Concurrent with this change, the Board also elected two new Regional Executive Vice Presidents, Charlie Lydecker and Powell Brown, and we redefined our operating structure so that we now have eight regions, four each reporting to Jim and me. It is our intention to maintain regional responsibility in the $150 million revenue range and to redefine and increase the number of regions as needed to achieve this operational goal as we grow. We believe that this structure allows for the communication, and motivational and personalized involvement of our regional leaders that is the hallmark of our success. It is also the key to continuing our solid internal growth rate, which so effectively complements our external acquisition growth.

Successful Acquisitions Continue
Throughout the past year we had the good fortune to announce many fine acquisitions. We are quite proud of the fact that such well-managed agencies and brokers continue to seek out Brown & Brown as the larger entity with which they want to partner to ensure their future. We consider the 32 agency acquisitions completed during 2002 to be outstanding, not only in terms of the revenues they bring us, but in terms of the quality individuals they have added to the Brown & Brown team. The acquisitions of particular size are the Graham-Rogers Group in Bartlesville, Oklahoma and Nashville, Tennessee; Rhodes & Associates and RAI in Little Rock, Arkansas; John Manner Insurance Agency in Joliet, Illinois; and the CalSurance group in Orange, California. We welcome all of these fine folks along with the other new members of the Brown & Brown family.