Brown & Brown, Inc.

B usiness. General Brown & Brown, Inc., a Florida corporation, and its subsidiaries (collectively, Brown & Brown or the Company ) is a diversified insurance agency, wholesale brokerage, insurance programs and service organization that markets and sells insurance products and services, primarily in the property, casualty and employee benefits areas. The Company primarily operates as an agent or broker not assuming underwriting risks. However, we also operate and/or participate in various ancillary insurance operations, including (1) reinsurance companies and stand-alone captives that assume underwriting risk; (2) series captive insurance companies ( SCICs ); (3) protected cell companies; (4) segregated account companies; (5) a quota share captive and (6) an excess of loss layer captive (collectively, the "Captives"). These ancillary insurance operations facilitate additional underwriting capacity, generate incremental revenues and/or enable the Company to participate in certain underwriting results. The Company also operates a write-your-own flood insurance carrier, Wright National Flood Insurance Company ( WNFIC ). WNFIC’s underwriting business consists of policies written pursuant to the National Flood Insurance Program ( NFIP ), the program administered by the Federal Emergency Management Agency ( FEMA ) to which premiums and underwriting exposure are ceded, and excess flood policies which are fully reinsured in the private market.