<SEC-DOCUMENT>0001206774-19-000675.txt : 20190305
<SEC-HEADER>0001206774-19-000675.hdr.sgml : 20190305
<ACCEPTANCE-DATETIME>20190304183043
ACCESSION NUMBER:		0001206774-19-000675
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190305
DATE AS OF CHANGE:		20190304

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-221494
		FILM NUMBER:		19655779

	BUSINESS ADDRESS:	
		STREET 1:		220 S. RIDGEWOOD AVE.
		CITY:			DAYTONA BEACH
		STATE:			FL
		ZIP:			32114
		BUSINESS PHONE:		386-252-9601

	MAIL ADDRESS:	
		STREET 1:		220 S. RIDGEWOOD AVE.
		CITY:			DAYTONA BEACH
		STATE:			FL
		ZIP:			32114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN & BROWN, INC
		DATE OF NAME CHANGE:	20171108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN & BROWN INC
		DATE OF NAME CHANGE:	19990623

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

FILED BY:		

	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:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		220 S. RIDGEWOOD AVE.
		CITY:			DAYTONA BEACH
		STATE:			FL
		ZIP:			32114
		BUSINESS PHONE:		386-252-9601

	MAIL ADDRESS:	
		STREET 1:		220 S. RIDGEWOOD AVE.
		CITY:			DAYTONA BEACH
		STATE:			FL
		ZIP:			32114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN & BROWN, INC
		DATE OF NAME CHANGE:	20171108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN & BROWN INC
		DATE OF NAME CHANGE:	19990623

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	POE & BROWN INC
		DATE OF NAME CHANGE:	19930827
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>brown3553211-fwp.htm
<DESCRIPTION>FILING UNDER SECURITIES ACT RULES 163/433 OF FREE WRITING PROSPECTUSES
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<P style="TEXT-ALIGN: right"><B><FONT size=2 face=Arial>Filed Pursuant to Rule 433<BR>Registration Statement No. 333-221494<BR>Pricing Term Sheet</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>BROWN &amp; BROWN, INC.</FONT></B></P>
<P style="TEXT-ALIGN: center"><U><FONT size=2 face=Arial>Pricing Term Sheet</FONT></U></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Issuer:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=center></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>Brown &amp; Brown, Inc.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Expected Ratings / Outlook*:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>Baa3/BBB- (stable/stable)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Securities:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>4.500% Senior Notes due 2029</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Legal Format:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>SEC Registered</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Trade Date:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>March 4, 2019</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Settlement Date:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>March 11, 2019 (T+5)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Maturity Date:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>March 15, 2029</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Principal Amount:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>$350,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Price to Public:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>99.840% of Principal Amount</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Net Proceeds to Issuer (before offering expenses):</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>$347,165,000</FONT></TD></TR>

<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Spread to Treasury Benchmark:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>+180 basis points</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Treasury Benchmark:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>2.625% due February 15, 2029</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Treasury Yield:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>2.720%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Re-Offer Yield:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>4.520%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Coupon:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>4.500%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left><B><FONT size=2 face=Arial>Interest Payment Dates:</FONT></B></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left><FONT size=2 face=Arial>Semi-annually on March 15 and September 15 of each year, commencing September 15, 2019</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left>

   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Use of Proceeds:</FONT></B></P></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>To repay a portion of the outstanding borrowings under the Company&#8217;s Credit Facility and for general corporate purposes</FONT></P></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left>

   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Optional Redemption:</FONT></B></P></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The notes will be redeemable, in whole at any time or in part from time to time, at the Issuer&#8217;s option.</FONT></P>


   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>If the notes are redeemed prior to December 15, 2028 (the date that is 3 months prior to the stated maturity date for the notes), the redemption price for the notes to be redeemed will equal the greater of the following amounts, plus accrued and unpaid interest thereon to but excluding the redemption date: (i) 100% of the principal amount of notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 30 basis points. If the notes are redeemed on or after December 15, 2028, the redemption price for the notes to be redeemed will equal 100% of the principal amount of such notes plus accrued and unpaid interest thereon to but excluding the redemption date. See the preliminary prospectus supplement for the definition of Treasury Rate, and for additional provisions.</FONT></P></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left>

   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>CUSIP:</FONT></B></P></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>115236AB7</FONT></P></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left>

   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>ISIN:</FONT></B></P></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>US115236AB74</FONT></P></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="49%" noWrap align=left>

   <P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Joint Book-Running Managers:</FONT></B></P></TD>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD vAlign=top width="49%" align=left>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>J.P. Morgan Securities LLC</FONT></P></TD></TR></TABLE>
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<TR vAlign=bottom>
   <TD width="49%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="49%" align=left><FONT size=2 face=Arial>Merrill Lynch, Pierce, Fenner &amp; Smith<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="49%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="49%" align=left><FONT size=2 face=Arial>SunTrust Robinson Humphrey, Inc.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="49%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="49%" align=left><FONT size=2 face=Arial>BMO Capital Markets Corp.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="49%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="49%" align=left><FONT size=2 face=Arial>RBC Capital Markets, LLC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="49%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="49%" align=left><FONT size=2 face=Arial>U.S. Bancorp Investments, Inc.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="49%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="49%" align=left><FONT size=2 face=Arial>Wells Fargo Securities, LLC</FONT></TD></TR>
<TR>
   <TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="49%" noWrap align=left><B><FONT size=2 face=Arial>Co-Managers:</FONT></B></TD>
   <TD width="2%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>
   <TD width="49%" align=left><FONT size=2 face=Arial>Capital One Securities, Inc.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="49%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="49%" align=left><FONT size=2 face=Arial>Fifth Third Securities, Inc.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="49%" noWrap align=left></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="49%" align=left><FONT size=2 face=Arial>PNC Capital Markets LLC</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be revised, suspended or withdrawn at any time. Each credit rating should be evaluated independently of any other credit rating.</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>No PRIIPs KID: No PRIIPs key information document (KID) has been prepared as not available to retail in the European Economic Area.</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>The issuer has filed a registration statement (including a prospectus) and a related preliminary prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement, the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and preliminary prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at (212) 834-4533, Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated toll free at (800) 294-1322 or SunTrust Robinson Humphrey, Inc. toll free at (800) 685-4786.</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>This communication should be read in conjunction with the preliminary prospectus supplement and the accompanying prospectus. The information in this communication supersedes the information in the preliminary prospectus supplement and the accompanying prospectus to the extent it is inconsistent with the information in such preliminary prospectus supplement or the accompanying prospectus.</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.</FONT></B></P>
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