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MERGER CREATES THE SOUTHEAST'S LARGEST REGIONAL INSURANCE BROKER

 TAMPA, Fla., Nov. 30 ~PRNewswire~ -- An Agreement in Principle has been reached between Poe & Associates, Inc. (NASDAQ-NMS: POEA) of Tampa, Fla., and Brown & Brown, Inc. of Daytona Beach, Fla., for the merger of Brown & Brown, Inc. and Poe.
 The name of Poe & Associates, Inc. will be changed to Poe & Brown, Inc.
 The transaction will result in the issuance by Poe to the Brown shareholders, of 3,014,000 shares of Poe common stock, representing approximately 36.55 percent of the Poe shares outstanding after the merger.
 Bill Poe, chairman and CEO of Poe & Associates, Inc., announced that Hyatt Brown, president and CEO of Brown & Brown, Inc., will be president and chief executive officer of Poe & Brown, Inc., and Bill Poe will be chairman. The other officers of both corporations will retain their current positions and Bob Jordan, current president of Poe & Associates, Inc., will become vice chairman of Poe & Brown, Inc.
 Bill Poe, commenting on the selection of Brown to be CEO of Poe & Brown, Inc., said: "In my judgment, Hyatt Brown is the best possible insurance executive to lead our insurance agency. His characteristics of dedication, integrity, talent and entrepreneurship measure among the highest in the insurance industry."
 Hyatt Brown stated: "The merger will make Poe & Brown, Inc., Florida's premier firm with 19 offices throughout the state. This fact, coupled with Poe's national programs operation and its presence in eight other key states, provides a solid platform for future expansion."
 The merger combines Poe's estimated revenues of $50 million with Brown's $33 million to produce the largest regional insurance brokerage firm domiciled in the Southeast, having combined annual revenues exceeding $83 million.
 Completion of the combination is contingent on numerous conditions including the negotiation of definitive agreements and the approval of the board of directors and shareholders of both companies and certain third parties. It is anticipated the transaction will be completed in approximately 90 days.
 -0- 11~30~92
 ~CONTACT: William F. Poe, chairman of the board of Poe & Associates, 813-222-4100~
 (POEA)


CO: Poe & Associates, Inc.; Brown & Brown, Inc.; Poe & Brown, Inc. ST: Florida IN: INS SU: TNM

BR -- AT001A -- 4037 11~30~92 09:36 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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