Brown & Brown Sees 51 Percent 1Q Income Increase

April 16, 2003

Florida’s Brown & Brown Inc. announced a new record for its earnings in the first quarter. Net income per share for the quarter ended March 31, 2003 was $0.44, an increase of 41.9 percent over the $0.31 in net income per share reported for the quarter ended March 31, 2002. Net income rose to $30,536,000 for the first quarter of 2003, versus net income of $20,162,000 for the quarter ended March 31, 2002, an increase of 51.5 percent.

Total revenue for the quarter ended March 31, 2003 was up 30.4 percent, to $144,736,000, compared with $111,035,000 recorded in the corresponding quarter in 2002. Our revenue increase was enhanced by an 83 percent increase in the contingent commissions earned in the first quarter of 2003 over the similar revenues earned in the corresponding quarter of 2002.

J. Hyatt Brown, chairman and CEO, commented, “We had a gangbuster quarter. Every facet of our proven operating model generated positive results; not only did we experience good internal growth, along with very effective and profitable acquisition activity, but also the strong relationships that we have forged with our insurance company partners enhanced both our revenues and earnings.”

Jim W. Henderson, president and chief operating officer added, “We completed seven very fine acquisitions during the quarter, with $23.7 million in annualized revenues. Notable among these is the premier agency, MFC&V, in Santa Barbara, Calif., The Coleman Agency in San Antonio, Texas, and Saville & Associates Inc., of Atlanta, Ga. that further enhances our role as a leader in serving the insurance needs of small to medium-sized governmental entities. We also purchased the remaining 25 percent interest in our FIU subsidiary.”

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