BROWN & BROWN, INC.

RESULTS FOR 2006 SET RECORDS

FOR REVENUES AND NET INCOME

(Daytona Beach and Tampa, Florida) . . . Brown & Brown, Inc. (NYSE: BRO) today announced record earnings for 2006.   Net income for 2006 rose to $172,350,000, or $1.22 per share, an increase of 14.5% over the $150,551,000, or $1.08 per share, earned in 2005. Total revenues for the year rose to $878,004,000, up 11.7% compared with $785,807,000 achieved in 2005.

During the fourth quarter of 2006 net income increased 5.3%, to $37,623,000, or $0.27 per share, compared with 2005 fourth quarter net income of $35,717,000, or $0.25 per share. Total revenue for the fourth quarter of 2006 was $214,650,000, a 9.0% increase over the fourth quarter 2005 revenues of $196,857,000.

Commenting on the results, J. Hyatt Brown, Chairman and Chief Executive Officer, said, "2006 was another good year for Brown & Brown.  In a year with many challenges, including a lighter than normal year of completed acquisitions, our solid internal revenue growth was instrumental in raising our total revenue by nearly 12%.  As a result, part of our intermediate goal, "B-40", of achieving one billion dollars of revenues now appears within reach and has our entire Company focused on delivering even stronger results in 2007."

Jim W. Henderson, Vice-Chairman and Chief Operating Officer, commented, "During 2006, completed acquisitions accounted for approximately $56 million in annualized revenues, with Axiom Re and Delaware Valley Underwriting Authority accounting for the majority of that amount. By the same token, just in this past week we closed three transactions: ALCOS, Inc., in Michigan, Shapiro Insurance, Inc. in Tallahassee and the Marcello Agency, Inc. in Louisiana, totaling some $23 million in annualized revenues.  The acquisition opportunities continue to be robust."

Brown & Brown, Inc. 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 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 continuing our revenue, earnings and operating growth, as well as identifying and consummating attractive acquisition opportunities. 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. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results and condition, as well as its other achievements, are contained in the Company's filings with the Securities and Exchange Commission. Some factors include: general economic conditions around the country; downward commercial property and casualty premium pressures; the competitive environment; the integration of the Company's operations with those of businesses or assets the Company has acquired or may acquire in the future and the failure to realize the expected benefits of such integration; the potential occurrence of a disaster that affects certain areas of the States of California, Florida, Georgia, New Jersey, New York, Pennsylvania and/or Washington, where significant portions of the Company's business are concentrated; the actual costs of resolution of contingent liabilities; those factors relevant to Brown & Brown's consummation and integration of announced acquisitions, including any matters analyzed in the due diligence process, material adverse changes in the customers of the companies whose operations are acquired, and material adverse changes in the business and financial condition of either or both companies and their respective customers; and the cost and impact on the Company of previously disclosed litigation initiated against the Company and regulatory inquiries regarding industry and Company practices with respect to compensation received from insurance carriers. 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. 

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Brown & Brown, Inc.

CONSOLIDATED STATEMENTS OF INCOME

  (in thousands, except per share data)

(unaudited)

For the

For the

Three Months Ended

Twelve Months Ended

December 31

December 31

2006  

2005  

2006  

2005  

REVENUES

Commissions and fees

$210,763

$194,046

$864,663

$775,543

Investment income

3,096

2,303

11,479

6,578

Other income, net

        791

        508

      1,862

      3,686

    Total revenues

  214,650

  196,857

  878,004

  785,807

EXPENSES

Employee compensation and benefits

100,160

96,450

404,891

374,943

Non-cash stock-based compensation

815

977

5,416

3,337

Other operating expenses

35,887

26,862

126,492

105,622

Amortization

9,431

8,901

36,498

33,245

Depreciation

3,007

2,629

11,309

10,061

Interest

     3,277

     3,578

    13,357

    14,469

     Total expenses

  152,577

  139,397

  597,963

  541,677

Income before income taxes

62,073

57,460

280,041

244,130

Income taxes

   24,450

   21,743

    107,691

    93,579

     Net income

$ 37,623

$ 35,717

$172,350

$150,551

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Net income per share:

  Basic

$0.27

$0.26

$1.23

$1.09

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  Diluted

$0.27

$0.25

$1.22

$1.08

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Weighted average number of shares outstanding:

  Basic

139,969

139,126

139,634

138,563

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  Diluted

141,227

140,443

141,020

139,776

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Dividends declared per share

$0.06

$0.05

$0.21

$0.17

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Quarter

Quarter

Total

Total  

Less

Internal

Ended

Ended

Net

Net  

Acquisition

Net

12/31/06

12/31/05

Change

Growth %

Revenues

Growth %

Florida Retail

$  45,513

$  39,546

$  5,967

  15.1%

$         3

  15.1%

National Retail

49,505

48,918

587

    1.2%

     1,422

  (1.7)%

Western Retail

    24,875

    26,473

  (1,598)

      (6.0)%

       626

  (8.4)%

     Total Retail

  119,893

  114,937

    4,956

    4.3%

      2,051

  2.5%

Professional Programs

10,599

10,497

102

      1.0%

         43

     0.6%

Special Programs

    33,302

    26,735

    6,567

  24.6%

    2,650

   14.7%

     Total Programs

    43,901

    37,232

    6,669

  17.9%

    2,693

10.7%

Wholesale Brokerage

37,382

33,456

3,926

    11.7%

    6,210

    (6.8)%

Services

      8,702

      6,911

    1,791

  25.9%

    1,540

  3.6%

Total Core Commissions

    and Fees ⁽¹⁾

$209,878

$192,536

$17,342

  9.0%

$12,494

  2.5%

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Quarter

Quarter

Ended

Ended

12/31/06

12/31/05

Total core commissions and fees⁽¹⁾

$209,878

$192,536

Contingent commissions

885

567

Divested business

            -

         943

Total commission & fees

$210,763

$194,046

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(1)

Total core commissions and fees are our total commissions and fees less (i) profit-sharing contingent commissions (revenue 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), and (ii) divested business (commissions and fees generated from offices, books of business or niches sold by the Company or terminated).

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