<SEC-DOCUMENT>0000079282-12-000023.txt : 20120416
<SEC-HEADER>0000079282-12-000023.hdr.sgml : 20120416
<ACCEPTANCE-DATETIME>20120416170107
ACCESSION NUMBER:		0000079282-12-000023
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120416
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20120416
DATE AS OF CHANGE:		20120416

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROWN & BROWN INC
		CENTRAL INDEX KEY:			0000079282
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		IRS NUMBER:				590864469
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13619
		FILM NUMBER:		12761785

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 1348
		CITY:			TAMPA
		STATE:			FL
		ZIP:			33601
		BUSINESS PHONE:		8132224182

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1348
		CITY:			TAMPA
		STATE:			FL
		ZIP:			33601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	POE & BROWN INC
		DATE OF NAME CHANGE:	19930827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	POE & ASSOCIATES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k1.htm
<DESCRIPTION>8K
<TEXT>

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<p><font size="2" face="Times New Roman">UNITED STATES</font></p>
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<p><font size="2" face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></p>
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<p><font size="2" face="Times New Roman">Washington, D.C.&nbsp; 20549</font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman">FORM 8-K</font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman">CURRENT REPORT</font></p>
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<p><font size="2" face="Times New Roman">Pursuant to Section 13 or 15(d) of the</font></p>
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<td colspan="3" height="22" valign="top">
<p><font size="2" face="Times New Roman">Securities Exchange Act of 1934</font></p>
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<p align="center"><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p align="center"><font size="2" face="Times New Roman">Date of Report (Date of earliest event reported): April 16, 2012</font></p>
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<p align="center"><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><u><font size="2" face="Times New Roman">BROWN &amp; BROWN, INC.</font></u></p>
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<p align="center"><font size="2" face="Times New Roman">(Exact name of registrant as specified in its charter)</font></p>
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<p align="center"><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p align="center"><u><font size="2" face="Times New Roman">Florida</font></u></p>
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<p align="center"><u><font size="2" face="Times New Roman">0-7201</font></u></p>
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<p align="center"><u><font size="2" face="Times New Roman">59-0864469</font></u></p>
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<p align="center"><font size="2" face="Times New Roman">(State or other jurisdiction</font></p>
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<p align="center"><font size="2" face="Times New Roman">(Commission File Number)</font></p>
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<p align="center"><font size="2" face="Times New Roman">(IRS Employer</font></p>
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<p align="center"><font size="2" face="Times New Roman">of incorporation)</font></p>
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<p align="center"><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p align="center"><font size="2" face="Times New Roman">Identification No.)</font></p>
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<p align="center"><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><u><font size="2" face="Times New Roman">220 South Ridgewood Avenue, Florida 32114</font></u></p>
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<p align="center"><font size="2" face="Times New Roman">(Address of principal executive offices)&nbsp;&nbsp;&nbsp; (Zip Code)</font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman">Registrant's telephone number, including area code: <u>&nbsp;&nbsp;&nbsp;&nbsp;(386) 252-9601&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<p><u><font size="2" face="Times New Roman">N/A</font></u></p>
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<p align="center"><font size="2" face="Times New Roman">(Former name or former address, if changed since last report)</font></p>
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<p align="center"><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
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<p align="center"><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="2" face="Times New Roman">[&nbsp; ]&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
</td>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<td colspan="3" valign="top">
<p><font size="2" face="Times New Roman">[&nbsp; ]&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
</td>
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<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<td colspan="3" valign="top">
<p><font size="2" face="Times New Roman">[&nbsp; ]&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
</td>
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<td colspan="3" valign="top">
<p><font size="2" face="Times New Roman"><font size="2" face="Times New Roman">&nbsp;</font></font></p>
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<td colspan="3" valign="top">
<p><font size="2" face="Times New Roman">[&nbsp; ]&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
</td>
</tr>
</table>
</div>

<p align="center"><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>

<p><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
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<font size="3" face="Times New Roman"><br clear="all">
</font>

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<p><b><font size="3" face="Times New Roman">Item 2.02</font></b></p>
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<p><b><font size="3" face="Times New Roman">Results of Operations and Financial Condition.</font></b></p>
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<p><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="3" face="Times New Roman">On April 16, 2012, Brown &amp; Brown, Inc.</font><font size="3" face="Times New Roman">issued a press release announcing its results of operations for the first quarter ended March 31, 2012.&nbsp; A copy of the press release
is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.</font></p>
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<p><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="3" face="Times New Roman">The information furnished herewith pursuant to Item&nbsp;2.02 of this Current Report shall not be deemed to be filed for the purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended, or otherwise subject
to the liabilities of that section.&nbsp; The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by
specific reference in such filing</font>.</p>
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<p><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
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<p align="center"><b><font size="3" face="Times New Roman">SIGNATURES</font></b></p>
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<p align="center"><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
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<td colspan="2" valign="top">
<p><font size="3" face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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<p><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>

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<p><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="3" face="Times New Roman">BROWN &amp; BROWN, INC.</font></p>
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<p><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="3" face="Times New Roman">(Registrant)</font></p>
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<p><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="3" face="Times New Roman">By: <u>&nbsp;&nbsp;&nbsp;/S/ CORY T. WALKER</u></font></p>
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<p><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cory T. Walker, Chief Financial Officer</font></p>
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<p><font size="3" face="Times New Roman">Date: April 16, 2012</font></p>
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<p><font size="3" face="Times New Roman"><font size="3" face="Times New Roman">&nbsp;</font></font></p>
</td>
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</div>

<p><font size="1" face="Century Schoolbook"><font size="1" face="Century Schoolbook">&nbsp;</font></font></p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>earnings.htm
<DESCRIPTION>EARNINGS RELEASE
<TEXT>
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<body link="blue" vlink="purple">
<div>
<p> &nbsp; </p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
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<td valign="top">

</td>
<td valign="top">
<h2 align="left">News Release</h2>
</td>
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<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<h2 align="left">Cory Walker</h2>
</td>
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<tr>
<td valign="top">
<p>April 16, 2012</p>
</td>
<td valign="top">
<p>Chief Financial Officer</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p>(386) 239-7250</p>
</td>
</tr>
</table>
</div>

<p> &nbsp; </p>

<p> &nbsp; </p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b>BROWN &amp; BROWN, INC.&nbsp;</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b>ANNOUNCES 15.4% INCREASE IN TOTAL REVENUES</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b> <b>&nbsp;</b> </b></p>
</td>
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<tr>
<td valign="top">
<p>(<i>Daytona Beach and Tampa, Florida</i>) . . . Brown &amp; Brown, Inc. (NYSE:BRO) today announced its preliminary, unaudited financial results for the first quarter of 2012.&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Net income for the first quarter of 2012 was $49,433,000, or $0.34 per share, compared with $46,293,000, or $0.32 per share for the same quarter of 2011, an increase of 6.3%.&nbsp; Total revenues for the first quarter were $302,486,000, compared with 2011
first-quarter revenues of $262,228,000, an increase of 15.4%.&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>J. Hyatt Brown, Chairman and acting President and Chief Executive Officer of the Company, noted, "The 2012 first quarter produced results that were better than we anticipated.&nbsp; In addition to growing our earnings per share by 6.3%, we were pleased to note
that our organic growth rate for our core commissions and fees revenue was a positive 0.9%."</p>
</td>
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<p> &nbsp; </p>
</td>
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<td valign="top">
<p>Brown &amp; Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and services.&nbsp; Additionally, certain Brown &amp; Brown subsidiaries offer a variety of risk management, third party administration, and other
services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by <i>Business Insurance</i> magazine as the United States' seventh largest independent insurance intermediary. The Company's Web
address is www.bbinsurance.com.&nbsp;</p>
</td>
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<td valign="top">
<p><i> <i>&nbsp;</i> </i></p>
</td>
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<td valign="top">
<p>This press release may contain certain statements relating to future results which are forward-looking statements, including those relating to the Company's anticipated financial results for the first quarter of 2012. These statements are not historical facts, but
instead represent only the Company's current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results, financial condition and achievements may
differ, possibly materially, from the anticipated results, financial condition and achievements contemplated by these forward-looking statements. These risks and uncertainties include, but are not limited to, the Company's determination as it finalizes its financial
results for the first quarter of 2012 that its financial results differ from the current preliminary unaudited numbers set forth herein, other factors that the Company may not have currently identified or quantified, and other risks, relevant factors and
uncertainties identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, and the Company's other filings with the Securities and Exchange Commission. All forward-looking statements made herein are made only as of the date of this
release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.&nbsp;</p>
</td>
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<p><i>&nbsp;</i></p>
</td>
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<td valign="top">
<p align="center"><b><i># # #</i></b></p>
</td>
</tr>

<tr>
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<p align="center"><b><i> <b><i>&nbsp;</i></b> </i></b></p>
</td>
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<tr>
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<p align="center"><b>-2-</b></p>
</td>
</tr>
</table>
</div>

<p align="center"><b> <b>&nbsp;</b> </b></p>

<p align="center"><b> <b>&nbsp;</b> </b></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p align="center"><b>Brown &amp; Brown, Inc.</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b>CONSOLIDATED STATEMENTS OF INCOME</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(in thousands, except per share data)</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(unaudited)</p>
</td>
</tr>
</table>
</div>

<p><b> <b>&nbsp;</b> </b></p>

<p><b> <b>&nbsp;</b> </b></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="529">
<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td colspan="2" valign="top">
<p align="center"><b>For the<br />
 Three Months Ended<br />
 March 31,</b></p>
</td>
</tr>

<tr>
<td valign="top">
<h6> &nbsp; </h6>
</td>
<td valign="top">
<p align="right"><b><u>2012</u></b></p>
</td>
<td valign="top">
<p align="right"><b><u>2011</u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<h6>REVENUES</h6>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Commissions and fees</p>
</td>
<td valign="top">
<p align="right">$296,533</p>
</td>
<td valign="top">
<p align="right">$261,452</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Investment income</p>
</td>
<td valign="top">
<p align="right">135</p>
</td>
<td valign="top">
<p align="right">224</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Other income, net</p>
</td>
<td valign="top">
<p align="right">&nbsp; 5,818</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp;&nbsp;&nbsp; 552</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp; Total revenues</p>
</td>
<td valign="top">
<p align="right"><u>&nbsp; 302,486</u></p>
</td>
<td valign="top">
<p align="right"><u>&nbsp; 262,228</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<h6>EXPENSES</h6>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Employee compensation and benefits</p>
</td>
<td valign="top">
<p align="right">149,596</p>
</td>
<td valign="top">
<p align="right">126,557</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Non-cash stock-based compensation</p>
</td>
<td valign="top">
<p align="right">3,747</p>
</td>
<td valign="top">
<p align="right">2,773</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Other operating expenses</p>
</td>
<td valign="top">
<p align="right">43,400</p>
</td>
<td valign="top">
<p align="right">36,076</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Amortization</p>
</td>
<td valign="top">
<p align="right">15,613</p>
</td>
<td valign="top">
<p align="right">13,509</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Depreciation</p>
</td>
<td valign="top">
<p align="right">3,641</p>
</td>
<td valign="top">
<p align="right">3,135</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Interest</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp;&nbsp;&nbsp; 4,087</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp;&nbsp;&nbsp; 3,607</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Change in estimated acquisition earn-out&nbsp;&nbsp;&nbsp;&nbsp; payables</p>
</td>
<td valign="top">
<p align="right"><u> <u>&nbsp;</u> </u></p>

<p align="right"><u>&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; (388)</u></p>
</td>
<td valign="top">
<p align="right"><u> <u>&nbsp;</u> </u></p>

<p align="right"><u>&nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp; (99)</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp; Total expenses</p>
</td>
<td valign="top">
<p align="right"><u>&nbsp; 219,696</u></p>
</td>
<td valign="top">
<p align="right"><u>&nbsp; 185,558</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Income before income taxes</p>
</td>
<td valign="top">
<p align="right">82,790</p>
</td>
<td valign="top">
<p align="right">76,670</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Income taxes</p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp; 33,357</u></p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp; 30,377</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Net income</p>
</td>
<td valign="top">
<p align="right">$ 49,433</p>
</td>
<td valign="top">
<p align="right">$ 46,293</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right">======</p>
</td>
<td valign="top">
<p align="right">======</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Net income per share:</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Basic</p>
</td>
<td valign="top">
<p align="right">$0.34</p>
</td>
<td valign="top">
<p align="right">$0.32</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right">====</p>
</td>
<td valign="top">
<p align="right">====</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Diluted</p>
</td>
<td valign="top">
<p align="right">$0.34</p>
</td>
<td valign="top">
<p align="right">$0.32</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right">====</p>
</td>
<td valign="top">
<p align="right">====</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Weighted average number of shares outstanding:</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Basic</p>
</td>
<td valign="top">
<p align="right">139,001</p>
</td>
<td valign="top">
<p align="right">138,351</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right">======</p>
</td>
<td valign="top">
<p align="right">======</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Diluted</p>
</td>
<td valign="top">
<p align="right">141,500</p>
</td>
<td valign="top">
<p align="right">140,648</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right">======</p>
</td>
<td valign="top">
<p align="right">======</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Dividends declared per share</p>
</td>
<td valign="top">
<p align="right">$0.0850</p>
</td>
<td valign="top">
<p align="right">$0.08</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right">======</p>
</td>
<td valign="top">
<p align="right">=====</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td colspan="3" valign="top">
<p align="center">-3-</p>
</td>
</tr>
</table>
</div>

<p> &nbsp; </p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p align="center"><b>Brown &amp; Brown, Inc.</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b>INTERNAL GROWTH SCHEDULE</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b>Core Commissions and Fees<sup>(1)</sup></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b>Three Months Ended March 31, 2012</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">&nbsp; (in thousands)</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(unaudited)</p>
</td>
</tr>
</table>
</div>

<p> &nbsp; </p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="769">
<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="center"><b>Quarter<br />
 Ended<br />
 <u>03/31/12</u></b></p>
</td>
<td valign="top">
<p align="center"><b>Quarter<br />
 Ended<br />
 <u>03/31/11</u></b></p>
</td>
<td valign="top">
<p align="center"><b>Total<br />
 Net<br />
 <u>Change</u></b></p>
</td>
<td valign="top">
<p align="center"><b>Total<br />
 Net<br />
 <u>Growth %</u></b></p>
</td>
<td valign="top">
<p align="center"><b>Less<br />
 Acquisition<br />
</b> <b><u>Revenues</u></b></p>
</td>
<td valign="top">
<p align="center"><b>Internal<br />
 Net<br />
</b> <b><u>Growth $</u></b></p>
</td>
<td valign="top">
<p align="center"><b>Internal<br />
 Net<br />
</b> <b><u>Growth %</u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Retail<sup>(2)</sup></p>
</td>
<td valign="top">
<p align="right">&nbsp; $151,946</p>
</td>
<td valign="top">
<p align="right">&nbsp; $140,365</p>
</td>
<td valign="top">
<p align="right">&nbsp; $11,581</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp; 8.3%</p>
</td>
<td>
<p align="right">&nbsp; $12,544</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp;&nbsp; $(963)</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp; (0.7)%</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td>
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td>
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; National Programs</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp;&nbsp; 53,630</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp;&nbsp; 34,095</p>
</td>
<td valign="top">
<p align="right">&nbsp; 19,535</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp; 57.3%</p>
</td>
<td>
<p align="right">&nbsp;&nbsp;&nbsp; 19,324</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211</p>
</td>
<td>
<p align="right">&nbsp;&nbsp;&nbsp;&nbsp; 0.6%</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td>
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td>
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<h4>Wholesale Brokerage</h4>
</td>
<td valign="top">
<p align="right">38,382</p>
</td>
<td valign="top">
<p align="right">&nbsp; 35,871</p>
</td>
<td valign="top">
<p align="right">2,511</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp;&nbsp; 7.0%</p>
</td>
<td>
<p align="right">549</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp;&nbsp;&nbsp; 1,962</p>
</td>
<td>
<p align="right">&nbsp; 5.5%</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td>
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td>
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Services</p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp; 25,762</u></p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp; 15,823</u></p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp; 9,939</u></p>
</td>
<td valign="top">
<p align="right">&nbsp; 62.8%</p>
</td>
<td>
<p align="right"><u>&nbsp;&nbsp;&nbsp; 9,060</u></p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879</u></p>
</td>
<td>
<p align="right">&nbsp; 5.6%</p>
</td>
</tr>

<tr>
<td valign="top">
<p><b> <b>&nbsp;</b> </b></p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td>
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td>
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p><b>Total Core Commissions and Fees <sup>(1)</sup></b></p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>

<p align="right">$269,720</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>

<p align="right">$226,154</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>

<p align="right">$43,566</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>

<p align="right">19.3%</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>

<p align="right">$41,477</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>

<p align="right">$2,089</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>

<p align="right">0.9%</p>
</td>
</tr>

<tr>
<td valign="top">
<p><b> <b>&nbsp;</b> </b></p>
</td>
<td valign="top">
<p align="right">======</p>
</td>
<td valign="top">
<p align="right">======</p>
</td>
<td valign="top">
<p align="right">======</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right">======</p>
</td>
<td valign="top">
<p align="right">=====</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>
</table>
</div>

<p align="center"> &nbsp; </p>

<p align="center"> &nbsp; </p>

<p align="center"><b> <b>&nbsp;</b> </b></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p align="center"><b>Reconciliation of Internal Growth Schedule</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b>to Total Commissions and Fees</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b>Included in the Consolidated Statements of Income</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b>For the Three Months Ended March 31, 2012 and 2011</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(in thousands)</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(unaudited)</p>
</td>
</tr>
</table>
</div>

<p align="center"> &nbsp; </p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="439">
<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="center"><b>Quarter<br />
 Ended<br />
 <u>03/31/12<br />
 </u></b></p>
</td>
<td valign="top">
<p align="center"><b>Quarter<br />
 Ended<br />
 <u>03/31/11</u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p>Total core commissions and fees<sup>(1)</sup></p>
</td>
<td valign="top">
<p align="right">$269,720</p>
</td>
<td valign="top">
<p align="right">$226,154</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Profit-sharing contingent &nbsp;&nbsp; commissions</p>
</td>
<td valign="top">
<p align="right">24,221</p>
</td>
<td valign="top">
<p align="right">28,880</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Guaranteed supplemental<br />
 &nbsp; &nbsp;&nbsp;&nbsp; commissions</p>
</td>
<td valign="top">
<p align="right"><br />
 2,592</p>
</td>
<td valign="top">
<p align="right">&nbsp;<br />
 3,304</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Divested business</p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</u></p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,114</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"><u> <u>&nbsp;</u> </u></p>
</td>
<td valign="top">
<p align="right"><u> <u>&nbsp;</u> </u></p>
</td>
</tr>

<tr>
<td valign="top">
<p>Total commissions &amp; fees</p>
</td>
<td valign="top">
<p align="right">$296,533</p>
</td>
<td valign="top">
<p align="right">$261,452</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right">=======</p>
</td>
<td valign="top">
<p align="right">=======</p>
</td>
</tr>
</table>
</div>

<p><b> <b>&nbsp;</b> </b></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p>(1)</p>
</td>
<td valign="top">
<p>Total core commissions and fees are our total commissions and fees less (i) profit-sharing contingent commissions (revenues derived from special revenue-sharing commissions from insurance companies based upon the volume and the growth and/or profitability of the
business placed with such companies during the prior year), (ii) guaranteed supplemental commissions (GSC) (revenues derived from special revenue-sharing commissions from insurance companies based solely upon the volume of the business placed with such companies
during the current year),and (iii) divested business (commissions and fees generated from offices, books of business or niches sold by the Company or terminated).</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>(2)</p>
</td>
<td valign="top">
<p>The Retail segment includes commissions and fees reported in the "Other" column of the Segment Information, which includes corporate and consolidation items.</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">-4-</p>
</td>
</tr>
</table>
</div>

<p> &nbsp; </p>

<p>&nbsp;</p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<h1 align="left"> &nbsp; </h1>
</td>
<td valign="top">
<p align="center">March 31,</p>
</td>
<td valign="top">
<p align="center">December 31,</p>
</td>
</tr>

<tr>
<td valign="top">
<h1 align="left"> &nbsp; </h1>
</td>
<td valign="top">
<p align="center"><u>2012</u></p>
</td>
<td valign="top">
<p align="center"><u>2011</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b>ASSETS</b></p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Current assets:</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Cash and cash equivalents</p>
</td>
<td valign="top">
<p align="right">&nbsp; $&nbsp;&nbsp; 155,714</p>
</td>
<td valign="top">
<p align="right">$ &nbsp; &nbsp; 286,305</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Restricted cash and investments</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp; 189,519</p>
</td>
<td valign="top">
<p align="right">&nbsp;&nbsp; 130,535</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Short-term investments</p>
</td>
<td valign="top">
<p align="right">7,645</p>
</td>
<td valign="top">
<p align="right">7,627</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Premiums, commissions and fees receivable</p>
</td>
<td valign="top">
<p align="right">293,993</p>
</td>
<td valign="top">
<p align="right">240,257</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Deferred income taxes</p>
</td>
<td valign="top">
<p align="right">15,579</p>
</td>
<td valign="top">
<p align="right">19,863</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Other current assets</p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,341</u></p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,540</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp; Total current assets</p>
</td>
<td valign="top">
<p align="right">697,791</p>
</td>
<td valign="top">
<p align="right">708,127</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Fixed assets, net</p>
</td>
<td valign="top">
<p align="right">68,298</p>
</td>
<td valign="top">
<p align="right">61,360</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Goodwill</p>
</td>
<td valign="top">
<p align="right">1,649,420</p>
</td>
<td valign="top">
<p align="right">1,323,469</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Amortizable intangible assets, net</p>
</td>
<td valign="top">
<p align="right">581,267</p>
</td>
<td valign="top">
<p align="right">496,182</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Other assets</p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,671</u></p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,873</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp; Total assets</p>
</td>
<td valign="top">
<p align="right">$3,017,447</p>
</td>
<td valign="top">
<p align="right">$2,607,011</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right">========</p>
</td>
<td valign="top">
<p align="right">========</p>
</td>
</tr>

<tr>
<td valign="top">
<p><b>LIABILITIES AND SHAREHOLDERS' EQUITY</b></p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Current liabilities:</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Premiums payable to insurance companies</p>
</td>
<td valign="top">
<p align="right">$&nbsp;&nbsp; 437,514</p>
</td>
<td valign="top">
<p align="right">$&nbsp;&nbsp; 327,096</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Premium deposits and credits due customers</p>
</td>
<td valign="top">
<p align="right">31,104</p>
</td>
<td valign="top">
<p align="right">30,048</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Accounts payable</p>
</td>
<td valign="top">
<p align="right">46,479</p>
</td>
<td valign="top">
<p align="right">22,384</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Accrued expenses and other liabilities</p>
</td>
<td valign="top">
<p align="right">85,522</p>
</td>
<td valign="top">
<p align="right">100,865</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp; Current portion of long-term debt</p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603</u></p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,227</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp; Total current liabilities</p>
</td>
<td valign="top">
<p align="right">601,222</p>
</td>
<td valign="top">
<p align="right">481,620</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Long-term debt</p>
</td>
<td valign="top">
<p align="right">450,043</p>
</td>
<td valign="top">
<p align="right">250,033</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Deferred income taxes, net</p>
</td>
<td valign="top">
<p align="right">215,349</p>
</td>
<td valign="top">
<p align="right">178,052</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Other liabilities</p>
</td>
<td valign="top">
<p align="right">65,783</p>
</td>
<td valign="top">
<p align="right">53,343</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>Shareholders' equity:</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;Common stock, par value $0.10 per share;</p>

<p>&nbsp; &nbsp;&nbsp; authorized 280,000 shares;&nbsp; issued and</p>

<p>&nbsp;&nbsp; &nbsp;&nbsp;outstanding 143,322 at 2012 and 143,352 at 2011</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>

<p align="right"> &nbsp; </p>

<p align="right">14,332</p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>

<p align="right"> &nbsp; </p>

<p align="right">14,335</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;Additional paid-in capital</p>
</td>
<td valign="top">
<p align="right">310,901</p>
</td>
<td valign="top">
<p align="right">307,059</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;Retained earnings</p>
</td>
<td valign="top">
<p align="right">1,359,817</p>
</td>
<td valign="top">
<p align="right">1,322,562</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;Accumulated other comprehensive income</p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</u></p>
</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"><u> <u>&nbsp;</u> </u></p>
</td>
<td valign="top">
<p align="right"><u> <u>&nbsp;</u> </u></p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp; Total shareholders' equity</p>
</td>
<td valign="top">
<p align="right"><u>&nbsp; 1,685,050</u></p>
</td>
<td valign="top">
<p align="right"><u>&nbsp; 1,643,963</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity</p>
</td>
<td valign="top">
<p align="right">$3,017,447</p>
</td>
<td valign="top">
<p align="right">$2,607,011</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right">========</p>
</td>
<td valign="top">
<p align="right">========</p>
</td>
</tr>

<tr>
<td valign="top">
<p> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
<td valign="top">
<p align="right"> &nbsp; </p>
</td>
</tr>

<tr>
<td colspan="3" valign="top">
<p align="center">-5-</p>
</td>
</tr>
</table>
</div>

<p> &nbsp; </p>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
