Brown & Brown Inc

BRO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$79.92	Jrz	—

Placing Brown & Brown Under Review

Feb 16, 2010

We are placing our fair value estimate for insurance broker Brown & Brown BRO under review. After looking over last evening's earnings release for the fourth quarter of 2009 and the company's conference call this morning, we will probably be reducing our revenue and profitability assumptions for 2010 and 2011, along with our fair value estimate. Brown's performance trend during the latter half of 2009 lagged its peers significantly, and we have grown less confident that difficult external factors like soft insurance rates and weak economic conditions have been the only factors at work.

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