The Brown & Brown Brokerage Division experienced exceptional growth during 2002, primarily as a result of the hardening of certain market lines, reduced marketplace capacity and an aggressive push to enhance existing agent relationships. Revenues for the division rose to $24.3 million. The division's total commission and fee income growth rate was 108.1%, including an internal growth rate of 65.0%.

During the year, we expanded the scope of Peachtree Special Risk Brokers and added new revenue sources through acquisitions in Bartlesville, Oklahoma, Nashville, Tennessee, and Little Rock, Arkansas, and through the establishment of a new wholesale operation for medical professional liability insurance in Thousand Oaks, California. At the same time both McDuff Underwriters and Halcyon Underwriters performed at an outstanding level. If the market continues the current level of rate and capacity, it is expected that the brokerage division will continue to experience strong gains.