisition using the pooling-of-interests method. This filing serves to publish the combined operating results for the 11-month period ended November 30, 2001, which is a requirement under pooling-of-interests accounting rules to ensure certain affiliate risk reductions are delayed until post-merger operating results are disclosed. Investors should note that these unaudited combined results are presented solely to meet accounting requirements and may not be indicative of future performance. The reported unaudited combined results for the 11 months ended November 30, 2001, show total revenues of $331,056,000 and net income of $47,577,000. While these figures provide a snapshot of the combined entity's performance during this period, they are not a substitute for complete financial statements and should be reviewed in conjunction with Brown & Brown's previously filed 10-K and 10-Q reports for a comprehensive understanding.

Key Highlights

  • 1Brown & Brown, Inc. completed the acquisition of Raleigh, Schwarz & Powell, Inc. (RSP) via merger on November 1, 2001.
  • 2The acquisition is being accounted for using the pooling-of-interests method.
  • 3This 8-K filing primarily serves to satisfy regulatory requirements for pooling-of-interests accounting by publishing combined operating results.
  • 4Combined revenues for the 11-month period ended November 30, 2001, were $331,056,000.
  • 5Combined net income for the 11-month period ended November 30, 2001, was $47,577,000.
  • 6The reported combined results are unaudited and are not necessarily indicative of future performance.
  • 7Further detailed financial information should be sought from Brown & Brown's existing Form 10-K and 10-Q filings.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce the completion of Brown & Brown's acquisition of Raleigh, Schwarz & Powell, Inc. (RSP) and to publish the combined operating results for the 11-month period ended November 30, 2001. This is a regulatory requirement when using the pooling-of-interests accounting method, which mandates disclosure of a certain period of post-merger combined operations.

Brown & Brown, Inc. is accounting for the acquisition of Raleigh, Schwarz & Powell, Inc. using the pooling-of-interests method.

For the 11-month period ended November 30, 2001, the unaudited combined results show revenues of $331,056,000 and net income of $47,577,000.

No, the filing explicitly states that these unaudited combined results are presented solely to comply with pooling-of-interests accounting requirements and are not necessarily indicative of the results expected for future periods.