News Release

Brown & Brown, Inc. Announces 17.9% Increase in Total Revenues

DAYTONA BEACH, FL and TAMPA, FL, Jul 16, 2012 (MARKETWIRE via COMTEX) --Brown & Brown, Inc. (NYSE: BRO) today announced its preliminary, unaudited financial results for the second quarter of 2012.

Net income for the second quarter of 2012 was $42,471,000, or $0.29 per share, compared with $37,035,000, or $0.26 per share for the same quarter of 2011, an increase of 11.5%. Total revenue for the second quarter was $290,916,000, compared with 2011 second-quarter revenue of $246,816,000, an increase of 17.9%.

Total revenue for the six months ended June 30, 2012 was $593,402,000, compared with total revenue for the same period of 2011 of $509,044,000, an increase of 16.6%. Net income for the six-month period ended June 30, 2012 was $91,904,000, or $0.63 per share, compared with $83,328,000, or $0.57 per share for the same period of 2011, an increase of 10.5%.

J. Powell Brown, President and Chief Executive Officer of the Company, noted, "We are pleased with our continued incremental revenue growth and the fact that each of our four business divisions reported positive organic growth in the second quarter of 2012."

Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and services. Additionally, certain Brown & 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 Business Insurance magazine as the United States' sixth largest independent insurance intermediary. The Company's Web address is www.bbinsurance.com.

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 second 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 second 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.


                             Brown & Brown, Inc.
                      CONSOLIDATED STATEMENTS OF INCOME
                    (in thousands, except per share data)
                                 (unaudited)


                                          For the              For the
                                    Three Months Ended    Six Months Ended
                                         June 30,             June 30,
                                      2012       2011      2012       2011
                                   ---------  --------- ---------  ---------
REVENUES
Commissions and fees               $ 289,942  $ 245,983 $ 586,475  $ 507,435
Investment income                        187        393       322        617
Other income, net                        787        440     6,605        992
                                   ---------  --------- ---------  ---------
    Total revenues                   290,916    246,816   593,402    509,044
                                   ---------  --------- ---------  ---------

EXPENSES
Employee compensation and benefits   150,752    125,852   300,348    252,409
Non-cash stock-based compensation      3,738      2,709     7,485      5,482
Other operating expenses              42,220     34,979    85,620     71,055
Amortization                          15,881     13,556    31,494     27,065
Depreciation                           3,784      3,079     7,425      6,214
Interest                               4,000      3,608     8,087      7,215
Change in estimated acquisition
 earn-out payables                      (604)     1,565      (992)     1,466
                                   ---------  --------- ---------  ---------
    Total expenses                   219,771    185,348   439,467    370,906
                                   ---------  --------- ---------  ---------

Income before income taxes            71,145     61,468   153,935    138,138

Income taxes                          28,674     24,433    62,031     54,810
                                   ---------  --------- ---------  ---------

Net income                         $  42,471  $  37,035 $  91,904  $  83,328
                                   =========  ========= =========  =========

Net income per share:
  Basic                            $    0.30  $    0.26 $    0.64  $    0.58
                                   =========  ========= =========  =========
  Diluted                          $    0.29  $    0.26 $    0.63  $    0.57
                                   =========  ========= =========  =========

Weighted average number of shares
 outstanding:
  Basic                              139,086    138,379   139,044    138,365
                                   =========  ========= =========  =========
  Diluted                            141,828    139,942   141,664    140,950
                                   =========  ========= =========  =========

Dividends declared per share       $   0.085  $    0.08 $    0.17  $    0.16
                                   =========  ========= =========  =========



                            Brown & Brown, Inc.
                          INTERNAL GROWTH SCHEDULE
                    Core Organic Commissions and Fees(1)
                      Three Months Ended June 30, 2012
                               (in thousands)
                                (unaudited)


                                        Total     Less
             Quarter   Quarter   Total   Net   Acquisiti  Internal Internal
              Ended     Ended     Net  Growth      on       Net       Net
             06/30/12  06/30/11  Change   %     Revenues  Growth $ Growth %
            --------- --------- -------------  --------- --------- --------

Retail(2)   $ 159,684 $ 147,826 $11,858   8.0% $  11,431 $     427      0.3%

National
 Programs      53,135    31,424  21,711  69.1%    19,464     2,247      7.2%

Wholesale
 Brokerage     46,301    42,493   3,808   9.0%       443     3,365      7.9%

Services       27,521    16,120  11,401  70.7%     9,772     1,629     10.1%
            --------- --------- -------        --------- ---------

Total Core
 Commission
 s and Fees
 (1)        $ 286,641 $ 237,863 $48,778  20.5% $  41,110 $   7,668      3.2%
            ========= ========= =======        ========= =========



                 Reconciliation of Internal Growth Schedule
                        to Total Commissions and Fees
              Included in the Consolidated Statements of Income
              For the Three Months Ended June 30, 2012 and 2011
                               (in thousands)
                                 (unaudited)


                                                       Quarter     Quarter
                                                        Ended       Ended
                                                       06/30/12    06/30/11
                                                     ----------- -----------
Total core commissions and fees(1)                   $   286,641 $   237,863
Profit-sharing contingent commissions                      1,043       2,275
Guaranteed supplemental commissions                        2,258       2,856
Divested business                                              -       2,989
                                                     ----------- -----------

Total commissions & fees                             $   289,942 $   245,983
                                                     =========== ===========

(1) Total core organic 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).

(2) The Retail segment includes commissions and fees reported in the "Other"
column of the Segment Information, which includes corporate and
consolidation items.



                             Brown & Brown, Inc.
                         CONSOLIDATED BALANCE SHEETS
                    (in thousands, except per share data)
                                 (unaudited)


                                                     June 30,   December 31,
                                                       2012         2011
                                                   ------------ ------------
ASSETS
Current assets:
  Cash and cash equivalents                        $    193,712 $    286,305
  Restricted cash and investments                       192,540      130,535
  Short-term investments                                  7,729        7,627
  Premiums, commissions and fees receivable             295,758      240,257
  Deferred income taxes                                  16,281       19,863
  Other current assets                                   45,018       23,540
                                                   ------------ ------------
    Total current assets                                751,038      708,127

Fixed assets, net                                        70,986       61,360
Goodwill                                              1,674,903    1,323,469
Amortizable intangible assets, net                      577,203      496,182
Other assets                                             23,161       17,873
                                                   ------------ ------------
    Total assets                                   $  3,097,291 $  2,607,011
                                                   ============ ============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Premiums payable to insurance companies          $    461,022 $    327,096
  Premium deposits and credits due customers             29,246       30,048
  Accounts payable                                       55,802       22,384
  Accrued expenses and other liabilities                 94,546      100,865
  Current portion of long-term debt                         663        1,227
                                                   ------------ ------------
    Total current liabilities                           641,279      481,620

Long-term debt                                          450,033      250,033

Deferred income taxes, net                              222,773      178,052

Other liabilities                                        64,959       53,343

Shareholders' equity:
  Common stock, par value $0.10 per share;
   authorized 280,000 shares; issued and
   outstanding 143,281 at 2012 and 143,352 at 2011       14,328       14,335
  Additional paid-in capital                            313,810      307,059
  Retained earnings                                   1,390,109    1,322,562
  Accumulated other comprehensive income                      -            7
                                                   ------------ ------------

    Total shareholders' equity                        1,718,247    1,643,963
                                                   ------------ ------------

    Total liabilities and shareholders' equity     $  3,097,291 $  2,607,011
                                                   ============ ============


Cory T. Walker
Chief Financial Officer
(386) 239-7250


SOURCE: Brown & Brown, Inc.