Poe & Brown Confirms Acquisitions In Sun Belt

Poe & Brown, Inc. has acquired Kelley-Rhodes Insurance, Inc., d.b.a. KRB & Associates of Houston, TX and confirmed that the previously announced acquisition of Gulfcoast Commercial Insurance, Inc. of Naples, FL has been completed. Both acquisitions were effective August 1, 1998.

In addition, effective August 4, 1998, the Boulton Agency, Inc., d.b.a. Boulton Boon, of Miami, FL, became a part of Poe & Brown through an exchange of stock which will be accounted for as a pooling of interests transaction.

J. Hyatt Brown, chairman, president and CEO of Poe & Brown, Inc., said, "These additions further proclaim our intent to grow our presence within the Sun Belt. The fine insurance professionals represented by these firms strengthen our influence in their respective markets and add to the already strong expertise that each location offers the local insurance buyer."

KRB & Associates will become part of the Poe & Brown office in Houston. The operations of Gulfcoast Commercial Insurance will become part of the Company's existing location in Naples, and Boulton Boon will be combined with Poe & Brown's Miami office.