Brown & Brown Plants Its Flag in the United Kingdom

Presentation Agenda Company Profile Industry Overview Product Overview UK Expansion Mode of Entry Finance Market Strategy Recommendations Summary

Company Profile The Company markets and sells primarily property/casualty insurance and employee benefit products and services. Since the Company does not engage in underwriting activities, it does not assume underwriting risks. Instead, it acts in an agency capacity to provide customers with targeted, customized risk management products. Brown & Brown and its subsidiaries offer a broad range of insurance and reinsurance products and services, as well as risk management, third party administration, managed health care and Medicare set-aside services and programs. Providing service to business, public entity, individual, trade and professional association clients nationwide, the Company is highly regarded for its over 68 years of proven experience in providing the programs necessary to properly protect every type of business enterprise.

Company Profile Brown & Brown is currently ranked as the sixth largest independent insurance intermediary organization in both the U.S. and the world (based on the July 2007 ranking by Business Insurance magazine).

Company History Brown & Owen Changed name back to Brown & Brown 1993 Acquired Riedman Insurance agency with $54 million in revenue Brown & Owen founded in Daytona Beach, FL Raised $150 million of equity for acquisitions Acquired Hull & Co. with $63 million in revenue Revenue-$45,821 OP $-$6,511 OP %-14.2% “2nd Defining Moment” Becoming a public company. Merger with Poe & Assoc. to form Poe & Brown; revenue $86.1 million 2008 Revenue of 977.6M Raised 200M for new acquisitions “1 st Defining Moment” Focus on operating profits not revenues % OP% % OP%

Industry Overview What is Lloyd's of London An insurance Market – not an insurance company Deals in Reinsurance and Insurance for large and complex risks Spreads Risk to limit liability Protects against large claims Increases capacity of direct insurer Contract between insurer and reinsurer  No direct link to client

Lloyd’s of London 93% of Dow Jones Industrial Average Companies 92% of FTSE 100 Companies 86% of Fortune Top 50 European Companies 81% of Fortune 500 US Companies Top 7 Pharmaceutical Companies Top 20 Banks Insurance/Reinsurance Solutions in over 200 Territories worldwide; US is largest market 2008 Global Written Premiums: £16.9BN (US$24.7BN)

Lloyd’s of London(Cont’d) Lloyd’s Participants: –The Society of Lloyd’s Lloyd’s Members Lloyd’s Syndicates (Bear/Share Risk) Lloyd’s Managing Agents (Manage Syndicates/Underwriters) Lloyd’s Brokers (work with Underwriters to place risks with Syndicates)

Industry Overview Society of Members  Capital Providers  Not Owners of Lloyd's  Underwrite in Syndicates Pools capital of members  Compete for business within Lloyd's market  Offers choice within Lloyd's market  Professional Underwriters accept risk on behalf of Syndicates  Members are not responsible for each others losses

Lloyd’s of London(Cont’d) Lloyd’s Brokers act as gatekeepers –Intermediary between insurance agents/wholesale brokers and Lloyd’s underwriters –Retain part of commissions for placing business into Lloyd’s market –Insurance Agent/Wholesale Broker often doing “heavy lifting”

Industry Overview Managing Agents Employ Underwriters Manage Syndicates on members behalf Companies established specifically to manage syndicates

Industry Overview Brokers  Place risk in Lloyd's market on behalf of Clients  Negotiate competitive terms between Clients and Managing Agents  Get immediate access to decision makers  Are accredited by Lloyd's  Any Insurance Broker can access Lloyd's through an accredited “Lloyd's Broker”

To Become a Broker Gain access to Lloyd's Market Regulatory Approval  Appropriate regulatory body Professional Indemnity  As required by Lloyd's Terms of Business agreement  with each managing agent broker will be doing business with Able to handle London Market Process and Standards

Why have a Seat? Direct access to Managing Agents Save brokerage fees

Why the UK? Lloyd’s of London: One of World’s Largest Insurance & Reinsurance Markets

Product Overview

Decus Insurance Brokers Organized as England & Wales company September 2007 Indirect Subsidiary of Brown & Brown, Inc. Created to place specialty lines of insurance business including Property, Professional Liability and Binding Authority programs Authorized with FSA February 2008 Appointed as Lloyd’s Broker February 2008

Decus Insurance Brokers

Market Strategy: Capture Commissions currently being retained by Lloyd’s brokers Start with B&B-placed business Extend to others placing business into Lloyd’s market

Decus Insurance Brokers What does “Decus” mean? Latin inscription on British coins: “Decus Et Tutamen” (“An Ornament and a Safeguard”) –Refers to milling/lettering on coin, and to Monarch depicted on coin

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