100% Web-based System to be Deployed September 1, 2004

The Catastrophe Risk Exchange International, Inc. (CATEX) announced today that Brown & Brown Re, Inc., a leading reinsurance intermediary headquartered in New York, New York, has licensed the CATEX developed, web-based Reinsurance Transaction System based on the CATEX proprietary Pivot Point Technology. Brown & Brown Re will begin using the system in a "live" environment as its exclusive transaction management system on September 1, 2004.

The system is entirely web-based and can permit a reinsurance intermediary to fully manage all aspects of its business on line, any time, from any location in the world. Pivot Point technology also permits a reinsurance intermediary to offer enhanced system access to its clients and markets if it so chooses.

Frank R. See, President of Brown & Brown Re, commented, "We reviewed numerous systems and the completeness of the Pivot Point System, and we believe its total accessibility via the Internet and the information transparency it offers should tremendously benefit our brokers and clients."

Frank Fortunato, CEO of CATEX, stated, "We look forward to deploying the Pivot Point technology and to working with the Brown & Brown Re team as they continue to grow and expand their business."

The CATEX Pivot Point technology is composed of an extensive range of proprietary applications and has been developed using exclusively Microsoft(R) technology. The technology can provide the full range of transaction components for a reinsurance transaction as managed by an intermediary. The technology may be customized to accommodate specific client requests or may be used in a basic version.

About CATEX:
CATEX operates the CATEX Global Exchange, a web based reinsurance marketplace, and develops and licenses award winning trading and back office systems for the reinsurance industry. CATEX has been in operation since 1994 and has offices in Princeton, New Jersey and London, England.

Brown & Brown Re:
Brown & Brown Re, Inc. is the wholly-owned reinsurance brokerage intermediary of Brown & Brown, Inc. (NYSE:BRO), the nation's eighth largest retail insurance broker as ranked by Business Insurance magazine. Brown & Brown Re's primary focus is to assist clients in securing reinsurance coverage in the ever-changing reinsurance marketplace. Its experienced team of professionals is committed to delivering customized reinsurance programs to treaty and facultative clients utilizing a vast network of reinsurance companies worldwide. Specializing in all forms of casualty, property, professional and finite reinsurance coverage, clients include, but are not limited to, other Brown & Brown entities that may have reinsurance requirements for individual risks, programs, and/or treaties.