We are also proud that a February 25, 2002 Wall Street Journal article titled “Performance of 1,000 Major U.S. Companies . . .” reported that, in the Insurance, Property & Casualty category, Brown & Brown had the best investor rate of return for the prior year, the prior five years and the prior 10 years. The return percentages shown were 57.1%, 45.7% and 31.9%, respectively, while the averages presented for the 32 companies comprising the category, including both insurance underwriting companies and agents and brokers, were 1.8%, 14.7% and 16.7%, respectively. This article demonstrated that we are far and away ahead of any other company in any segment of our industry when it comes to investor return. Then in November 2002, our standing was reinforced when Standard & Poor’s announced that Brown & Brown had been added to its benchmark S&P Mid-Cap 400 Index. This is an index of 400 mid-size domestic companies chosen for their market size, liquidity and industry group representation.

In October 2002, as you have already been advised, your Board of Directors signaled our continued commitment to dividend growth when it voted to increase the quarterly dividend rate by 21% to $0.0575 per share. And speaking of our Directors, they continue to provide the level of support and guidance that is a major plus as we move to the next level of revenue size and margin growth. We thank them for their continued efforts on our behalf, and we extend special congratulations to Director Toni Jennings, who was sworn in as Lieutenant Governor of the State of Florida on March 3, 2003, marking another milestone in her already distinguished public service career. Toni has been a valued member of our Board since joining it in 1999, and we thank her for her service to the Company.