<SEC-DOCUMENT>0001188112-14-000090.txt : 20140116
<SEC-HEADER>0001188112-14-000090.hdr.sgml : 20140116
<ACCEPTANCE-DATETIME>20140115210904
ACCESSION NUMBER:		0001188112-14-000090
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140115
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140116
DATE AS OF CHANGE:		20140115

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:		14530826

	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>
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<DIV STYLE="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; text-align: center"><FONT STYLE="display: inline; font: bold 12pt Times New Roman">UNITED STATES</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><FONT STYLE="display: inline; font: bold 12pt Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><FONT STYLE="display: inline; font: bold 11pt Times New Roman">Washington, D.C. 20549</font></div>

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8-K</B></FONT></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to Section&#160;13 or 15(d) of the</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><FONT STYLE="font: 18pt Times New Roman"><B>Brown
&amp; Brown, Inc.</B></FONT></div>

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<TD COLSPAN="3" STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt times new roman"><B><U>220 South Ridgewood
Avenue, Daytona Beach, Florida 32114</U></B></FONT></td>
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<div>Registrant<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font>s telephone number, including area code:&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">(386) 252-9601</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: 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></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item&#160;1.01 </font>&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Entry into a Material Definitive Agreement</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline">On January 15, 2014, Brown &amp; Brown, Inc. (the &#8220;Company&#8221;), a Florida corporation, Brown &amp; Brown Acquisition Group, LLC (&#8220;Merger Sub&#8221;), a Delaware limited liability company and wholly-owned subsidiary of the Company, </font>The Wright Insurance Group LLC, a Delaware limited liability company (&#8220;Wright&#8221;), and Teiva Securityholders Representative, LLC<font style="DISPLAY: inline">, solely </font>in its capacity as the representative of Wright&#8217;s securityholders (the &#8220;Representative&#8221;),<font style="DISPLAY: inline"> entered into a merger agreement (the &#8220;Agreement&#8221;).&#160;&#160;The Agreement contemplates that the Merger Sub will merge with and into </font>Wright<font style="DISPLAY: inline">, with Wright as the surviving corporation (the &#8220;Merger&#8221;).</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline">Immediately upon the consummation of the Merger, Wright&#8217;s equity interests will be converted into the rights to receive cash equal, collectively, to $602.5 million.&#160;&#160;</font>This amount is composed of cash payments of $587.5 million for the Programs Business, $7.5 million for Wright National Flood Insurance Company (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">WNFIC</font>&#8221;) and $7.5 million for WNFIC statutory surplus.&#160;&#160;In addition, Wright&#8217;s equityholders may receive additional consideration of up to $37.5 million in cash in the event of the closing of certain acquisition transactions by Wright and its affiliates (or, after the closing of the acquisition of Wright, by the Company and its affiliates) prior to July 15, 2015.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under the Agreement, the Merger is subject to certain closing conditions including the receipt of required regulatory approvals for the transaction (including the approval of antitrust authorities necessary to complete the acquisition).&#160;&#160;In addition, the Merger is subject to approval by Wright&#8217;s equityholders (which include a relatively small number investors who effectively control Wright) and this approval is anticipated to be sought later this week.&#160;&#160;If the Merger is not closed by July 15, 2014 (which may potentially be extended to October 15, 2104 if the only then-outstanding conditions are obtaining regulatory approvals), either party may terminate the Agreement.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of the Agreement will be filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ending March 31, 2014.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other than in respect of the Agreement, the Company and the Merger Sub have no material relationship with Wright or the Representative.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline">This Form 8-K contains Forward Looking Statements, including those regarding the closing of the Merger.&#160;&#160;</font>These statements are not historical facts, but instead represent only the Company&#8217;s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company&#8217;s control.&#160;&#160;It is possible that actual events may differ, possibly materially, from the anticipated events indicated in these forward-looking statements.&#160;&#160;These risks and uncertainties include, but are not limited to those set forth in the Press Release attached as Exhibit 99.1 hereto.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item&#160;7.01 Regulation FD Disclosure</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On<font style="DISPLAY: inline"> January 15, 2014</font>, <font style="DISPLAY: inline">the Company </font>issued a press release announcing the execution of the Agreement.&#160;&#160;The press release is attached as Exhibit&#160;99.1.</font></div>

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<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

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<TD><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Press Release dated<font style="DISPLAY: inline"> January 15, 2014</font>.</font></td>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit 99.1</font></div>

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<td width="70%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<img src="t78099001_v1.jpg" alt="(brown &amp; brown logo)"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#174;</font></font></td>
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<td width="30%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cory T. Walker</font></td>
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<td width="70%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">January 15, 2014</font></td>
<td width="30%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief Financial Officer</font></td>
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<td width="30%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(386) 239-7250</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BROWN &amp; BROWN, INC. ENTERS INTO AGREEMENT</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Daytona Beach and Tampa, Florida) . . . J. Powell Brown, Chief Executive Officer and President of Brown &amp; Brown, Inc. (NYSE:BRO), today announced that Brown &amp; Brown, Inc. has entered into a merger agreement to acquire The Wright Insurance Group, LLC (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Wright</font>&#8221;).</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This transaction:</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brings to Brown &amp; Brown a substantial presence in the national flood insurance program (NFIP) and a premier service provider for government-sponsored insurance programs and proprietary national and regional programs (collectively, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Programs Business</font>&#8221;) with 2013 net adjusted revenues of $114 million (adjusted for certain divestitures to occur prior to closing).</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Allows for growth initiatives that will concentrate on leveraging Wright&#8217;s market expertise, tenured client relationships and infrastructure.</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joins in one organization two highly compatible sales and service cultures with the highest degree of ability and desire to succeed.</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wright&#8217;s current operational leadership team will remain in place and will continue to operate from offices in (i) Uniondale, New York, (ii) Albany, New York and (iii) St. Petersburg, Florida.</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wright&#8217;s public entity/program services/specialty operations in New York will report to Tony Grippa (Regional Vice President) and Wright&#8217;s flood program operations will report to Chris Walker (Regional Executive Vice President).</font></div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.35pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Powell Brown stated, &#8220;Wright Insurance Group has an enviable history of solid growth and impeccable client service.&#160;&#160;With the support of its lead equity partner, Aquiline Capital Partners, Wright added a unique asset with a national position in the Wright WYO flood program.&#160;&#160;We look forward to the opportunities ahead combining the skills and expertise of our new Brown &amp; Brown teammates from Wright with the Brown &amp; Brown platform to continue to serve Wright&#8217;s valued client base.&#8221;</font></div>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
