Brown & Brown, Inc. on Friday announced the settlement of its lawsuit against former employees, Jim W. Henderson, Thomas E. Riley, Eric A. Anderson, Stanley K. Kinnett, II, Paul A. Vredenburg, and their new company, AssuredPartners, Inc. (the "Defendants").
"We are satisfied with the settlement in this litigation, and we believe this matter was resolved appropriately within the judicial system," said J. Powell Brown, President and Chief Executive Officer of Brown & Brown, Inc.
The amount of money to be paid by the Defendants pursuant to the settlement is confidential, but the parties agreed to an order to be entered by the court, which includes certain restrictions on the Defendants, the nature and scope of which are set forth in the Agreed Order (See Attached Agreed Order issued by the Court on July 20, 2011).
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care, and Medicare set-aside services and programs. Providing service to business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary.