10-K/APeriod: FY2002

BROWN & BROWN, INC. Annual Report (Amendment), Year Ended Dec 31, 2002

Filed May 27, 2003For Securities:BRO

Summary

Brown & Brown, Inc. (BRO) filed its 2003 Form 10-K, primarily detailing exhibits and financial statement schedules rather than extensive narrative business analysis. For investors, the key takeaway from this filing is the confirmation of the company's financial reporting structure, including consolidated financial statements for the three years ending December 31, 2002, and balance sheets as of December 31, 2002, and 2001. The document also lists numerous agreements, including significant asset purchase agreements and loan agreements, indicating a history of strategic acquisitions and debt financing. Investors should note the extensive list of incorporated exhibits which point to the company's operational and strategic history. These include reorganizations, amendments to articles of incorporation, bylaws, loan agreements, various asset purchase agreements underscoring growth through acquisition, employment agreements for key personnel, and stock plans. The filing also references a completed asset acquisition of CalSurance Associates, Inc. and related entities, effective November 1, 2002, as announced in a Form 8-K.

Key Highlights

  • 1Consolidated financial statements for the three years ending December 31, 2002, and balance sheets as of December 31, 2002, and 2001 are included.
  • 2The filing extensively lists various exhibits, including agreements related to company structure, financing, and operations.
  • 3Significant asset purchase agreements are detailed, highlighting Brown & Brown's strategy of growth through acquisition.
  • 4The document references a completed acquisition of CalSurance Associates, Inc. and related entities, effective November 1, 2002.
  • 5Key employment agreements for executive leadership are listed, providing insight into management structure and incentives.
  • 6Information regarding the company's stock option and performance plans is referenced.
  • 7The filing includes references to loan and credit agreements, indicating the company's use of debt financing.

Frequently Asked Questions

This filing includes the Consolidated Financial Statements for the three years ending December 31, 2002, comprising Consolidated Statements of Income, Consolidated Balance Sheets as of December 31, 2002 and 2001, Consolidated Statements of Shareholders' Equity, and Consolidated Statements of Cash Flows. It also incorporates Notes to Consolidated Financial Statements and Reports of Independent Certified Public Accountants.

The exhibits section prominently features various asset purchase agreements, indicating a history of strategic acquisitions. Additionally, there are numerous loan agreements, employment agreements for key personnel, and amendments to articles of incorporation and bylaws, reflecting the company's growth, governance, and financing activities.

Yes, the filing references a Form 8-K from November 12, 2002, announcing the completion of the asset acquisition of CalSurance Associates, Inc., United Network of Insurance Services, Inc., Sterling Reinsurance Intermediaries, Inc., Lancer Claims Service, Inc., and Chartered Financial Services Corporation, effective November 1, 2002. An amended and restated asset purchase agreement related to CalSurance Associates, Inc. is also listed as an exhibit.

Yes, the filing lists several employment agreements for key executives such as J. Hyatt Brown and Kenneth E. Hill. It also includes references to the company's 2000 Incentive Stock Option Plan and Stock Performance Plan, providing insight into executive incentives.