NU Online News Service, July 25, 1:47 p.m.EDT

Brown & Brown says it settled a non-compete suit with itsformer vice chairman and other former executives who left the firmto form Assured Agencies earlier this year.

The five former execs include Jim W. Henderson, who was vicechairman and chief operations officer of Brown & Brown, and TomRiley, formerly regional president and chief acquisition officerfor the firm.

The other named executives include Eric A. Anderson, Stanley K.Kinnett II and Paul A. Vredenburg.

“We are satisfied with the settlement in this litigation, and webelieve this matter was resolved appropriately within the judicialsystem,” says J. Powell Brown, president and chief executiveofficer of Brown & Brown.

Under the agreement, the five executives at AssuredPartners agree to have no contact with Brown & Brown executivesconcerning any business matters for a period of 18 months. The firmis also prohibited from hiring any Brown & Brown employeesduring that same period.

For a two-year period, the firm is prohibited from doingbusiness with clients they had once done business with when theywere with Brown & Brown.

The executives also agree to return or destroy any confidentialor trade-secret information they may have taken with them when theyleft Brown & Brown.

The settlement was approved by Judge Terence R. Perkins, atDeland in Volusia Country in Florida.

During last Tuesday’s earnings call, Brown indicated that thefirm had reached an agreement in principal with the executives, butdeclined to give any additional details at the time.

Commenting on the settlement, Assured’s Henderson says, “We arevery pleased to have it settled. We are very excited about someopportunities we have lined up and the settlement does not hurt orhinder or delay what we are doing in terms of moving on with ourgame plan. We are very pleased with the outcome and looking forwardto getting it behind us.”