Brown & Brown Vice Chairman Retiring; Makes Acquisition

NU Online News Service, Jan. 6, 1:28 p.m. EST

Jim W. Henderson, Brown & Brown's vice chairman and chief operating officer, will retire later this year, the firm said, also announcing its first acquisition for 2010.

The Daytona Beach, Fla.-based insurance broker said late yesterday that Mr. Henderson will retire in August and will not seek re-election to the board of directors in April.

During his 25-year career, Mr. Henderson served in various leadership positions at Brown & Brown, including chief financial officer, profit center leader of its Daytona Beach retail operations, senior vice president, executive vice president and president.

Prior to joining Brown & Brown, he served as senior vice president and treasurer of the Ormond Reinsurance Group.

"Throughout Jim's long and distinguished career with Brown & Brown, he has consistently provided the leadership and exhibited the drive and dedication that are the hallmarks of the 'best of the best' within our company," Chairman J. Hyatt Brown said in a statement.

"As a result, his responsibilities increased commensurately with our company's growth over the past 25 years. His oversight and counsel were critical components of the success of Brown & Brown, and his contributions as a company officer and a member of our board will be missed. We wish him success in his continuing and future endeavors," he concluded.

J. Powell Brown, president and chief executive officer, called Mr. Henderson "a valued mentor, resource and example to many of our leaders in the course of their advancement through the ranks of our company. We are grateful for his contributions and the traditions of hard work and developing people that characterized his noteworthy career with Brown & Brown."

A successor was not named.

The firm said it has acquired Alamo Insurance Group Inc. of San Antonio, Texas. Financial terms were not released.

With annual revenues of approximately $4.3 million, Alamo Insurance Group provides property and casualty insurance, employee benefits insurance, personal insurance, and risk management products and services.

Brown said the Alamo Insurance Group team has expertise in a variety of industries, including school districts, governmental entities, entertainment, transportation and construction. Alamo was established in 1998.

J. Patrick "Pat" McMahan, chairman and chief executive officer, and G. Michael "Mike" Gilpin, president of Alamo Insurance, and their staff will continue to operate from their existing San Antonio and McAllen, Texas locations under the Alamo Insurance Group name.