Year 2002 was not a prosperous time for many U.S. and foreign companies. The excesses of the mid-’90s continue to devour shareholder value of many formerly well-respected companies.

As a result, many individual investors saw their net worth shrink dramatically. All of the major indexes gushed blood all year. Meanwhile, the American economy as a whole was somewhat flat. The terrible specter of war and all the related issues surrounding international confrontation have weighed heavily on the hearts and minds of all Americans. The risk-bearing segment of the insurance business has also been bombarded by negative earnings surprises, ratings downgrades and huge reserve increases for the landmines of the past.

These times make me very proud of Brown & Brown, our wonderfully committed people and our conservative approach to all facets of our business. Year 2002 was another great year for the Brown & Brown team and our shareholders. By scouring the market for alternatives, we were able to assist our clients at a time when prices were increasing and coverage and capacity were in many cases restricted. Our inexorable quest to find the broadest coverage at an affordable price meant that a lot of midnight oil was burned in our various profit centers. As a result of our ability to quickly and economically respond to our clients’ needs, Brown & Brown met the substantial challenge of 2002 and reported another record year – 10 years of record earnings!!!