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RUSSELL MILLER: MERGER OF FLORIDA BROKERS PROVIDES NEEDED BROADER SHAREHOLDER BASE

 SAN FRANCISCO, Nov. 30 ~PRNewswire~ -- "The Poe & Associates Inc. merger with Brown & Brown Inc. marks two Florida dominant brokers into one with national capabilities," said Russell R. Miller, chairman of Russell Miller Inc., insurance industry specialty investment bankers headquartered in San Francisco.
 "Poe has always needed a broader shareholder base and this will begin to provide it," said Miller.
 "What seems to be happening is that a smaller company, Brown & Brown Inc. is taking over a larger one, Poe. At the same time, Brown is going from a private company to a public one.
 "Bill Poe is 60 and it is logical to build succession into his leadership team. J. Hyatt Brown, CPCU, CLU is an unusually good CEO and has run d?iverse Florida agency for many years.
 "The Brown & Brown people with 3,014,000 shares or 36.6 percent will now be by far a greater shareholder block than either Bill Poe himself, who has as of the last proxy statement 1,218,140 shares or 24.2 percent of the company's 5,097,061 shares or all the existing officers and directors with 38.9 percent or 1,978,574 shares.
 "Brown & Brown going to Tampa is better than the San Francisco Giants going there," said Miller.
 -0- 11~30~92
 ~CONTACT: Russell R. Miller, chairman of Russell Miller Inc., 415-956-7474~


CO: Russell Miller Inc.; Poe & Associates; Brown & Brown ST: Florida, California IN: FIN SU:

TM -- SF008 -- 1968 11~30~92 14:04 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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