Brown & Brown Reports Earnings Record

October 18, 2004

Florida-based Brown & Brown Inc. announced record quarterly earnings for the third quarter of 2004 of $30,086,000 compared with $26,051,000 in the third quarter of 2003, an increase of 15.5%. Net income per share rose to $0.43 per share, compared with $0.38 per share in the third quarter of last year. Total revenue for the quarter ended Sept. 30, 2004 was up 20.1% to $160,381,000, compared with the revenue of $133,545,000 for the same quarter in 2003.

Total revenue for the nine months ended Sept. 30, 2004 was $483,888,000, compared with revenue for the same period in 2003 of $416,139,000, up 16.3%. Net income for the nine months ended Sept. 30, 2004 was $98,587,000, or $1.42 per share, compared with the $84,521,000, or $1.23 per share, posted during the same period last year. This represents an increase of 15.4% in per share earnings.

J. Hyatt Brown, chairman and CEO, commenting on the quarter noted, “This was a very unique quarter, with four major hurricanes hitting our home state in a six-week period, all within the quarter. The manner in which our team responded to the needs of our clients and neighbors was remarkable. We are very proud of the dedication and commitment that our employees demonstrated during this chaotic time.”

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