Document:

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                                                                    EXHIBIT 10l

                            ASSET PURCHASE AGREEMENT

         This ASSET PURCHASE AGREEMENT, dated as of May 1, 2001 (this
"Agreement"), is made and entered into by and among BROWN & BROWN OF MISSOURI,
INC., a corporation incorporated under the laws of the State of Missouri
("Buyer"), PARCEL INSURANCE PLAN, INC., a corporation incorporated under the
laws of the State of Delaware ("Seller"), OVERSEAS PARTNERS CAPITAL CORP., a
corporation organized under the laws of the State of Delaware ("Parent") and
OVERSEAS PARTNERS LTD., a corporation organized under the laws of the Islands of
Bermuda ("OPL").

                                   BACKGROUND

         Seller has its principal executive offices in St. Louis, Missouri and
is engaged in the small package insurance (i.e., insurance of individual
packages under US$25,000.00 in value) agency business throughout the United
States (as more fully described in SECTION 1.2, the "Business"), and wishes to
sell substantially all of its assets relating to the Business to Buyer. Buyer
desires to acquire such assets upon the terms and conditions expressed in this
Agreement. OPL owns all of the outstanding capital stock of Parent, which in
turn owns all of the outstanding capital stock of Seller. OPL and Parent are
entering into this Agreement to provide certain non-competition, indemnification
and other assurances to Buyer as a material inducement for Buyer to enter into
this transaction.

         THEREFORE, in consideration of the respective representations,
warranties, covenants and agreements set forth herein, the parties agree as
follows:

                                   ARTICLE 1.
                                 THE ACQUISITION

         Section 1.1       COVENANTS OF SALE AND PURCHASE. As of the Effective
Date (as defined in SECTION 2.6), at the Closing (as defined in SECTION 2.1) and
upon and subject to the terms and conditions of this Agreement, the parties
mutually covenant and agree as follows:

                  (a)      Seller shall sell, convey and assign to Buyer all of
its right, title and interest of Seller in and to the Acquired Assets (as
defined in SECTION 1.2), free and clear of all liens, pledges, security
interests, charges, restrictions or encumbrances of any nature whatsoever;

                  (b)      OPL shall agree to the non-competition covenants in
SECTION 5.2;

                  (c)      Buyer shall purchase the Acquired Assets from Seller
and assume the Assigned Contracts (as defined in SECTION 1.2(C)) in exchange for
the consideration described in SECTION 1.4(A)(I), SECTION 1.4(A)(II) and SECTION
1.4(A)(IV); and

                  (d)      Buyer shall receive the benefit of such covenants by
OPL in exchange for the consideration described in SECTION 1.4(A)(III).

         Section 1.2       THE ACQUIRED ASSETS. In this Agreement, the phrase
"Acquired Assets" means all of the assets of Seller described below:

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                  (a)      Purchased Book of Business. All of the Business,
including but not limited to the small package insurance agency business and
renewals and expirations thereof, together with all written or otherwise
recorded documentation, data or information relating to the Business, whether
compiled by Seller or by other agents or employees of Seller, including but not
limited to: (i) lists of insurance companies and records pertaining thereto; and
(ii) customer lists, prospect lists, policy forms, and/or rating information,
expiration dates, information on risk characteristics, information concerning
insurance markets for large or unusual risks, and all other types of written or
otherwise recorded information customarily used by Seller or available to
Seller, including all other records of and pertaining to the accounts and
customers of Seller, past and present, including, but not limited to, the active
insurance customers of Seller, all of whom are listed on Schedule 1.2(a) hereto
(collectively, the "Purchased Book of Business").

                  (b)      Intangibles. All intangible personal property
currently used by Seller in connection with the Business or pertaining to the
Acquired Assets, including without limitation the following:

                           (i)      all of Seller's Business records necessary
to enable Buyer to renew the Purchased Book of Business;

                           (ii)     the goodwill of the Business, including the
corporate name "Parcel Insurance Plan, Inc.", and any other trade names that are
currently used by Seller, and all telephone listings, post office boxes, mailing
addresses (to the extent transferable), and advertising signs and materials that
are currently used by Seller; and

                           (iii)    all Intellectual Property (as defined below)
related to the Business and currently used by Seller.

                  As used in this Agreement, the term "Intellectual Property"
means (A) all patents, patent applications, and patent disclosures, together
with all reissuances, continuations, continuations-in-part, revisions,
extensions, and reexaminations thereof, (B) all trademarks and service marks,
including all goodwill associated therewith, and all applications,
registrations, and renewals in connection therewith, (C) all copyrightable
works, all copyrights, and all copyright applications, registrations, and
renewals in connection therewith, (D) all trade secrets and confidential
business information (including research and development, know-how, formulas,
compositions, manufacturing and production processes and techniques, technical
data, designs, drawings, specifications, customer and supplier lists, pricing
and cost information, and business and marketing plans and proposals), (E) all
computer software (including data and related documentation), but excluding
computer software commercially available to the general public and readily
replaceable, (F) all other proprietary rights, and (G) all copies and tangible
embodiments thereof (in whatever form or medium).

                  (c)      Assigned Contracts. All of Seller's (i)
non-solicitation and non-disclosure agreements and covenants not to compete
listed on Schedule 1.2(c)(i) and contracts and agreements described in SECTIONS
3.9(C)(I), (II), (IV) (but only with respect to capitalized lease obligations),
(V) (but only with respect to agreements that are in favor of Buyer) and (XII)
and listed on Schedule 3.9(c), and (ii) contracts and agreements that would be
required to be listed on Schedule 3.9(c) pursuant to SECTIONS 3.9(C)(I), (II),
(IV) (but only with respect to capitalized lease

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obligations) and (XII) but for the amount of annual payments provided
thereunder, which are not listed on Schedule 3.9(c), which contracts and
agreements Seller has attempted in good faith to list on Schedule 1.2(c)(ii)
hereto (all of the contracts, agreements and instruments referenced in (i) and
(ii) of this SECTION 1.2(C) are collectively referred to herein as the "Assigned
Contracts").

                  (d)      Miscellaneous Items. All other assets of Seller
relating or pertaining to the Purchased Book of Business, which may include (i)
computer disks, servers, software, databases (whether in the form of computer
tapes or otherwise), related object and source codes, and associated manuals,
and any other records or media of storage or programs for retrieval of
information pertaining to the Purchased Book of Business, (ii) all supplies and
materials, including promotional and advertising materials, brochures, plans,
supplier lists, manuals and handbooks, and related written data and information,
(iii) all Internet web site content, related object and source codes, domain
names and addresses, (iv) claims, customer and other deposits (subject to the
assumption of the liabilities related thereto pursuant to SECTION 1.4(D)(I)),
prepayments, refunds, causes of action, choses in action, rights of recovery,
rights of set off, and rights or recoupment, (v) copies of personnel, benefit,
compensation and other records and documents relating to the employees of
Seller, and (vi) any transferable franchises, approvals, permits, licenses,
orders, registrations, certificates, variances and similar rights obtained from
Governmental Authorities (as defined in Section 3.5), in all cases excluding all
property and casualty agent licenses or broker licenses held by Seller or its
employees.

                  (e)      Tangible Property. All items of furniture, fixtures,
computers, office equipment and other tangible property used in the Business,
including but not limited to the property listed in Schedule 1.2(e). To the
extent that any of such items are subject to a lease identified in Schedule
3.9(c), Buyer shall assume such lease and acquire all of Seller's right, if any,
to acquire such property upon termination of such lease.

         Section 1.3       EXCLUSIONS AND EXCEPTIONS. Seller does not agree to
sell or assign, and Buyer does not agree to purchase or assume, any assets,
liabilities and obligations not described in SECTION 1.2 and SECTION 1.4(D)(I)
of this Agreement. Without limiting the foregoing and notwithstanding anything
to the contrary set forth in, Buyer shall not purchase or assume any of the
following:

                  (a)      Seller's cash in hand or in banks and other readily
liquid working capital as of the close of business on the Effective Date or the
Closing Date, whichever amount is greater, including Seller's accounts and other
receivables, money market certificates, stocks and bonds;

                  (b)      (i) any contract, lease or other obligation that
relates to the Acquired Assets or the Purchased Book of Business and is not
otherwise specifically assigned to Buyer under this Agreement (including,
without limitation, any agreement (except capitalized lease obligations)
described in SECTION 3.9(C)(IV) of this Agreement), or (ii) any contract, lease
or other obligation whatsoever not relating to the Acquired Assets or the
Purchased Book of Business;

                  (c)      (i) Seller's corporate charter and by-laws,
qualifications to conduct business as a foreign corporation, arrangements with
registered agents relating to foreign qualifications, taxpayer and other
identification numbers, seals, minute books, stock transfer books, blank stock
certificates, and other documents relating to the organization, maintenance, and
existence of Seller

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as a corporation or (ii) any of the rights of Seller under this Agreement (or
under any other agreement between Seller on the one hand and Buyer on the other
hand entered into on or after the date of this Agreement);

                  (d)      except as set forth in SECTION 5.11(D), any duty or
liability of any type whatsoever with respect to any employee or to any pension
or profit sharing plan or other employee benefit including, without limitation,
those described in SECTION 3.19 hereof;

                  (e)      any liability of Seller, Parent, or any of their
respective directors, officers, employees, agents, affiliates or
representatives, with respect to any litigation, proceedings, or other actions
or disputes directly or indirectly involving such parties including, but not
limited to, any such actions or disputes set forth in Schedule 3.10 hereto;

                  (f)      (i) any liability of Seller for Taxes (as defined in
SECTION 6.6 hereof) arising in connection with the consummation of the
transactions contemplated hereby (including any income Taxes arising because
Seller is transferring the Acquired Assets), (ii) any obligation of Seller to
indemnify any person or entity (including Parent) by reason of the fact that
such person or entity was a director, officer, employee, or agent of Seller or
was serving at the request of any such entity as a partner, trustee, director,
officer, employee, or agent of another entity (whether such indemnification is
for judgments, damages, penalties, fines, costs, amounts paid in settlement,
losses, expenses, or otherwise and whether such indemnification is pursuant to
any statute, charter document, bylaw, agreement, or otherwise) (iii) any
liability of Seller for costs and expenses incurred in connection with this
Agreement and the transactions contemplated hereby, or (iv) any liability or
obligation of Seller under this Agreement (or under any related agreement
between Seller on the one hand and Buyer on the other hand entered into on or
after the date of this Agreement); or

                  (g)      any documents, books, records, agreements,
correspondence and financial data, whether in paper, electronic, digital or
other format, which do not relate or pertain to the Business.

         Section 1.4       CONSIDERATION; ASSUMPTION OF LIABILITIES.

                  (a)      Buyer shall on the Closing Date: (i) assume the
Assumed Liabilities as provided in SECTION 1.4(D); (ii) deliver to Seller at the
Closing US$18,256,711.18 which equals (A) Twenty Million Seven Hundred Thousand
United States Dollars (US$20,700,000), plus (B) the amount by which the "Credit
Due Seller" as set forth in Schedule 1.4(a) exceeds the amount of the "Credit
Due Buyer" as set forth in Schedule 1.4(a) but not less than zero, minus (C)
US$168,264.17, the amount by which the "Credit Due Buyer" as set forth in
Schedule 1.4(a) exceeds the amount of the "Credit Due Seller" as set forth in
Schedule 1.4(a) but not less than zero, plus (D)US$24,975.35 the "Total Assumed
Liabilities" amount set forth on Schedule 1.4(d)(i), minus (E) US$2,300,000 (the
"Holdback Amount"); (iii) deliver to OPL at the Closing Two Million Three
Hundred Thousand United States Dollars (US$2,300,000.00); and (iv) deliver to
LeBoeuf, Lamb, Greene & MacRae, L.L.P. ("LeBoeuf") at the Closing the Holdback
Amount.

                  (b)      Subject to SECTION 1.4(C), all amounts payable by
Buyer pursuant to SECTION 1.4(A) shall be paid to Seller, OPL and LeBoeuf in
cash by wire transfer or delivery of other

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immediately available funds in United States currency to one or more accounts
designated in writing by LeBoeuf, Seller and/or OPL no later than two (2)
business days prior to the date each such payment is to be made.

                  (c)      The Holdback Amount described in SECTION
1.4(A)(II)(E) shall be subject to reduction pursuant to SECTION 1.5 hereof to
offset any obligations of Seller or OPL under the indemnification provisions
contained in ARTICLE 6 hereof. Satisfaction of any indemnity obligations from
the Holdback Amount shall not operate to waive the indemnification obligations
of Seller or OPL contained in ARTICLE 6 for damages incurred by Buyer in excess
of such amounts. The Holdback Amount plus interest as provided in SECTION 1.5
hereof as may be reduced pursuant to SECTION 1.5 hereof, shall be paid to Seller
on April 30, 2002 (or the next business day if April 30, 2002 is not a business
day).

                  (d)      As of the Effective Date, at the Closing and as
additional consideration for the purchase of the Acquired Assets, Buyer shall
execute and deliver to Seller:

                           (i)      an assumption agreement, in substantially
the form attached hereto as Exhibit A (the "Assumption Agreement"), pursuant to
which Buyer shall assume from Seller and agree, subject to SECTION 1.3, to pay,
perform and discharge when due, to the extent the same are unpaid, unperformed
or undischarged on the Effective Date, all of the liabilities and obligations of
Seller (A) which arise under the terms of any Assigned Contract, or (B) which
are set forth on Schedule 1.4(d)(i) (collectively, the "Assumed Liabilities");
and

                           (ii)     a bill of sale and assignment, in
substantially the form attached hereto as Exhibit B (the "Bill of Sale and
Assignment").

                  (e)      For federal and state income tax purposes, the
parties agree to allocate the aggregate consideration set forth in SECTION
1.4(A) as follows: (i) $546,649 shall be allocated to the tangible property
listed on Schedule 1.2(e); (ii) $2,300,000 shall be allocated to the covenants
of OPL set forth in SECTION 5.2 hereof; and (iii) the remainder shall be
allocated to the Purchased Book of Business (the "Allocation"). Each of Buyer
and Seller shall file, in accordance with the Internal Revenue Code of 1986, as
amended (the "Code"), an Asset Acquisition Statement on Form 8594 with its
federal income tax return for the tax year in which the Closing Date occurs, and
shall contemporaneously provide the other party with a copy of the Form 8594
being filed. The Form 8594 shall be consistent with the Allocation. Each of
Buyer and Seller also shall prepare any additional Forms 8594 from time to time
as are required to reflect any adjustments to the consideration set forth in
SECTION 1.4(A), and shall provide the other party with a copy of the additional
Form 8594 within 60 days after the calendar year in which the adjustment occurs.
The final version of each additional Form 8594 as agreed to by Buyer and Seller
shall be timely filed by each of Buyer and Seller.

         Section 1.5       ESCROW OF HOLDBACK AMOUNT.

                  (a)      At the Closing, Buyer, Seller and LeBoeuf shall enter
into the Escrow Agreement in the form attached hereto as Exhibit C. Subject to
SECTION 1.5(c), the Escrow Fund thereunder shall be subject to withdrawal by
Buyer in whole or in part to satisfy Seller's and OPL's indemnification
obligations hereunder, with the balance of the Holdback Amount, if any,
remaining

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after such withdrawals and payments, plus all accumulated interest
thereon, liquidated promptly after April 30, 2002 and, no later than three (3)
business days after such liquidation, delivered to Seller.

                  (b)      Promptly after the Closing, Buyer and Seller shall
direct LeBoeuf to transfer the Holdback Amount plus any interest thereon to a
financial institution within or without the United States (the "Bank") as
selected by Seller (subject to the reasonable approval of Buyer), which shall
hold such amount in a money market deposit account, in Buyer's name and
designated as the "Parcel Insurance Plan Escrow Account", which shall bear
interest at the prevailing rate offered by such financial institution for such
accounts. Such account, subject to SECTION 1.5(C), shall be subject to
withdrawal by Buyer in whole or in part to satisfy Seller's or OPL's
indemnification obligations hereunder, with the balance of the Holdback Amount,
if any, remaining after any such withdrawals and payments, plus all accumulated
interest thereon, liquidated promptly after April 30, 2002 and, no later than
three (3) business days after such liquidation, delivered to Seller.

                  (c)      Upon the occurrence of an indemnifiable event under
ARTICLE 6 hereof, Buyer shall first make a claim for the indemnifiable amount
resulting from such indemnifiable event from the Holdback Amount and shall
provide written notice of intention to make a withdrawal from the Escrow Fund
under the Escrow Agreement referenced in SECTION 1.5(A) or the money market
deposit account referenced in SECTION 1.5(B), as the case may be, to Seller or
OPL. Such notice shall summarize the reason for such withdrawal and the amount
of the Holdback Amount to be applied in satisfaction of OPL's indemnification
obligation. If Seller agrees with the purpose of such withdrawal, then Seller
and Buyer shall submit a written notice signed by Seller and Buyer to LeBoeuf or
the Bank, as the case may be, directing LeBoeuf or the Bank, as the case may be,
to release the indemnifiable amount to Buyer. If Seller disputes in good faith
the purpose of such withdrawal, Seller and Buyer shall resolve any dispute
before submitting any written notice to LeBoeuf or the Bank, as the case may be.

         Section 1.6       COMMISSIONS COLLECTED. Notwithstanding anything to
the contrary in SECTION 1.3, all commissions on installments of agency bill
policies actually received by Seller prior to the Effective Date (as defined in
SECTION 2.6) shall be the property of Seller and those actually received by
Seller or Buyer on or after the Effective Date shall be the property of Buyer.
All contingent commissions and/or override commissions received on or after the
Effective Date, regardless of when earned, shall be the property of Buyer. All
additional or return commissions as a result of audits conducted prior to the
Effective Date and actually received from or repaid to insurance carriers before
the Effective Date shall be the property or the responsibility of Seller,
regardless of the effective date of the underlying policy, and those actually
received from or repaid to insurance carriers on or after the Effective Date
shall be the property or responsibility of Buyer, regardless of the effective
date of the underlying policy. Notwithstanding the provisions of SECTION 3.12
and SECTION 6.6 of this Agreement, (a) Seller shall be responsible for and shall
indemnify Buyer for Taxes in respect of commissions that are the property of
Seller in accordance with this SECTION 1.6, and (b) Buyer shall be responsible
for and shall indemnify Seller for Taxes in respect of commissions that are the
property of Buyer in accordance with this SECTION 1.6.

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                                   ARTICLE 2.
               CLOSING, ITEMS TO BE DELIVERED, FURTHER ASSURANCES,
                               AND EFFECTIVE DATE

         Section 2.1       CLOSING. The consummation of the purchase and sale
of the Acquired Assets and the assumption of the Assumed Liabilities under this
Agreement (the "Closing") shall take place at 10 a.m., local time, on May 11,
2001 or on such later date upon which the parties may mutually agree (the
"Closing Date") at the offices of LeBoeuf, Lamb, Greene & MacRae, L.L.P., 125
West 55th Street, New York City, New York 10019, unless another location is
agreed to by the parties hereto.

         Section 2.2       CONVEYANCE AND DELIVERY BY SELLER. At the Closing:

                  (a)      Seller shall surrender and deliver possession of the
Acquired Assets to Buyer and take such steps as may be required to put Buyer in
actual possession and operating control of the Acquired Assets, and in addition
shall deliver to Buyer such bills of sale and assignments and other good and
sufficient instruments and documents of conveyance, in form reasonably
satisfactory to Buyer, as shall be necessary and effective to consummate the
transactions specified or contemplated by this Agreement and to transfer and
assign to, and vest in, Buyer all of Seller's right, title, and interest in and
to the Acquired Assets free and clear of any lien, charge, pledge, security
interest, restriction or encumbrance of any kind except as otherwise indicated
in this Agreement; and

                  (b)      Seller shall deliver to Buyer: (i) all keys to each
office site, facility, and equipment transferred to Buyer; (ii) all security and
access codes, if any, applicable to each site, facility, and equipment
transferred to Buyer; and (iii) the Bill of Sale and Assignment, executed by
Seller.

         Section 2.3       ASSUMPTION AND DELIVERY BY BUYER. On the Closing
Date, Buyer shall (a) make the payments described in SECTION 1.4(A)(II), (III)
and (IV), by wire transfer of immediately available funds in United States
currency to the appropriate accounts, and (b) deliver to Seller the Assumption
Agreement, executed by Buyer.

         Section 2.4       MUTUAL PERFORMANCE. At the Closing, the parties shall
also deliver to each other the agreements and other documents referred to in
ARTICLE 5 hereof.

         Section 2.5       FURTHER ASSURANCES. From time to time after the
Closing, at Buyer's request, Seller shall execute, acknowledge and deliver to
Buyer such other instruments of conveyance and transfer and shall take such
other actions and execute and deliver such other documents, certifications and
further assurances as Buyer may reasonably request in order to vest more
effectively in Buyer, or to put Buyer more fully in possession of, any of the
Acquired Assets. Each of the parties hereto shall cooperate with the others and
execute and deliver to the other parties such other instruments and documents
and take such other actions as may be reasonably requested from time to time by
any other party hereto as necessary to consummate the transactions specified or
contemplated by this Agreement and to carry out, evidence and confirm the
intended purposes of this Agreement.

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         Section 2.6       EFFECTIVE DATE. The effective date of all documents
and instruments executed at the Closing shall be May 1, 2001 at 12:01 am Central
Daylight Time (the "Effective Date") unless otherwise specified.

                                   ARTICLE 3.
            REPRESENTATIONS AND WARRANTIES OF SELLER, PARENT AND OPL

         Seller, Parent and OPL represent and warrant, jointly and severally, to
Buyer as follows:

         Section 3.1       ORGANIZATION OF SELLER. Seller is a corporation
organized and in good standing under the laws of the State of Delaware. Seller
has all requisite corporate power and authority and all necessary governmental
approvals to own, lease and operate its properties and to carry on its business
as now being conducted. Seller is duly qualified or licensed to do business and
is in good standing in each jurisdiction in which the property owned, leased, or
operated by it or the nature of the business conducted by it makes such
qualification or licensing necessary.

         Section 3.2       ORGANIZATION OF PARENT AND OPL.

                  (a)      Parent is a corporation organized and in good
standing under the laws of the State of Delaware. Parent has all requisite
corporate power and authority and all necessary governmental approvals to own,
lease and operate its properties and to carry on its business as now being
conducted.

                  (b)      OPL is a corporation organized and in good standing
under the laws of the Islands of Bermuda. OPL has all requisite corporate power
and authority and all necessary governmental approvals to own, lease and operate
its properties and to carry on its business as now being conducted.

         Section 3.3       CAPITALIZATION. Parent owns and holds all of the
outstanding shares of capital stock of Seller and there are no outstanding
options or rights to acquire additional shares of capital stock of Seller.

         Section 3.4       AUTHORITY. Seller, Parent and OPL each have the
requisite corporate power and authority to execute and deliver this Agreement
and to consummate the transactions contemplated hereby. The execution, delivery
and performance of this Agreement, and the consummation of the Agreement and the
other transactions contemplated hereby, have been duly authorized by all
necessary corporate action on the part of Seller, Parent and OPL, including
without limitation the respective boards of directors of Seller, Parent and OPL.
This Agreement has been, and the other agreements, documents and instruments
required to be delivered by Seller, Parent and OPL in accordance with the
provisions hereof (collectively, the "Seller's Documents") shall be, duly
executed and delivered by duly authorized officers of Seller, Parent and OPL on
behalf of Seller, Parent and OPL, respectively, and assuming this Agreement
constitutes a valid and binding obligation of Buyer, this Agreement constitutes,
and the Seller's Documents when executed and delivered shall constitute, legal,
valid and binding obligations of Seller, Parent and OPL, enforceable against
Seller, Parent and OPL in accordance with their terms, subject to applicable
bankruptcy, insolvency, reorganization or similar laws from time to time in
effect which offset

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creditors' rights generally and general equitable principles (regardless of
whether the issue of enforceability is considered in a proceeding in equity or
in law).

         Section 3.5       CONSENTS AND APPROVALS; NO VIOLATIONS. Except as set
forth in Schedule 3.5, neither the execution, delivery or performance of this
Agreement by Seller and Parent nor the consummation by them of the transactions
contemplated hereby nor compliance by it with any of the provisions hereof shall
(a) conflict with or result in any breach of, any provision of their respective
Certificates of Incorporation or Bylaws (or equivalent charters or
organizational documents), (b) require any filing with, or permit,
authorization, consent or approval of, any federal, state, local, or foreign
court, arbitral tribunal, administrative agency or commission, or other
governmental or other regulatory authority or agency (each a "Governmental
Authority"), or (c) result in a violation or breach of, or constitute a default
under, result in the acceleration of, create in any party the right to
accelerate, terminate, modify or cancel, or require any notice or consent under
any of the terms, conditions or provisions of any agreement or other instrument
or obligation to which Seller or Parent is a party or by which Seller or any of
its properties or assets may be bound.

         Section 3.6       NO THIRD PARTY OPTIONS. There are no existing
agreements, options, commitments, or rights with, of or to any person to acquire
any of Seller's assets, properties or rights included in the Acquired Assets or
any interest therein.

         Section 3.7       FINANCIAL STATEMENTS AND OTHER FINANCIAL DATA. The
following financial statements of Seller (collectively, the "Financial
Statements") have been delivered or previously made available to Buyer: (i)
statements of assets, liabilities and equity-income tax basis and the related
statements of revenues, expenses and retained earnings-income tax basis, and the
respective accountants' compilation reports related thereto, as of and for the
fiscal years ended December 31, 2000, December 31, 1999, and December 31, 1998
(the "Most Recent Fiscal Year End") for Seller, and (ii) unaudited statements of
assets, liabilities and equity-income tax basis and the related statements of
revenues, expenses and retained earnings-income tax basis ("Most Recent
Financial Statements") as of and for the three (3) months ended March 31, 2001
(the "Most Recent Fiscal Month End"). The Financial Statements (including the
Notes thereto) have been prepared in accordance with United States generally
accepted accounting principles applied on a consistent basis throughout the
periods covered thereby, present fairly the financial condition of Seller,
including assets and liabilities (whether accrued, absolute, contingent or
otherwise) as of such dates and the results of operations of Seller for such
periods, are correct and complete, and are consistent with the books and records
of Seller (which books and records are correct and complete); provided, however,
that the Most Recent Financial Statements lack footnotes and other presentation
items. Seller has not guaranteed any premium financing on behalf of its
customers.

         Section 3.8       ORDINARY COURSE OF BUSINESS. Since the Most Recent
Fiscal Month End, Seller has carried on the Business in the usual, regular and
ordinary course in substantially the manner heretofore conducted and has taken
no unusual actions in contemplation of this transaction, except with the consent
of Buyer. Since the Most Recent Fiscal Month End, there have been no events or
changes having an adverse effect on Seller, the Business or the Acquired Assets.
Except as set forth in Schedule 3.8, all of Seller's accounts payable, including
accounts payable to insurance carriers, are current and reflected properly on
its books and records, and

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shall be paid in accordance with their terms at their recorded amounts. Other
than as described on Schedule 3.8, and without limiting the generality of the
foregoing, since the Most Recent Fiscal Month End:

                  (a)      Seller has not sold, leased, transferred, or assigned
any of its assets, tangible or intangible, other than for a fair consideration
in the ordinary course of business;

                  (b)      Seller has not entered into any agreement, contract,
lease, or license (or series of related agreements, contracts, leases, and
licenses) either involving more than US$5,000.00 or outside the ordinary course
of business;

                  (c)      no party (including Seller) has accelerated,
terminated, modified, or canceled any agreement, contract, lease, or license (or
series of related agreements, contracts, leases, and licenses) involving more
than US$5,000.00 to which Seller is a party or by which it is bound;

                  (d)      Seller has not imposed or granted any mortgage,
pledge, lien, encumbrance, charge or other security interest upon any of its
assets, tangible or intangible;

                  (e)      Seller has not made any capital expenditure (or
series of related capital expenditures) either involving more than US$5,000.00,
or outside the ordinary course of business;

                  (f)      Seller has not made any capital investment in, any
loan to, or any acquisition of the securities or assets of, any other person or
entity (or series of related capital investments, loans, and acquisitions)
either involving more than US$5,000.00, or outside the ordinary course of
business;

                  (g)      Seller has not issued any note, bond, or other debt
security or created, incurred, assumed, or guaranteed any indebtedness for
borrowed money or capitalized lease obligation either involving more than
US$5,000.00 singly or US$10,000.00, in the aggregate;

                  (h)      Seller has not delayed or postponed the payment of
accounts payable and other liabilities outside the ordinary course of business;

                  (i)      Seller has not canceled, compromised, waived, or
released any right or claim (or series of related rights and claims) either
involving more than US$5,000.00, or outside the ordinary course of business;

                  (j)      Seller has not granted any license or sublicense of
any rights under or with respect to any patent, trademark, servicemark, logo,
corporate name or computer software;

                  (k)      there has been no change made or authorized in the
charter or bylaws of Seller;

                  (l)      Seller has not issued, sold, or otherwise disposed of
any of its capital stock, or granted any options, warrants, or other rights to
purchase or obtain (including upon conversion, exchange, or exercise) any of its
capital stock;

                                       10
<PAGE>

                  (m)      Seller has not declared, set aside, or paid any
dividend or made any distribution with respect to its capital stock (whether in
cash or in kind) or redeemed, purchased, or otherwise acquired any of its
capital stock;

                  (n)      Seller has not experienced any damage, destruction,
or loss (whether or not covered by insurance) to its property;

                  (o)      Seller has not made any loan to, or entered into any
other transaction with, any of its directors, officers, and employees outside
the ordinary course of business;

                  (p)      Seller has not entered into any employment contract
or collective bargaining agreement, written or oral, or modified the terms of
any existing such contract or agreement;

                  (q)      Seller has not granted any increase in the base
compensation of any of its directors, officers, and employees outside the
ordinary course of business;

                  (r)      Seller has not adopted, amended, modified or
terminated any bonus, profit-sharing, incentive, severance, or other plan,
contract, or commitment for the benefit of any of its directors, officers, and
employees;

                  (s)      Seller has not made any other change in employment
terms for any of its directors, officers, and employees outside the ordinary
course of business;

                  (t)      Seller has not made or pledged to make any charitable
or other capital contribution outside the ordinary course of business; and

                  (u)      Seller has not entered into any agreement to purchase
or acquire any insurance agency business.

         Section 3.9       ASSETS.

                  (a)      Seller owns and holds, free and clear of any lien,
charge, pledge, security interest, restriction, encumbrance or third-party
interest of any kind whatsoever (including insurance company payables), sole and
exclusive right, marketable title and interest in and to the Acquired Assets,
including but not limited to the customer expiration records for those customers
listed in Schedule 1.2(a), together with the exclusive right to use such records
and all customer accounts, copies of insurance policies and contracts in force
and all files, invoices and records pertaining to the customers, their contracts
and insurance policies, and all other information comprising the Purchased Book
of Business. Seller has not received notice that any of the accounts listed in
Schedule 1.2(a) has canceled or non-renewed or intends to cancel or non-renew.
Schedule 1.2(a) also shows the premiums paid to Seller by each customer during
the twelve-month period ended April 30, 2001. None of the accounts shown in
Schedule 1.2(a) represents business that has been brokered through a third
party.

                  (b)      The service marks "Parcel Insurance Plan(R)" and
"PIP(R)" are the only service marks used by Seller within the past three years.
Seller has not received notice of any claims filed during the past three years
against Seller alleging that it has violated, infringed on or otherwise
improperly used the Intellectual Property rights of a third party, or, if so,
the claim has been settled,

                                       11
<PAGE>

withdrawn or abandoned with no existing liability to Seller and, to the
Knowledge (as defined in SECTION 7.2 hereof) of Seller and Parent, Seller has
not violated or infringed any trademark, trade name, service mark, service name,
patent, copyright or trade secret held by others.

                  (c)      Schedule 3.9(c) lists all material contracts,
agreements and other written or verbal arrangements to which Seller is a party,
including, but not limited to:

                           (i)      any agreement (or group of related
agreements) for the lease of personal property to or from any person or entity
providing for lease payments in excess of US$10,000.00 per annum;

                           (ii)     any agreement (or group of related
agreements) for the purchase or sale of raw materials, commodities, supplies,
products, or other personal property, or for the furnishing or receipt of
services, the performance of which shall extend over a period of more than one
(1) year, result in a loss to Seller, or involve consideration in excess of
US$10,000.00;

                           (iii)    any agreement concerning a partnership or
joint venture;

                           (iv)     any agreement (or group of related
agreements) under which it has created, incurred, assumed, or guaranteed any
indebtedness for borrowed money, or any capitalized lease obligation, in excess
of US$10,000.00 or under which it has imposed a security interest on any of its
assets, tangible or intangible;

                           (v)      any employment, confidentiality,
nonsolicitation or noncompetition agreement;

                           (vi)     any agreement involving Parent or any of
Parent's affiliates (other than Seller);

                           (vii)    any collective bargaining agreement;

                           (viii)   any agreement for the employment of any
individual on a full-time, part-time, consulting, or other basis providing
annual compensation in excess of US$50,000.00 or providing severance benefits in
excess of US$50,000.00;

                           (ix)     any agreement under which Seller has
advanced or loaned any amount to any of its directors, officers, and employees
outside the ordinary course of business;

                           (x)      any agreement under which the consequences
of a default or termination could have a adverse effect on the Business,
financial condition, operations, results of operations, or future prospects of
Seller; or

                           (xi)     any other written arrangement (or group of
related arrangements) either involving more than US$10,000.00 or not entered
into in the ordinary course of business.

Seller has delivered or made available to Buyer true and complete copies of each
such agreement, and, in the case of unwritten agreements, a true and complete
summary of such arrangements. Seller is in compliance with the terms thereof.
With respect to each such

                                       12
<PAGE>

agreement listed in Schedule 3.9(c), to the Knowledge of Seller: (A) the
agreement is legal, valid, binding, enforceable, and in full force and effect;
(B) the agreement shall continue to be legal, valid, binding, enforceable, and
in full force and effect on identical terms following the consummation of the
transactions contemplated hereby, and no event has occurred that with notice or
lapse of time would constitute a breach or default, or permit termination,
modification, or acceleration, under the agreement; and (C) no party has
repudiated any provision of the agreement.

                  (d)      The computer software currently being used by Seller
in connection with the Business performs in accordance with the documentation,
and other written material used in connection therewith is substantially free of
defects in programming and operation as needed in the operation of the Business.
Seller has delivered or previously made available to Buyer complete and correct
copies of all user and technical documentation in their possession related to
such software.

                  (e)      Seller owns or leases all buildings, equipment, and
other assets necessary for the conduct of the Business as presently conducted.
All such assets are included within the Acquired Assets. Each such asset is free
from defects (patent and latent), has been maintained in accordance with normal
industry practice, is in good operating condition and repair (subject to normal
wear and tear), and is suitable for the purposes for which it presently is used
and presently is proposed to be used.

         Section 3.10      LITIGATION AND CLAIMS; SOLVENCY. Except as disclosed
in Schedule 3.10, there is no suit, claim, action, proceeding or investigation
pending or, to the Knowledge of Seller, threatened against Seller before any
Governmental Authority that would have a material adverse effect on (i) the
ability of Seller to timely perform its obligations under this Agreement or any
Seller's Document or to consummate the transactions contemplated hereby or
thereby, or (ii) the Business or financial condition, results of operations or
assets of Seller (a "Material Adverse Effect") or that would prevent Seller from
consummating the transactions contemplated by this Agreement. Seller is not
subject to any outstanding order, writ, injunction or decree which, insofar as
can be reasonably foreseen, individually or in the aggregate, in the future
would have a Material Adverse Effect or would prevent Seller from consummating
the transactions contemplated hereby. No voluntary or involuntary petition in
bankruptcy, receivership, insolvency or reorganization with respect to Seller,
or petition to appoint a receiver or trustee of Seller's property, has been
filed by or against Seller, nor shall Seller file such a petition prior to the
Closing Date or for one hundred (100) days thereafter, and if such petition is
filed by others, the same shall be promptly discharged. Seller has not made any
assignment for the benefit of creditors or admitted in writing insolvency or
that its property at fair valuation shall not be sufficient to pay its debts,
nor shall Seller permit any judgment, execution, attachment or levy against it
or its properties to remain outstanding or unsatisfied for more than ten (10)
days. Seller shall not become insolvent as a result of consummating the
transactions contemplated by this Agreement.

         Section 3.11      COMPLIANCE WITH APPLICABLE LAW. Except as set forth
in Schedule 3.11, Seller holds all permits, licenses, variances, exemptions,
orders and approvals of all Governmental Authorities necessary for the lawful
conduct of the Business (collectively, the "Permits"), and Seller is in
compliance with the terms of the Permits except where the failure to hold any
such Permit or where noncompliance with such Permits would not have a Material

                                       13
<PAGE>

Adverse Effect. Seller is not in violation of any law, ordinance or regulation
of any Governmental Authority including without limitation any law, ordinance or
regulation relating to any of Seller's employment practices. As of the date of
this Agreement, no investigation or review by any Governmental Authority with
respect to Seller is pending or, to the Knowledge of Seller and Parent,
threatened.

         Section 3.12      TAX MATTERS. Seller has no liability or obligation
in respect of Taxes (as defined in SECTION 6.6) for which Buyer may become
liable or to which the Acquired Assets may become subject.

         Section 3.13      NON-SOLICITATION COVENANTS. Neither Seller nor
Parent is a party to any agreement that restricts Seller's or Parent's ability
to compete in the insurance agency industry or solicit specific insurance
accounts.

         Section 3.14      ERRORS AND OMISSIONS. Seller has not incurred any
liability or taken or failed to take any action that may reasonably be expected
to result in a liability for errors or omissions in the conduct of the Business,
except such liabilities as are fully covered by insurance (other than
deductibles). All errors and omissions (E&O) claims currently pending or
threatened against Seller are set forth in Schedule 3.10. Seller has E&O
insurance coverage in force, with minimum liability limits of $3 million per
claim and $3 million aggregate, and a deductible of $10,000 per claim, and shall
provide to Buyer evidence of such E&O coverage prior to or on the Closing Date.

         Section 3.15      ENVIRONMENTAL AND PUBLIC SAFETY COMPLIANCE. Seller
and its predecessors entities and affiliates have complied with all laws
(including rules and regulations thereunder) of any Government Authority
concerning the environment, public health and safety, and employee health and
safety except where noncompliance would not have a Material Adverse Effect, and
no charge, complaint, action, suit, proceeding, hearing, investigation, claim,
demand or notice has been filed or commenced against Seller or its predecessor
entities or affiliates alleging any failure to comply with any such law, rule or
regulation. Neither Seller nor its predecessor entities or affiliates has
received any notification from any Governmental Authority that it allegedly was
a contributor to or a potentially responsible party in connection with, any
place a which Hazardous Material was stored, treated, released or disposed. The
term "Hazardous Materials" means any "toxic substance" as defined in 15 U.S.C.
ss.ss. 2601 et seq. on the date hereof, including materials designated on the
date hereof as "hazardous substances" under 42 U.S.C. ss.ss.9601 et seq. or
other applicable laws, and toxic, radioactive, caustic, or otherwise hazardous
substances, including petroleum and its derivatives, asbestos, PCBs,
formaldehyde, chlordane and heptachlor.

         Section 3.16       POWERS OF ATTORNEY. There are no outstanding powers
of attorney executed on behalf of Seller.

         Section 3.17      INSURANCE. Schedule 3.17 sets forth the following
information with respect to each insurance policy (including policies providing
property, casualty, liability, and workers' compensation coverage and bond and
surety arrangements, and that policy described in SECTION 3.14 hereof) to which
Seller has been a party, a named insured, or otherwise the beneficiary of
coverage at any time within the past three (3) years:

                                       14
<PAGE>

                  (a)      the name, address, and telephone number of the agent;

                  (b)      the name of the insurer, the name of the
policyholder, and the name of each covered insured;

                  (c)      the policy number and the period of coverage;

                  (d)      the scope (including an indication of whether the
coverage was on a claims made, occurrence, or other basis) and amount (including
a description of how deductibles and ceilings are calculated and operate) of
coverage; and

                  (e)      a description of any retroactive premium adjustments
or other loss-sharing arrangements.

With respect to each such insurance policy, to the Knowledge of Seller: (i) the
policy is legal, valid, binding, enforceable, and in full force and effect; (ii)
the policy shall continue to be legal, valid, binding, enforceable, and in full
force and effect on identical terms following the consummation of the
transactions contemplated hereby (including the assignments and assumptions
referred to in ARTICLE 1 hereof); (iii) neither Seller nor any other party to
the policy is in breach or default (including with respect to the payment of
premiums or the giving of notices), and no event has occurred which, with notice
or the lapse of time, would constitute such a breach or default, or permit
termination, modification, or acceleration, under the policy; and (iv) no party
to the policy has repudiated any provision thereof.

         Section 3.18      LABOR MATTERS. Seller is not a party to or bound by
any collective bargaining agreement, nor has it experienced any strikes,
grievances, claims of unfair labor practices, or other collective bargaining
disputes. To the Knowledge of Seller, Seller has not committed any unfair labor
practice. Neither Seller, Parent nor the directors and officers (and employees
with responsibility for employment matters) of Seller or Parent has any
Knowledge of any organizational effort presently being made or threatened by or
on behalf of any labor union with respect to employees of Seller.

         Section 3.19      EMPLOYEE BENEFIT PLANS. Schedule 3.19 lists each
Employee Benefit Plan (as defined below) that Seller maintains or to which
Seller contributes.

                  (a)      Seller's group health plan, which includes Seller's
flexible spending account plan (collectively, the "Group Health Plans"),
complies in form and in operation in all material respects with the applicable
requirements of ERISA (as defined below), the Code, and other applicable laws.
No such Employee Benefit Plan is under audit by the United States Internal
Revenue Service or the United States Department of Labor, or any foreign
governmental agencies performing similar functions.

                  (b)      All required reports and descriptions (including Form
5500 Annual Reports and summary plan descriptions) have been filed or
distributed appropriately with respect to the Group Health Plans. The
requirements of Part 6 of Subtitle B of Title I of ERISA and of Code Section
4980B have been met with respect to the Group Health Plans.

                                       15
<PAGE>

                  (c)      All premiums or other payments for all periods ending
on or before the Closing Date have been paid with respect to the Group Health
Plans.

                  (d)      Seller has delivered (or no later than sixty (60)
days prior to the Closing Date shall deliver) to Buyer correct and complete
copies of the plan documents and summary plan descriptions, the most recent Form
5500 Annual Report, and all related trust agreements, insurance contracts, and
other funding agreements that implement the Group Health Plans.

                  (e)      Seller does not contribute to, nor has ever been
required to contribute to, any Multiemployer Plan (as such term is defined in
ERISA Section 3(37)) or has any liability (including withdrawal liability) under
any Multiemployer Plan.

                  (f)      Seller does not maintain or contribute, nor has ever
maintained or contributed, or has ever been required to contribute to any
Employee Welfare Benefit Plan (as such term is defined in ERISA Section 3(1)
providing medical, health, or life insurance or other welfare-type benefits for
current or future retired or terminated employees, their spouses, or their
dependents (other than in accordance with Code Section 4980B).

                  (g)      Except as provided in SECTION 5.11(C) and (D), Buyer
shall have no obligations or liability with respect to any Employee Benefit Plan
after the Closing Date.

As used in this Agreement, the term "Employee Benefit Plan" means any (a)
Employee Pension Benefit Plan, as such term is defined in ERISA Section 3(2),
(b) Employee Welfare Benefit Plan, as such term is defined in ERISA Section
3(1), or (c) material fringe benefit plan or program, which covers or provides
benefits to any Seller employee.

As used in this Agreement, the term "ERISA" means the Employee Retirement Income
Security Act of 1974, as amended.

         Section 3.20      UNDISCLOSED LIABILITIES. Except where such liability
would not have a Material Adverse Effect, Seller has no liability (and there is
no basis for any present or future action, suit, proceeding, hearing,
investigation, charge, complaint, claim, or demand against it giving rise to any
liability), except for (a) liabilities set forth on the face of the balance
sheet (rather than in any notes thereto) included in the Most Recent Financial
Statements and (b) liabilities that have arisen after the Most Recent Fiscal
Month End in the ordinary course of business (none of which results from, arises
out of, relates to, is in the nature of, or was caused by any breach of
contract, breach of warranty, tort, infringement, or violation of law).

         Section 3.21      INTELLECTUAL PROPERTY.

                  (a)      Seller owns or has the right to use pursuant to
license, sublicense, agreement, or permission all Intellectual Property
necessary for the operation of the Purchased Book of Business as presently
conducted, except where the failure to own, or have the right to use, such
Intellectual Property would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect. Each item of Listed Intellectual
Property owned or used by Seller immediately prior to the Closing hereunder
shall be owned or available for use by Buyer on terms and conditions
substantially similar to those applicable immediately subsequent to the Closing
hereunder. "Listed Intellectual Property" shall mean those items listed in
Schedule 3.21(c) and

                                       16
<PAGE>

3.21(d) (except for computer software that is commercially available to the
general public and readily replaceable).

                  (b)      To Seller's Knowledge, Seller has not interfered
with, infringed upon, misappropriated, or otherwise come into conflict with any
Intellectual Property rights of third parties, and neither Seller nor Parent has
received any written notice or complaint (other than notices or complaints that
have been resolved, withdrawn or abandoned) alleging any such interference,
infringement, misappropriation, or violation (including any claim that Seller
must license or refrain from using any Intellectual Property rights of any third
party). To the Knowledge of Seller, no third party has interfered with,
infringed upon, misappropriated, or otherwise come into conflict with any
Intellectual Property rights of Seller.

                  (c)      Seller has no patents issued in its name, or patent
applications filed or pending. Schedule 3.21(c) identifies each license or other
agreement to which Seller is a party and pursuant to which Seller has granted to
any third party the right to use any of its Intellectual Property. Seller has
delivered to Buyer correct and complete copies of all such licenses and other
agreements (as amended to date). Schedule 3.21(c) also identifies (1) each trade
name and registered or unregistered trademark and service mark currently used by
Seller in the Business and (2) each copyright registration owned by Seller. With
respect to each item of Intellectual Property required to be identified in
Schedule 3.21(c):

                           (i)      Seller possesses all right, title, and
interest in and to the item, free and clear of any security interest, license,
or other restriction;

                           (ii)     The item is not subject to any outstanding
injunction, judgment, order, decree, ruling, or charge;

                           (iii)    No action, suit, proceeding, hearing,
investigation, charge, complaint, claim, or demand is pending or, to the
Knowledge of Seller, threatened, that challenges the legality, validity,
enforceability, use, or ownership of the item; and

                           (iv)     Seller has not granted any sublicense or
similar right with respect to the license, sublicense, agreement, or permission.

                  (d)      Schedule 3.21(d) identifies each license, sublicense,
or other agreement to which Seller is a party and pursuant to which Seller is
authorized to use Intellectual Property that any third party owns. Seller has
delivered to Buyer correct and complete copies of all such licenses,
sublicenses, or other agreements, (as amended to date). With respect to each
license, sublicense or agreement identified in Schedule 3.21(d):

                           (i)      the license, sublicense, agreement, or
permission covering the item is legal, valid, binding, enforceable, and in full
force and effect;

                           (ii)     the license, sublicense, agreement, or
permission shall continue to be legal, valid, binding, enforceable, and in full
force and effect on identical terms following the consummation of the
transactions contemplated hereby (including the assignments and assumptions
referred to in ARTICLE 2 above);

                                       17
<PAGE>

                           (iii)    to Seller's Knowledge, no party to the
license, sublicense, agreement, or permission is in breach or default, and no
event has occurred that with notice or default or permit termination,
modification, or acceleration thereunder;

                           (iv)     no party to the license, sublicense,
agreement, or permission has provided notice of repudiation of any provision
thereof;

                           (v)      to the Knowledge of Seller, the underlying
item of Intellectual Property is not subject to any outstanding injunction,
judgment, order, decree, ruling, or charge;

                           (vi)     no action, suit, proceeding, hearing,
investigation, or complaint is pending against Seller or, to the Knowledge of
Seller, is threatened, that challenges the legality, validity, or enforceability
of the underlying item of Intellectual Property; and

                           (vii)    Seller is not a party to any sublicense
pursuant to which Seller has granted rights to the license, sublicense, or
agreement.

         Section 3.22      SUBSIDIARIES. Seller does not have and has never had
any subsidiaries.

         Section 3.23      NO MISREPRESENTATIONS. None of the representations
and warranties of Seller and Parent set forth in this Agreement, notwithstanding
any investigation thereof by Buyer, contains any untrue statement of a material
fact, or omits the statement of any material fact necessary to render the
statements made not materially misleading.

                                   ARTICLE 4.
                     BUYER'S REPRESENTATIONS AND WARRANTIES

         Buyer represents and warrants to Seller and Parent as follows:

         Section 4.1       ORGANIZATION. Buyer is a corporation organized and
in good standing under the laws of Missouri, and its status is active. Buyer has
all requisite corporate power and authority and all necessary governmental
approvals to own, lease, and operate its properties and to carry on its business
as now being conducted and as proposed to be conducted.

         Section 4.2       AUTHORITY. Buyer has the requisite corporate power
and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby. The execution, delivery, and performance of
this Agreement, and the consummation of the Agreement and the other transactions
contemplated hereby, have been duly authorized by all necessary corporate action
on the part of Buyer, including without limitation the board of directors of
Buyer. This Agreement has been, and the other agreements, documents and
instruments required to be delivered by Buyer in accordance with the provisions
hereof (collectively, the "Buyer's Documents") shall be, duly executed and
delivered by duly authorized officers of Buyer, and, assuming this Agreement
constitutes a valid and binding obligation of Seller, constitutes, and the
Buyer's Documents when executed and delivered shall constitute, valid and
binding obligations of Buyer, enforceable against it in accordance with their
terms, subject to applicable bankruptcy, insolvency, reorganization or similar
laws from time to time in effect which offset creditors' rights generally and
general equitable principles (regardless of whether the issue of enforceability
is considered in a proceeding in equity or in law).

                                       18
<PAGE>

         Section 4.3       CONSENTS AND APPROVALS; NO VIOLATIONS. Neither the
execution, delivery, or performance of this Agreement by Buyer nor the
consummation by Buyer of the transactions contemplated hereby nor compliance by
Buyer with any of the provisions hereof shall (a) conflict with or result in any
breach of any provision of the Articles of Incorporation or the Bylaws of Buyer,
(b) require any filing with, or permit, authorization, consent, or approval of,
any Governmental Authority (except for necessary reports and other filings with
the Securities and Exchange Commission (the "SEC") and the New York Stock
Exchange), (c) result in a violation or breach of, or constitute a default
under, result in the acceleration of, create in any party the right to
accelerate, terminate, modify or cancel, or, except in connection with (i) the
loan facilities of Buyer's parent company, Brown & Brown, Inc., with SunTrust
Bank and Continental Casualty Company, respectively, or (ii) the insurance
carriers for certain of Buyer's insurance policies, require any notice or
consent any of the terms, conditions, or provisions of any agreement or other
instrument or obligation to which Buyer is a party or by which Buyer or any of
its properties or assets may be bound.

         Section 4.4       LITIGATION. There is no suit, claim, action,
proceeding, or investigation pending or, to the Knowledge of Buyer, threatened
against Buyer or its affiliates before any Governmental Authority that would
have a material adverse effect on Buyer or would prevent Buyer from consummating
the transactions contemplated by this Agreement. Buyer is not subject to any
outstanding order, writ, injunction or decree which, insofar as can be
reasonably foreseen, individually or in the aggregate, in the future would have
a material adverse effect on Buyer or would prevent Buyer from consummating the
transactions contemplated hereby. No voluntary or involuntary petition in
bankruptcy, receivership, insolvency or reorganization with respect to Buyer, or
petition to appoint a receiver or trustee of Buyer's property, has been filed by
or against Buyer, nor shall Buyer file such a petition prior to the Closing Date
or for one hundred (100) days thereafter, and if such petition is filed by
others, the same shall be promptly discharged. Buyer has not made any assignment
for the benefit of creditors or admitted in writing insolvency or that its
property at fair valuation shall not be sufficient to pay its debts, nor shall
Buyer permit any judgment, execution, attachment or levy against it or its
properties to remain outstanding or unsatisfied for more than ten (10) days.

         Section 4.5       COMPLIANCE WITH APPLICABLE LAW. Buyer holds all
permits, licenses, variances, exemptions, orders, and approvals of all
Governmental Authorities necessary for the lawful conduct of its insurance
agency business and the Purchased Book of Business. Buyer is not in violation of
any law, ordinance or regulation of any Governmental Authority, including,
without limitation, any law, ordinance or regulation relating to any of Buyer's
employment practices except where a failure to comply would not have a material
adverse effect on Buyer. As of the date of this Agreement, no investigation or
review by any Governmental Authority with respect to Buyer is pending or, to the
Knowledge of Buyer, threatened.

         Section 4.6       CONTRACTS WITH THIRD PARTIES. Buyer and its
affiliates have no contract, agreement or understanding with any third party
concerning a potential sale of the Acquired Assets or the Business, or any
portion of either, following the Closing.

         Section 4.7       FINANCIAL ABILITY. Buyer has adequate financial
resources and capability to consummate the transactions contemplated by this
Agreement and to honor its obligations

                                       19
<PAGE>

hereunder. Buyer will not become insolvent as a result of consummating the
transactions contemplated by this Agreement.

         Section 4.8       NO MISREPRESENTATIONS. None of the representations
and warranties of Buyer set forth in this Agreement, notwithstanding any
investigation thereof by Seller, contains any untrue statement of a material
fact, or omits the statement of any material fact necessary to render the
statements made not materially misleading.

                                   ARTICLE 5.
                              ADDITIONAL AGREEMENTS

         Section 5.1       BROKERS OR FINDERS. Each of the parties represents,
as to itself, its subsidiaries and its affiliates, that no agent, broker,
investment banker, financial advisor, or other firm or person is or shall be
entitled to any broker's or finder's fee or any other commission or similar fee
in connection with any of the transactions contemplated by this Agreement, and
each of the parties agrees to indemnify and hold the others harmless from and
against any and all claims, liabilities, or obligations with respect to any
fees, commissions, or expenses asserted by any person on the basis of any act or
statement alleged to have been made by such party or its affiliate.

         Section 5.2       NON-COMPETITION COVENANTS. Given the national nature
of the Business, OPL agrees that, for a period of five (5) years beginning on
the Closing Date, OPL shall not directly or indirectly (including, without
limitation, through Seller and/or Parent or any successor entity thereof) engage
in, or be or become the owner of a direct or indirect equity interest in, or
otherwise consult with, be employed by, or participate in the business of, any
entity (other than Buyer) engaged as a managing general agency (MGA) in the
Small Package Insurance agency business with respect to customers whose
shipments originate from within the United States (including its territories,
commonwealths and dependencies). Without limiting the foregoing, OPL shall not,
during such five-year period, (a) solicit, divert, accept business from, nor
service, directly or indirectly, as insurance solicitor, insurance agent,
insurance broker or otherwise, for his account or the account of any other
agent, broker, or insurer, either as owner, shareholder, promoter, employee,
consultant, manager or otherwise, any account that is part of the Purchased Book
of Business or any insurance account then serviced by Buyer, or (b) directly or
indirectly hire or solicit any employees of Buyer or its affiliates (other than
Charles D. Smith) to work for OPL or any of its affiliates, or any company that
competes with Buyer or its affiliates.

         Section 5.3       REMEDY FOR BREACH OF COVENANTS. In the event of a
breach of the provisions of SECTION 5.2, Buyer shall be entitled to injunctive
relief as well as any other applicable remedies at law or in equity. Should a
court of competent jurisdiction declare any of the covenants set forth in
SECTION 5.2 unenforceable due to a unreasonable restriction, duration,
geographical area or otherwise, the parties agree that such court shall be
empowered and shall grant Buyer or its affiliates injunctive relief to the
extent reasonably necessary to protect their respective interests. Seller,
Parent and OPL each acknowledge that the covenants set forth in SECTION 5.2
represent an important element of the value of the Acquired Assets and were a
material inducement for Buyer to enter into this Agreement.

                                       20
<PAGE>

         Section 5.4       SUCCESSOR RIGHTS. The covenants contained in SECTION
5.2 shall inure to the benefit of any successor in interest of Buyer by way of
merger, consolidation, sale or other succession.

         Section 5.5       ERRORS AND OMISSIONS TAIL COVERAGE. Seller shall
purchase and pay in full for a tail coverage extension on its E&O insurance
policy. Such coverage shall extend for a period of at least three (3) years from
the Closing Date, shall have per claim and aggregate coverages and deductibles
consistent with the coverages and deductibles currently maintained by Seller,
and shall otherwise be in form and substance reasonably acceptable to Buyer.
Seller shall take all reasonable steps to secure such coverage and shall deliver
to Buyer evidence of such coverage as soon as practicable after the Closing
Date.

         Section 5.6       EXPENSES. Each of Buyer, Seller, Parent and OPL
shall bear its own costs and expenses (including legal fees and expenses)
incurred in connection with this Agreement and the transactions contemplated
hereby. Seller, Parent and OPL each agree that Buyer shall not bear Seller's,
Parent's or OPL's costs or expenses (including any of their legal fees and
expenses) in connection with this Agreement or any of the transactions
contemplated hereby. Seller also agrees that it has not paid any amount to any
third party, and shall not pay any amount to any third party until after the
Closing, with respect to any of the costs and expenses of Seller, Parent and OPL
(including any of their legal fees and expenses) in connection with this
Agreement or any of the transactions contemplated hereby. Sales, transfer,
documentary and similar taxes, fees and assessments, if any, payable in
connection with the sale, conveyance, assignment, transfers and deliveries made
to Buyer in connection herewith shall be paid by Seller.

         Section 5.7       CONFIDENTIALITY.

                           (a)      Buyer, Seller, Parent and OPL shall consult
with each other before issuing, and provide each other the opportunity to review
and comment upon, any press release, filing with the SEC or other public
statements with respect to the transactions contemplated hereby and shall not
issue any such press release or make any such public statement prior to such
consultation and the receipt of the approval of the other party, except as may
be required by applicable law, by court process or by obligations pursuant to
any listing agreement with any national securities exchange.

                           (b)      Seller, Parent and OPL shall each treat
confidential and hold as such all of the information concerning the Business and
affairs of the Seller prior to Closing or Buyer subsequent to the Closing that
is not already generally available to the public ("Confidential Information");
provided, however, that Seller, Parent and OPL shall be permitted to use the
Confidential Information in connection with the defense against any legal
proceeding, claim, complaint or investigation involving Seller, Parent or OPL;
provided, further, that Seller, Parent and OPL shall use reasonable best efforts
to retain the confidentiality of such information used in any such defense. If
Seller or Parent is requested or required (by oral question or request for
information or documents in any legal proceeding, interrogatory, subpoena, civil
investigative demand, or similar process) to disclose any Confidential
Information, Seller (on behalf of itself or Parent, as the case may be) shall
notify Buyer promptly of the request or requirement so that Buyer may seek an
appropriate protective order or waive compliance with the provisions of this
SECTION 5.7. If, in the absence of a protective order or the receipt of a waiver
hereunder, Seller, Parent or OPL is, on the advice of counsel, compelled to
disclose any Confidential Information to

                                       21
<PAGE>

any tribunal or else stand liable for contempt, Seller, Parent or OPL, as the
case may be, may disclose the Confidential Information to the tribunal solely in
connection with such matter; provided, however, that Seller, Parent or OPL, as
the case may be, shall use its best efforts to obtain, at the request of Buyer,
an order or other assurance that confidential treatment shall be accorded to
such portion of the Confidential Information required to be disclosed as Buyer
shall designate.

         Section 5.8       ENFORCEMENT OF EMPLOYMENT AGREEMENTS. After the
Closing, and at Buyer's request, Seller shall (a) take all reasonable measures
to enforce the terms of those non-compete/non-solicitation agreements with its
existing employees that either have not been or cannot be assigned to Buyer,
including pursuing legal and injunctive proceedings, and (b) cooperate with
Buyer in enforcing the terms of those contracts assigned to Buyer and shall join
in any legal or injunctive proceedings instituted by Buyer for such purpose.
Buyer shall bear the costs and fees of any such proceedings.

         Section 5.9       CORPORATE NAME; DISSOLUTION OF SELLER AND/OR PARENT.

                  (a)      Promptly after the Closing, Seller agrees to cease
all use of the corporate name "Parcel Insurance Plan, Inc." or the service marks
"Parcel Insurance Plan(R)", "PIP(R)", or any derivative thereof and shall, no
later than five (5) business days after the Closing, file an amendment to its
Certificate of Incorporation with the Delaware Secretary of State, changing its
corporate name to a new corporate name that bears no resemblance to its current
corporate name.

                  (b)      Buyer acknowledges and agrees that at any time after
the Closing Date, Seller and/or Parent may voluntarily dissolve pursuant to
Section 275 of the Delaware General Corporation Law. Within 15 business days
after the filing of a certificate of dissolution with the Secretary of State of
the State of Delaware, Buyer shall be provided with written notice of any such
dissolution. Upon any such dissolution, OPL shall succeed to the rights and
obligations hereunder of the dissolved party.

         Section 5.10      TERMINATION OF EMPLOYEE BENEFIT PLANS. At the
Closing, Seller shall deliver to Buyer copies of duly adopted resolutions of
Seller's Board of Directors (a) terminating Seller's Employee Benefits Plans
(other than the Group Health Plans), with such termination effective prior to
the Closing Date, (b) providing that no contributions shall be made to Seller's
401(k) Plan after such date, and (c) directing Seller's or Parent's legal
counsel to apply for a determination letter from the Internal Revenue Service
with respect to the termination of the 401(k) Plan and to submit a notice of
intent to terminate to all interested parties under the 401(k) Plan.

         Section 5.11      EMPLOYEES OF SELLER. (a) (a) Prior to the Closing
Date, Buyer shall make offers of employment to all Seller employees listed in
Schedule 5.11 (the "Transferred Employees"). Such offers of employment shall be
at compensation levels which are, in the aggregate, economically similar to the
compensation levels which Transferred Employees enjoyed as employees of Seller.
Additionally, such Transferred Employees shall be entitled to the same benefits
as conferred upon any other employees of comparable rank of Buyer. Buyer agrees
to provide to the Transferred Employees who become employees of Buyer credit for
service under the existing employee benefit plans in which employees of Buyer
are participants (the "Existing Plans"), to the extent permissible under the
Existing Plans and to the extent that such Transferred Employees are otherwise
eligible to

                                       22
<PAGE>
participate, as employees of Buyer, in the Existing Plans, for the purposes of
participation, vesting and accrual of benefits; provided, however, that no
credit for service for purposes of participation, vesting or accrual of benefits
under the Existing Plans will be awarded to any such Transferred Employees under
any Existing Plan with respect to any period that is prior to the earliest date
that any of Buyer's existing employees have received credit for purposes of
participation, vesting or accrual of benefits under such Existing Plan. Buyer
further agrees that, to the extent possible, it will waive any "pre-existing
condition" exclusion or waiting periods that may limit any such Transferred
Employee's qualification for coverage under Buyer's standard and customary
health benefits and will credit all co-payments and deductions paid by the
Transferred Employees under Seller's plan prior to the Closing toward any
applicable deductible out-of-pocket requirements. Buyer shall maintain such
compensation and benefit levels for a period of at least one (1) year after the
Closing Date for those Transferred Employees who remain employed with Buyer.

                  (b)      On and after the Effective Date, Buyer agrees to
assume responsibility for any and all liabilities and obligations of Seller
which have arisen or may arise in connection with the employment of the
Transferred Employees. Without limiting the foregoing, Buyer agrees that such
liabilities shall include, but not be limited to: the timely payment of all
payroll expenses, the timely withholding, payment and/or deposit of any
applicable income or employment taxes, and the timely payment of any required
contributions to any Employee Benefit Plan of Seller. Each of the foregoing
liabilities are among the Assumed Liabilities as defined in SECTION 1.4(D)(I)
hereof.

                  (c)      Buyer agrees to assume responsibility for providing
the appropriate COBRA notices and for providing COBRA continuation coverage to
all "M&A qualified beneficiaries" as such term is defined in Treas.
Reg. ss. 54.4980B-9. For purposes of this Agreement, COBRA means health
continuation obligations under ss. 4980B of the Code.

                  (d)      Subject to SECTION 6.6 hereof, on and after the
Closing Date, Buyer agrees to assume responsibility for Seller's Group Health
Plans, until such time as those Transferred Employees who participate in such
Group Health Plans become enrolled to participate in Buyer's group health plan
(including Buyer's flexible spending account plan).

                  (e)      Nothing contained in this Agreement, expressed or
implied, is intended to confer any rights, obligations, liabilities, or remedies
on behalf of any Transferred Employee or their respective beneficiaries,
dependents or successors.

         Section 5.12      NOTICES AND CONSENTS. Seller shall give any notices
to third parties, and Seller shall use its reasonable best efforts to obtain any
third party consents, that Buyer may request in connection with the matters
referred to in Schedule 3.5. Seller and Buyer shall give any notices to, make
any filings with, and use their reasonable best efforts and cooperate with one
another to obtain any authorizations, consents, and approvals of governments and
governmental agencies in connection with the matters referred to in SECTION 3.5
above.

         Section 5.13      CONDITIONS TO EACH PARTY'S OBLIGATION. The respective
obligations of each party to effect the transactions contemplated by this
Agreement to take place on the Closing Date shall be subject to the satisfaction
prior to or on the Closing Date of the following conditions, any of which may be
waived by a party with respect to its own obligation to close:

                                       23
<PAGE>

                  (a)      Approvals. All authorizations, consents, orders, or
approvals of, or declarations or filings with, or expirations of waiting periods
imposed by, any Governmental Authority, the failure to obtain which would have a
Material Adverse Effect, shall have been filed, occurred, or been obtained.

                  (b)      No Injunctions or Restraints. No temporary
restraining order, preliminary or permanent injunction, or other order issued by
any court of competent jurisdiction or other legal restraint or prohibition
shall be in effect (i) preventing the consummation of the transaction, (ii)
causing any of the transactions contemplated by this Agreement to be rescinded
following consummation, (iii) affecting adversely the right of Buyer to own the
Acquired Assets or to operate the Business, or (iv) affecting adversely the
Business, assets, properties, operation (financial or otherwise), or prospects
of Buyer with respect to its ownership of the Acquired Assets or operation of
its business as a result of such acquisition; provided, however, that the party
invoking this provision shall use its best efforts to have any such restraint
removed.

                  (c)      Third Party Consents. All required third-party
consents shall have been obtained, including without limitation the consents
listed in Schedule 3.5.

         Section 5.14      CONDITIONS TO OBLIGATIONS OF BUYER. The obligation
of Buyer to effect the transactions contemplated by this Agreement to occur on
the Closing Date is subject to the satisfaction of the following conditions,
unless waived by Buyer:

                  (a)      Representations and Warranties. The representations
and warranties of the Seller, Parent and OPL set forth in this Agreement shall
be true and correct in all material respects as of the Closing Date.

                  (b)      Performance of Obligations by Seller, Parent, and
OPL. Seller, Parent and OPL shall have performed in all material respects all
obligations required to be performed by them under this Agreement at or prior to
the Closing Date including, without limitation, the satisfaction and release of
any liens, judgments, or other encumbrances upon any of the Acquired Assets.

                  (c)      Seller, Parent and OPL Certificates. An officer of
each of Seller, Parent and OPL shall have delivered to Buyer a certificate to
the effect that each of the conditions specified in SECTIONS 5.13(A), (B) and
(C), and SECTIONS 5.14(A) and (B) is satisfied in all respects.

                  (d)      Evidence of E&O Coverage. Buyer shall have received
from Seller evidence of E&O coverage required in SECTION 5.5.

                  (e)      Termination of Seller Employee Benefit Plans. Buyer
shall have received from Seller copies of duly adopted resolutions of Seller's
Board of Directors as described in SECTION 5.10.

                  (f)      Charles Smith Non-Solicitation and Confidentiality
Agreement. Buyer and Charles D. Smith, a member of the Board of Directors of,
and President, Treasurer and Assistant Secretary of Seller, shall have executed
and delivered a mutually agreeable Non-Solicitation and Confidentiality
Agreement.

                                       24
<PAGE>

                  (g)      Non-Disclosure and Non-Piracy Agreement. Daniel K.
Daly shall have executed and delivered to Buyer a copy of Buyer's standard
employment agreement, which contains confidentiality and non-solicitation
provisions.

                  (h)      Completion of All Actions to be Taken by Seller,
Parent and OPL. All actions to be taken by Seller, Parent and OPL in connection
with consummation of the transactions contemplated hereby and all certificates,
opinions, instruments, and other documents required to effect the transactions
contemplated hereby shall be reasonably satisfactory in form and substance to
Buyer.

                  (i)      Adverse Changes. There shall have been no material
adverse change to the business or financial condition of the Seller since the
Most Recent Fiscal Month End.

         Section 5.15      CONDITIONS TO OBLIGATION OF SELLER, PARENT AND OPL.
The obligations of Seller, Parent and OPL to effect the transactions
contemplated by this Agreement to occur on the Closing Date are subject to the
satisfaction of the following conditions, unless waived by Seller, Parent or
OPL:

                  (a)      Representations and Warranties. The representations
and warranties of Buyer set forth in this Agreement shall be true and correct in
all material respects as of the Closing Date.

                  (b)      Performance of Obligations by Buyer. Buyer shall have
performed in all material respects all obligations required to be performed by
it under this Agreement at or prior to the Closing Date.

                  (c)      Buyer's Closing Certificate. An officer of Buyer
shall have delivered to Seller a certificate to the effect that each of the
conditions specified in SECTIONS 5.13(A), (B) and (C) and SECTIONS 5.15(A) and
(B) are satisfied.

                  (d)      Completion of All Actions Taken by Buyer. All actions
to be taken by Buyer in connection with consummation of the transactions
contemplated hereby and all certificates, opinions, instruments and other
documents required to effect the transactions contemplated hereby shall be
reasonably satisfactory in form and substance to Seller.

         Section 5.16      ADDITIONAL POST-CLOSING COVENANTS. The parties agree
as follows with respect to the period following the Closing:

                  (a)      General. Seller acknowledges and agrees that from and
after the Closing, Buyer shall be entitled to possession of all documents,
books, records, agreements and financial data of any sort, whether in paper,
electronic, digital or other format, relating to the Acquired Assets; provided,
however, that for a period of 30 days following the Closing Date, Buyer shall
provide to Seller, Parent and OPL and cause its affiliates to provide to Seller,
Parent and OPL the reasonable opportunity to investigate, access, examine and
copy such documents, books, records, agreements and financial data, whether in
paper, electronic, digital or other format, including such documents, books,
records, agreements and financial data transferred to Buyer pursuant to the
Assumption Agreement. Any such investigation, access and examination shall be
conducted during the regular business hours upon reasonable prior notice (but in
any event, not less than two (2) business days

                                       25
<PAGE>

prior to such investigation, access or examination) and under other reasonable
circumstances, and Seller, Parent, OPL and Buyer and their respective employees,
agents and representatives, including their respective counsel and independent
public accountants, shall cooperate in a reasonable manner and as reasonably
requested with the employees and representatives of each party and its
affiliates in connection with such investigation, access and examination.

                  (b)      Litigation Support. If and for so long as any party
actively is contesting or defending against any action, suit, proceeding,
hearing, investigation, charge, complaint, claim, or demand in connection with
(i) any transaction contemplated under this Agreement or (ii) any fact,
situation, circumstance, status, condition, activity, practice, plan,
occurrence, event, incident, action, failure to act, or transaction on or prior
to the Closing Date involving the Acquired Assets, the other party shall
cooperate with the contesting or defending party and its counsel in the contest
or defense, make available its personnel, preserve documents and provide such
testimony and access to its books and records as shall be necessary in
connection with the contest or defense, all at the sole cost and expense of the
contesting or defending party (unless the contesting or defending party is
entitled to indemnification therefor under ARTICLE 6 hereof).

                  (c)      Transition. Seller shall not take any action that is
designed or intended to have the effect of discouraging any lessor, licensor,
customer, supplier, insurance carrier, or other business associate of Seller
from maintaining the same business relationships with Buyer after the Closing as
it maintained with Seller prior to the Closing. Seller shall refer all customer
inquiries relating to the Business to Buyer from and after the Closing.

         Section 5.17      CONSENTS TO ASSIGNMENT.

                  (a)      Anything in this Agreement to the contrary
notwithstanding, this Agreement shall not constitute an agreement to assign any
contract, lease, license or agreement of any claim or right or any benefit
arising thereunder or resulting therefrom if an attempted assignment thereof,
without the consent of a third party thereto, would constitute a breach thereof.

                  (b)      If any such consent is not obtained prior to the
Closing, Seller, Parent, OPL and Buyer shall cooperate (at their own expense) in
any lawful and reasonable arrangement under which Buyer shall obtain the
economic claims, rights and benefits under the asset, claim or right with
respect to which the consent has not been obtained in accordance with this
Agreement, including subcontracting, sublicensing or subleasing to Buyer and
enforcement of any and all rights of Seller against the other party thereto
arising out of a breach or cancellation thereof by the other party.

                                   ARTICLE 6.
                                 INDEMNIFICATION

         Section 6.1       SURVIVAL OF REPRESENTATIONS, WARRANTIES, INDEMNITIES
AND COVENANTS. Subject to SECTION 6.6, the representations, warranties and
indemnities set forth in this Agreement shall survive for a period of two (2)
years from the Closing Date (the "Indemnification Period"). All post-closing
covenants shall survive the Closing for the period(s) specified in this
Agreement or, if not specified, for the Indemnification Period. If a party has
received notice of a potential breach of a representation, covenant or warranty,
or the occurrence

                                       26
<PAGE>

of an otherwise potentially-indemnifiable event under this Agreement within the
Indemnification Period, such party may preserve its right to assert a later
claim for damages arising from such breach or event by delivering notice of same
to the other party within the Indemnification Period.

         Section 6.2       INDEMNIFICATION PROVISIONS FOR THE BENEFIT OF BUYER.

                  (a)      To the extent that any Diverting Employee (as defined
below) directly or indirectly diverts, on or before the one-year anniversary of
the Closing Date, any line of coverage which is part of any account comprising
the Purchased Book of Business, subject to SECTION 1.5(C), Buyer shall be paid
by Seller or Parent (which obligations shall be joint and several) an amount
equal to (i) 3.0 times (ii) the aggregate annualized policy commissions on such
diverted lines of coverage. For purposes of this Agreement, a "Diverting
Employee" means any person who is an employee of Seller during the sixty
(60)-day period prior to the Closing Date but does not become employed by Buyer
by virtue of refusing to sign Buyer's standard employment agreement; provided,
however, that any person that is employed by Buyer at any time during the one
year period following the Closing Date shall not be a Diverting Employee (unless
such person ceased to be employed by Buyer during such one year period because
of such person's refusal to sign Buyer's standard employment agreement).

                  (b)      Subject to SECTION 1.5(C), Seller and OPL agree,
jointly and severally, to indemnify and hold Buyer and its officers, directors,
and affiliates harmless from and against any Adverse Consequences (as defined
below), net of any tax benefits or insurance actually received by Buyer, that
any of such parties may suffer or incur resulting from, arising out of, relating
to, or caused by (i) the breach of any of Seller's, Parent's or OPL's
representations, warranties, obligations or covenants contained herein, (ii) the
operation of the Business, the ownership of the Acquired Assets by Seller prior
to the Effective Date, including, without limitation, any claims or lawsuits
based on conduct of Seller, Parent or OPL occurring before the Effective Date,
or (iii) any liability of Seller that becomes a liability of Buyer under any
bulk transfer law of any jurisdiction, under any common law doctrine of de facto
merger or successor liability, or otherwise by operation of law). For purposes
of this ARTICLE 6, the phrase "Adverse Consequences" means all charges,
complaints, actions, suits, proceedings, hearings, investigations, claims,
demands, judgments, orders, decrees, stipulations, injunctions, damages, dues,
penalties, fines, costs, amounts paid in settlement, liabilities (whether known
or unknown, whether absolute or contingent, whether liquidated or unliquidated,
and whether due or to become due), obligations, taxes, liens, losses, expenses,
and fees, including all attorneys' fees and court costs. For purposes of this
SECTION 6.2, "Adverse Consequences" also specifically includes any Adverse
Consequences attributable to any deductible(s) due and payable under Seller's
E&O tail policy as described in SECTION 5.5 hereof; provided, however, that to
the extent Buyer incurs or suffers any Adverse Consequences for which equitable
relief may be sought, the parties agree that Buyer may seek equitable relief for
such Adverse Consequences from Seller, Parent, and/or OPL, as appropriate.

         Section 6.3       INDEMNIFICATION PROVISIONS FOR THE BENEFIT OF SELLER
AND PARENT. Buyer agrees to indemnify and hold Seller, Parent, OPL and their
respective officers, directors, shareholders and affiliates harmless from and
against any Adverse Consequences, net of any tax benefits or insurance actually
received by such party, any of such parties may suffer or incur resulting from,
arising out of, relating to, or caused by (a) the breach of any of Buyer's
representations, warranties, obligations or covenants contained herein, (b) the
operation of the

                                       27
<PAGE>

Business, ownership of the Acquired Assets or assumption of the Assumed
Liabilities by Buyer on or after the Effective Date, including, without
limitation, any claims or lawsuits based on conduct of Buyer occurring on or
after the Closing, or (c) the employment by Buyer on or after the Effective Date
of any of the Transferred Employees who become employees of Buyer.

         Section 6.4       MATTERS INVOLVING THIRD PARTIES.

                  (a)      If any third party shall notify any party (the
"Indemnified Party") with respect to any matter (a "Third Party Claim") that may
give rise to a claim for indemnification against the other party (the
"Indemnifying Party") under this ARTICLE 6, then the Indemnified Party shall
promptly notify the Indemnifying Party thereof in writing; provided, however,
that no delay on the part of the Indemnified Party in notifying the Indemnifying
Party shall relieve the Indemnifying Party from any obligation hereunder unless
(and then solely to the extent) the Indemnifying Party thereby is prejudiced.

                  (b)      The Indemnifying Party shall have the right to defend
the Indemnified Party against the Third Party Claim with counsel of its choice
satisfactory to the Indemnified Party so long as (i) the Indemnifying Party
notifies the Indemnified Party in writing within fifteen (15) days after the
Indemnified Party has given notice of the Third Party Claim that the
Indemnifying Party shall indemnify the Indemnified Party from and against the
entirety of any Adverse Consequences the Indemnified Party may suffer resulting
from, arising out of, relating to, in the nature of, or caused by the Third
Party Claim, (ii) the Indemnifying Party provides the Indemnified Party with
evidence reasonably acceptable to the Indemnified Party that the Indemnifying
Party shall have the financial resources to defend against the Third Party Claim
and fulfill its indemnification obligations hereunder, (iii) the Third Party
Claim involves only money damages and does not seek an injunction or other
equitable relief, (iv) settlement of, or an adverse judgment with respect to,
the Third Party Claim is not, in the good faith judgment of the Indemnified
Party, likely to establish a precedential custom or practice materially adverse
to the continuing business interests of the Indemnified Party, and (v) the
Indemnifying Party conducts the defense of the Third Party Claim actively and
diligently.

                  (c)      So long as the Indemnifying Party is conducting the
defense of the Third Party Claim in accordance with SECTION 6.4(B) above, (i)
the Indemnified Party may retain separate co-counsel at its sole cost and
expense and participate in the defense of the Third Party Claim, (ii) the
Indemnified Party shall not consent to the entry of any judgment or enter into
any settlement with respect to the Third Party Claim without the prior written
consent of the Indemnifying Party, and (iii) the Indemnifying Party shall not
consent to the entry of any judgment or enter into any settlement with respect
to the Third Party Claim unless such settlement is on exclusively monetary terms
or the Indemnified Party shall have consented in writing to the terms of such
settlement.

                  (d)      If any of the conditions in SECTION 6.4(B) above is
or becomes unsatisfied, however, (i) the Indemnified Party may defend against,
and consent to the entry of any judgment or enter into any settlement with
respect to, the Third Party Claim in any manner it may deem appropriate (and the
Indemnified Party need not consult with, or obtain any consent from, the
Indemnifying Party in connection therewith), (ii) the Indemnifying Party shall
reimburse the Indemnified Party promptly and periodically for the costs of
defending against the Third Party Claim (including reasonable attorneys' fees
and expenses), and (iii) the Indemnifying Party shall

                                       28
<PAGE>
remain responsible for any Adverse Consequences the Indemnified Party may suffer
resulting from, arising out of, relating to, in the nature of, or caused by the
Third Party Claim to the fullest extent provided in this ARTICLE 6.

         Section 6.5       LIMITS ON INDEMNIFICATION.

                  (a)      Deductible. (i) Seller, Parent and OPL shall not have
any obligation or liability to Buyer under SECTION 6.2 unless and until the
aggregate amount of Adverse Consequences suffered by Buyer arising out of
matters referred to in SECTION 6.2 shall have exceeded US$150,000.00, in which
case Seller, Parent and OPL shall be obligated and liable under SECTION 6.2 only
with respect to such excess; and (ii) Buyer shall not have any obligation or
liability to Seller, Parent or OPL under SECTION 6.3 unless and until the
aggregate amount of Adverse Consequences suffered by Seller, Parent and OPL
arising out of the matters referred to in SECTION 6.3 shall have exceeded
US$150,000.00, in which case Buyer shall be obligated and liable under SECTION
6.3 only with respect to such excess.

                  (b)      Limit of Liability. The aggregate liability of
Seller, Parent and OPL, on the one hand, and Buyer, on the other hand, under
SECTION 6.2 or SECTION 6.3, respectively, shall not exceed US$23,000,000.

         Section 6.6       PAYMENT OF AND INDEMNIFICATION FOR TAXES, LITIGATION
AND CERTAIN EMPLOYEE BENEFIT MATTERS. Notwithstanding anything in this ARTICLE 6
to the contrary:

                  (a)      Seller shall be responsible for and shall indemnify
Buyer for all Taxes in respect of the Acquired Assets payable for any Tax period
or portion thereof ending on or prior to the Effective Date. Buyer shall be
responsible for and shall indemnify Seller for all Taxes in respect of the
Acquired Assets payable for any Tax period or portion thereof beginning on or
after the Effective Date. All representations, warranties, covenants and
indemnities in connection with any Tax liabilities (including, without
limitation, in connection with Buyer's payment of any portion of the
consideration pursuant to SECTION 1.4(A) hereof) shall survive until the
expiration of the applicable statute of limitations period, provided, however,
that there shall be no double recovery for any breach of representation under
SECTION 3.12 hereof for any indemnification obligation under SECTION 6.6(A)
hereof.

As used in this Agreement, the term "Tax" means any federal, state, local, or
foreign income, gross receipts, license, payroll, employment, excise, severance,
stamp, occupation, premium, windfall profits, environmental (including taxes
under Code Section 59A), customs duties, capital stock, franchise, profits,
withholding, social security (or similar), unemployment, disability, real
property, personal property, sales, use, transfer, registration, value added,
alternative or add-on minimum, estimated, or other tax of any kind whatsoever,
including any interest, penalty, or addition thereto, whether disputed or not.

                  (b)      Notwithstanding SECTION 6.1, all representations,
warranties, covenants and indemnities in connection with the operation of the
Business, any litigation or other proceeding of any nature whatsoever directly
or indirectly related to the Acquired Assets or the Assumed Liabilities arising
prior to the Effective Date (including, but not limited to, any class action,
litigation or proceeding involving Seller, Parent or OPL), shall survive until
such litigation or

                                       29
<PAGE>

proceeding has been finally decided, settled or adjudicated; provided, however,
that Buyer shall not be entitled to indemnification pursuant to SECTION 6.3
unless Buyer has delivered to OPL written notice of any such litigation or
proceeding within one (1) year of: (i) the commencement of such litigation or
proceeding that commences on or after the Effective Date, or (ii) the joinder of
Seller, Parent or OPL to any class action, litigation or proceeding which such
joinder occurs on or after the Effective Date.

                  (c)      All representations, warranties, covenants and
indemnities in connection with Buyer's assumption of responsibility for Seller's
Group Health Plans as set forth in Section 5.11(d) hereof shall survive until
the expiration of the applicable statute of limitations period.

                  (d)      No Adverse Consequences with respect to the
indemnifiable events set forth in this SECTION 6.6 shall be subject to the
deductible or liability limitation (including the calculation of such deductible
or liability limitation) set forth in SECTION 6.5 hereof.

         Section 6.7       TAX EFFECTS OF INDEMNIFICATION PAYMENTS. The Parties
agree that any indemnification payments made pursuant to this Agreement, except
any indemnification payment with respect to any breach of any covenant in
SECTION 5.2 of this Agreement, shall be treated for tax purposes as an
adjustment to the payments made under SECTION 1.4(A)(II), (III) or (IV).

                                   ARTICLE 7.
                             [INTENTIONALLY OMITTED]

                                   ARTICLE 8.
                                  MISCELLANEOUS

         Section 8.1       NOTICES. All notices and other communications
hereunder shall be in writing and shall be deemed given if delivered personally,
by facsimile (if confirmed), or mailed by registered or certified mail (return
receipt requested), or overnight courier service to the parties at the following
addresses or at such other address for a party as shall be specified by like
notice:

                  (a)      If to Buyer, to

                           Brown & Brown of Missouri, Inc.
                           c/o Brown & Brown, Inc.
                           401 E. Jackson St., Suite 1700
                           Tampa, Florida  33601
                           Fax No.: (813) 222-4464
                           Attn:    Laurel Grammig
                                    General Counsel

                                       30
<PAGE>

                  (b)      If to Seller, Parent or OPL, to

                           Parcel Insurance Plan, Inc.
                           c/o Overseas Partners Capital Corp.
                           115 Perimeter Center Place, Suite 940
                           Atlanta, Georgia  30346
                           Fax No.: (770) 913-6756
                           Attn:  David Gorst

                  With a copy to:

                           Overseas Partners Ltd.
                           Mintflower Place
                           8 Par-la-ville Road
                           Hamilton HMO8 Bermuda
                           Fax No.: (441) 295-3078
                           Attn:  Malcolm C. Furbert

                  and to:

                           LeBoeuf, Lamb, Greene & MacRae, L.L.P.
                           125 West 55th Street
                           New York, New York  10019
                           Fax No.:  (212) 424-8500
                           Attn:  Michael Groll

Any party may change the address to which notices, requests, demands, claims,
and other communications hereunder are to be delivered by giving the other party
notice in the manner herein set forth.

         Section 8.2       USE OF TERM "KNOWLEDGE". "Knowledge" means the actual
knowledge of any director or officer of Buyer, Seller, Parent or OPL, as the
case may be, as to any matter as to which such person has executive or
supervisory responsibilities, and as to which such person has exercised
reasonable diligence in the performance of such responsibilities.

         Section 8.3       COUNTERPARTS. This Agreement may be executed in two
(2) or more counterparts, each of which shall be considered one and the same
agreement, and shall become effective when one or more counterparts have been
signed by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart.

         Section 8.4       ENTIRE AGREEMENT. This Agreement (including the
documents and instruments referred to herein) constitutes the entire agreement
and supersedes all prior agreements and understandings, both written and oral,
among the parties with respect to the subject matter hereof.

         Section 8.5       ASSIGNMENT. Except as contemplated in SECTION 5.4
hereof, neither this Agreement nor any of the rights, interests, or obligations
hereunder shall be assigned by any of the parties hereto (whether by operation
of law or otherwise) without the prior written consent of the

                                       31
<PAGE>

other parties. This Agreement shall be binding upon, inure to the benefit of,
and be enforceable by the parties and their respective successors and assigns.

         Section 8.6       SEVERABILITY. If any provision or covenant, or any
part thereof, of this Agreement should be held by any court to be illegal,
invalid or unenforceable, either in whole or in part, such illegality,
invalidity or unenforceability shall not affect the legality, validity or
enforceability of the remaining provisions or covenants, or any part thereof,
all of which shall remain in full force and effect.

         Section 8.7       ATTORNEYS' FEES AND COSTS. The prevailing party in
any proceeding brought to enforce the terms of this Agreement shall be entitled
to an award of reasonable attorneys' fees and costs incurred in investigating
and pursuing such action, both at the trial and appellate levels.

         Section 8.8       GOVERNING LAW. This Agreement shall be governed by
and construed and enforced in accordance with internal Missouri law without
regard to any applicable conflicts of law.

         Section 8.9       AMENDMENT; WAIVER. No amendment of any provision of
this Agreement shall be valid unless the same shall be in writing and signed by
the parties hereto. Each of Seller and Parent may consent to any such amendment
for itself at any time prior to the Closing without the prior authorization of
its Board of Directors. No waiver by any party of any default,
misrepresentation, or breach of warranty or covenant hereunder, whether
intentional or not, shall be deemed to extend to any prior or subsequent
default, misrepresentation, or breach of warranty or covenant hereunder or
affect in any way any rights arising by virtue of any prior or subsequent such
occurrence.

         Section 8.10       INCORPORATION OF EXHIBIT AND SCHEDULES. The Exhibit
and Schedules identified in this Agreement are incorporated herein by reference
and made a part hereof.

         Section 8.11      SPECIFIC PERFORMANCE. Each of the parties
acknowledges and agrees that the other party would be damaged irreparably if any
of the provisions of this Agreement are not performed in accordance with their
specific terms or otherwise are breached. Accordingly, each of the parties
agrees that the other party shall be entitled to an injunction or injunctions to
prevent breaches of the provisions of this Agreement and to enforce specifically
this Agreement and the terms and provisions hereof in any action instituted in
any court of the United States or any state thereof having jurisdiction over the
parties and the matter in addition to any other remedy to which it may be
entitled, at law or in equity.

         Section 8.12      BULK TRANSFER LAWS. Seller hereby indemnifies and
agrees to hold Buyer harmless from, against and in respect of, and shall on
demand reimburse Buyer for, any loss, liability, cost or expense suffered or
incurred by Buyer by reason of the failure of Seller to pay or discharge any
claims of creditors that could be asserted against Buyer by reason of
non-compliance with the provisions of any bulk transfer laws of any jurisdiction
in connection with the transactions contemplated by this Agreement.

                               * * * * * * * * * *

      [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK - SIGNATURE PAGE FOLLOWS]

                                       32
<PAGE>

         IN WITNESS WHEREOF, the parties have signed or caused this Agreement to
be signed by their respective officers thereunto duly authorized as of the date
first written above.

                                  BROWN & BROWN OF MISSOURI, INC.

                                  By: /s/ Jim W. Henderson
                                      ------------------------------------------
                                  Name:    Jim W. Henderson
                                  Title:   President

                                  PARCEL INSURANCE PLAN, INC.

                                  By: /s/ Charles D. Smith
                                      ------------------------------------------
                                  Name:    Charles D. Smith
                                  Title:   President

                                  OVERSEAS PARTNERS CAPITAL CORP.

                                  By: /s/ Mary R. Hennessy
                                      ------------------------------------------
                                  Name:    Mary R. Hennessy
                                  Title:   President

                                  OVERSEAS PARTNERS LTD.

                                  By: /s/ Mark R. Bridges
                                      ------------------------------------------
                                  Name:    Mark R. Bridges
                                  Title:   Executive Vice President, Chief
                                           Financial Officer

                                       33
<PAGE>

                              EXHIBIT AND SCHEDULES

Exhibit A:                 Form of Assumption Agreement
Exhibit B:                 Form of Bill of Sale and Assignment
Exhibit C:                 Form of Escrow Agreement

Schedule 1.2(a):           Active Insurance Customers of Seller
Schedule 1.2(c)(i):        Assigned Contracts - Non-Disclosure Agreements
Schedule 1.2(c)(ii):       Assigned Contracts - Other
Schedule 1.2(e):           Tangible Property
Schedule 1.4(a):           Adjustments to Purchase Price
Schedule 1.4(d)(i):        Assumed Liabilities
Schedule 3.5:              Consents and Approvals
Schedule 3.8:              Ordinary Course Transactions
Schedule 3.9(c):           Material Contracts
Schedule 3.10:             List of Claims and Litigation of Seller
Schedule 3.11:             Compliance
Schedule 3.17:             Insurance
Schedule 3.19:             Employee Benefit Plans
Schedule 3.21(c):          Owned Intellectual Property
Schedule 3.21(d):          Licensed Intellectual Property
Schedule 5.11:             Transferred Employees

                                       34<PAGE>
                                                                    EXHIBIT 10m

                            ASSET PURCHASE AGREEMENT

         This ASSET PURCHASE AGREEMENT (this "Agreement"), dated as of October
3, 2001, is made and entered into by and among BROWN & BROWN OF LEHIGH VALLEY,
INC., a Pennsylvania corporation ("Buyer"); HENRY S. LEHR, INC., a Pennsylvania
corporation ("Seller"); and WILLIAM H. LEHR, a resident of the Commonwealth of
Pennsylvania, and PATSY A. LEHR, a resident of the Commonwealth of Pennsylvania
(each a "Shareholder" and collectively, the "Shareholders").

                                   BACKGROUND

         Seller is engaged in the insurance agency business in Bethlehem,
Pennsylvania (the "Business"), and wishes to sell certain of its assets relating
to such Business to Buyer. Buyer desires to acquire such assets upon the terms
and conditions expressed in this Agreement. The Shareholders own all of the
outstanding capital stock of Seller and is entering into this Agreement to
provide certain non-competition, indemnification and other assurances to Buyer
as a material inducement for Buyer to enter into this transaction.

         THEREFORE, in consideration of the respective representations,
warranties, covenants and agreements set forth herein, the sufficiency of which
is hereby acknowledged, the parties agree as follow:

                                    ARTICLE 1
                                 THE ACQUISITION

         Section 1.1       COVENANTS OF SALE AND PURCHASE. At the Closing (as
defined in SECTION 2.1), and upon and subject to the terms and conditions of
this Agreement, the parties mutually covenant and agree as follows:

                  (a)      Seller will sell, convey and assign to Buyer all
right, title and interest of Seller in and to the Acquired Assets (as defined in
SECTION 1.2) free and clear of all liens, pledges, security interests, charges,
restrictions or encumbrances of any nature whatsoever except as set forth in
Schedule 1.1(a); and

                  (b)      Buyer will purchase the Acquired Assets from Seller
in exchange for the consideration described in SECTION 1.4.

         Section 1.2       THE ACQUIRED ASSETS.  In this Agreement, the phrase
"Acquired Assets" means all of the assets of Seller described below:

                  (a)      Purchased Book of Business. All of Seller's insurance
agency business, including but not limited to the life, health, bond, and
property and casualty insurance business (both personal and commercial lines)
and renewals and expirations thereof, together with all written or otherwise
recorded documentation, data or information relating to Seller's insurance
agency business, whether compiled by Seller or by other agents or employees of
Seller, including but not limited to: (i) lists of insurance companies and
records pertaining thereto; and

<PAGE>

(ii) customer lists, prospect lists, policy forms, and/or rating information,
expiration dates, information on risk characteristics, information concerning
insurance markets for large or unusual risks, and all other types of written or
otherwise recorded information customarily used by Seller or available to
Seller, including all other records of and pertaining to the accounts and
customers of Seller, past and present, including, but not limited to, the active
insurance customers of Seller, all of whom are listed on Schedule 1.2(a)
(collectively, the "Purchased Book of Business").

                  (b)      General Intangibles. All of the following intangible
personal property used in connection with Seller's insurance agency business or
pertaining to the Acquired Assets:

                           (i)      all of Seller's business records necessary
to enable Buyer to renew the Purchased Book of Business;

                           (ii)     the goodwill of Seller's insurance agency
business, including the name "Henry S. Lehr, Inc." and all derivatives thereof
(but not including the names "Lehr Management Corporation" or "The Lehr
Institute"), and any other fictitious names and trade names that are currently
in use by Seller, and all telephone listings, post office boxes, mailing
addresses, and advertising signs and materials; and

                           (iii)    any assignable non-solicitation agreements
and covenants not to compete made by employees of Seller and all other
assignable covenants not to compete in favor of Seller; provided, however, that
Buyer and Seller agree that due to Shareholders' continuing involvement and
interest in the business after the Closing Date, Seller shall retain such
continuing interest in the enforcement of the assigned non-solicitation
agreements and covenants not to compete as shall be necessary to the joint
enforcement of such provisions referenced in SECTION 4.9.

                  (c)      Miscellaneous Items. All other assets of Seller
relating or pertaining to the Purchased Book of Business, including computer
disks, server, software, databases (whether in the form of computer tapes or
otherwise), related object and source codes, and associated manuals, and any
other records or media of storage or programs for retrieval of information
pertaining to the Purchased Book of Business, and all supplies and materials,
including promotional and advertising materials, brochures, plans, supplier
lists, manuals, handbooks, and related written data and information, including
any customer deposits held for future due dates.

                  (d)      Tangible Property. All items of furniture, fixtures,
computers, office equipment and other tangible property used in Seller's
business. To the extent that any of such items are subject to a lease as set
forth in Schedule 1.2(d), Buyer will assume the lease and acquire all of
Seller's right to acquire such property upon termination of the lease.

                  (e)      Assigned Agreements. All of Seller's rights under the
leases and agreements identified in Schedule 1.2(e) hereof (the "Assigned
Agreements").

                                       2
<PAGE>

         Section 1.3       EXCLUSIONS AND EXCEPTIONS. Seller does not agree to
sell or assign, and Buyer does not agree to purchase or assume, any assets not
described in SECTION 1.2 hereof. Without limiting the foregoing, Buyer shall not
purchase or assume any of the following:

                  (a)      cash in hand or in banks, certificates of deposits or
any interest accrued thereon, accounts receivable, life insurance policies
relating to Shareholders or proceeds thereof, money market certificates, stocks,
bonds, real estate and automobiles;

                  (b)      any contract, lease or other obligation not
specifically assigned to Buyer under this Agreement;

                  (c)      as set forth in more detail in SECTION 4.9, any duty
or liability of any type whatsoever with respect to any employee or to any
pension or profit sharing plan or other employee benefit;

                  (d)      corporate minutes books and stock books;

                  (e)      all non-transferable permits;

                  (f)      claims for refunds of taxes and other governmental
charges to the extent such refunds relate to periods ending prior to the
Effective Date; or

                  (g)      any bonus, incentive, or advance payments received by
Seller in connection with the Assigned Agreements (except with respect to any
contingent commissions as set forth in SECTION 1.5).

         Section 1.4       PURCHASE  PRICE.  (a) The  purchase  price for the
Acquired Assets (the "Purchase Price") shall be Eleven Million Six Hundred
Thousand and No/100 Dollars ($11,600,000.00).

                  (b)      Subject to SECTION 1.4(C), the Purchase Price will be
paid to Seller as follows: (i) $10,440,000.00, which equals ninety percent (90%)
of the Purchase Price, shall be paid to Seller on the Closing Date; and (ii)
1,160,000.00, which represents the remaining portion of the Purchase Price (the
"Holdback Amount"), will be paid to Seller on or before October 31, 2002.

                  (c)      In accordance with ARTICLE 7 hereof, the Holdback
Amount shall be delivered by Buyer at Closing to Fitzpatrick Lentz & Bubba,
P.C., which, along with Buyer's Assistant General Counsel, shall act as joint
escrow agents, and subject to reduction by Buyer to offset any obligations of
Seller and the Shareholders under the indemnification provisions contained in
ARTICLE 6 hereof. Satisfaction of any indemnity obligations from the deferred
portion of the Purchase Price shall not operate to waive the indemnification
obligations of Seller and the Shareholders contained in ARTICLE 6 for damages
incurred by Buyer in excess of such amounts; provided, however, that the
Holdback Amount shall be credited against the total aggregate liability of
Seller and the Shareholders referred to in SECTION 6.6 hereof.

                                       3
<PAGE>

                  (d)      For federal and state income tax purposes, the
parties agree to allocate the Purchase Price as follows: (i) $500,000.00 of the
Purchase Price shall be allocated to the tangible property described in SECTION
1.2(D); (ii) $100,000.00 shall be allocated to the covenants of Seller,
$300,000.00 shall be allocated to the covenants of Shareholder William H. Lehr,
and $100,000.00 shall be allocated to the covenants of Shareholder Patsy A.
Lehr, contained in SECTION 4.2 hereof, and (iii) the remainder of the Purchase
Price shall be allocated to the Purchased Book of Business and related goodwill.
The parties shall execute corresponding IRS Form 8594s at Closing to confirm the
allocation of the Purchase Price.

         Section 1.5       COMMISSIONS COLLECTED. All commissions on
installments of agency bill policies with an effective date prior to October 1,
2001 (the "Effective Date") and actually billed prior to such date shall be the
property of Seller and those billed or effective on or after the Effective Date
shall be the property of Buyer, regardless of when actually received. All
commissions on direct bill policies actually received by Seller from insurance
carriers before the Effective Date shall be the property of Seller and those
actually received from insurance carriers on or after the Effective Date shall
be the property of Buyer, regardless of when billed by the insurance carrier.
Buyer shall be entitled to all contingent commissions and/or override
commissions received on or after the Effective Date, regardless of when earned.
All additional or return commissions as a result of audits actually received
before the Closing shall be the property or the responsibility of Seller,
whether credit or debit, and regardless of effective date, and those actually
received on or after the Closing shall be the property or responsibility of
Buyer, whether credit or debit, and regardless of effective date.

         Section 1.6       NO ASSUMED LIABILITIES. Except for the ongoing
obligation to service the Purchased Book of Business or any obligation otherwise
expressly assumed hereunder, Buyer shall not assume or be deemed to have assumed
any liability or obligation of Seller whatsoever.

                                    ARTICLE 2
                         CLOSING, ITEMS TO BE DELIVERED,
                     FURTHER ASSURANCES, AND EFFECTIVE DATE

         Section 2.1       CLOSING. The consummation of the purchase and sale of
assets under this Agreement (the "Closing") will take place at 9 a.m., local
time, on October 3, 2001 (the "Closing Date"), at the offices of Fitzpatrick
Lentz & Bubba, P.C., located at 4001 Schoolhouse Lane, Center Valley,
Pennsylvania, unless another date or place is agreed to in writing by the
parties hereto.

         Section 2.2       CONVEYANCE AND DELIVERY BY SELLER. On the Closing
Date, Seller will surrender and deliver possession of the Acquired Assets to
Buyer and take such steps as may be required to put Buyer in actual possession
and operating control of the Acquired Assets, and in addition shall deliver to
Buyer such bills of sale and assignments and other good and sufficient
instruments and documents of conveyance, in form reasonably satisfactory to
Buyer, as shall be necessary and effective to transfer and assign to, and vest
in, Buyer all of Seller's right, title, and interest in and to the Acquired
Assets free and clear of any lien, charge, pledge, security interest,
restriction or encumbrance of any kind (except as set forth in Schedule 1.1(a).
Without limiting the generality of the foregoing, at the Closing, Seller shall
deliver to Buyer:

                                       4
<PAGE>

                  (a)      a Bill of Sale and Assignment, substantially in the
form of Exhibit 2.2(a), executed by Seller (the "Bill of Sale");

                  (b)      an employment agreement, substantially in the form of
Exhibit 2.2(b), executed by the Shareholders (the "Shareholder Employment
Agreements");

                  (c)      an Assignment and Assumption Agreement, substantially
in the form of Exhibit 2.2(d), with respect to the Assigned Agreements, executed
by Seller (the "Assignment and Assumption Agreement");

                  (d)      duly adopted resolutions of Seller's Board of
Directors satisfactory to Buyer in its reasonable discretion: (i) approving a
plan of asset transfer (the "Plan of Asset Transfer") and proposing same to the
Shareholders for their consideration and adoption, in accordance with Section
1932(b) of the Pennsylvania Business Corporation Law (the "PBCL"); (ii)
terminating Seller's Employee Benefit Plans; and (iii) directing the Seller's
401(k) Plan's Trustee to apply for a determination letter from the Internal
Revenue Service with respect to the termination of the 401(k) Plan and to submit
a Notice of Intent to Terminate to all participants and beneficiaries under
401(k) Plan (the "Seller's Board Resolutions"); and

                  (e)      duly adopted resolutions of the Shareholders,
adopting the Plan of Asset Transfer in accordance with Section 1932(b) of the
PBCL (the "Shareholder Resolutions").

         Section 2.3       DELIVERY BY BUYER. On the Closing Date, Buyer will
deliver to Seller:

                  (a)      a wire transfer of immediately available funds to one
or more accounts designated in writing by Seller for the amount required to be
delivered at Closing pursuant to SECTION 1.4(B) hereof;

                  (b)      the Shareholder Employment Agreements, executed by
Buyer;

                  (c)      the Assignment and Assumption Agreement, executed by
Buyer;

                  (d)      a Promissory Note, substantially in the form of
Exhibit 2.3(d), with respect to the Holdback Amount, executed by Buyer (the
"Promissory Note"); and

                  (e)      duly adopted resolutions of Buyer's Board of
Directors, satisfactory to Seller in its reasonable discretion, approving the
transactions contemplated herein and Buyer's obligations under this Agreement.

         Section 2.4       MUTUAL PERFORMANCE. At the Closing, the parties shall
also deliver to each other the agreements and other documents referred to in
ARTICLE 4 hereof.

          Section 2.5      FURTHER ASSURANCES. From time to time after the
Closing, at Buyer's request, Seller will execute, acknowledge and deliver to
Buyer such other instruments of conveyance and transfer and will take such other
actions and execute and deliver such other

                                       5
<PAGE>

documents, certifications and further assurances as Buyer may reasonably request
in order to vest more effectively in Buyer, or to put Buyer more fully in
possession of, any of the Acquired Assets. Each of the parties hereto will
cooperate with the others and execute and deliver to the other parties such
other instruments and documents and take such other actions as may be reasonably
requested from time to time by any other party hereto as necessary to carry out,
evidence and confirm the intended purposes of this Agreement.

         Section 2.6       EFFECTIVE DATE. The Effective Date of this Agreement
and all related instruments executed at the Closing shall be October 1, 2001
unless otherwise specified. Notwithstanding the foregoing, Seller shall retain
the risk of loss for errors and omissions committed up until the Closing Date.

                                    ARTICLE 3
                         REPRESENTATIONS AND WARRANTIES

I.       Seller and the Shareholders, jointly and severally when and where
applicable, represent and warrant to Buyer as follows:

         Section 3.1       ORGANIZATION. Seller is a corporation organized and
in good standing under the laws of the Commonwealth of Pennsylvania and its
status is active. Seller has all requisite corporate power and authority and all
necessary governmental approvals to own, lease and operate its properties and to
carry on its business as now being conducted. Seller is duly qualified to do
business and is in good standing as a foreign corporation in each jurisdiction
where the conduct of its insurance agency business requires it to be so
qualified.

         Section 3.2       CAPITALIZATION. The Shareholders own and hold all of
the outstanding shares of capital stock of Seller and there are no outstanding
options or rights to acquire additional shares of capital stock of Seller.

         Section 3.3       AUTHORITY. Seller has the requisite corporate power
and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby. The execution, delivery and performance of
this Agreement have been duly authorized by all necessary corporate action on
the part of Seller. This Agreement has been, and the other agreements, documents
and instruments required to be delivered by Seller in accordance with the
provisions hereof (collectively, the "Seller's Documents") will be, duly
executed and delivered by duly authorized officers of Seller on behalf of
Seller, and this Agreement constitutes, and the Seller's Documents when executed
and delivered will constitute, the legal, valid and binding obligations of
Seller, enforceable against Seller in accordance with their terms, subject to
applicable bankruptcy, insolvency, reorganization or similar laws from time to
time in effect relating to or affecting the enforcement of creditors' rights
generally and general equitable principles.

         Section 3.4       CONSENTS AND APPROVALS; NO VIOLATIONS. Neither the
execution, delivery or performance of this Agreement by Seller nor the
consummation by it of the transactions contemplated hereby nor compliance by it
with any of the provisions hereof will (a) conflict with or result in any breach
of any provision of its Articles of Incorporation or Bylaws, (b) require any
filing with, or permit, authorization, consent or approval of, any court,
arbitral tribunal,

                                       6
<PAGE>

administrative agency or commission, or other governmental or other regulatory
authority or agency (each a "Governmental Entity"), or (c) except with respect
to any consents which may be required pursuant to the Assigned Agreements (other
than the current lease for Seller's offices located at 3893 Adler Place,
Bethlehem, Pennsylvania, for which such consent has been obtained prior to
Closing) result in a violation or breach of, or constitute a default under, any
of the terms, conditions or provisions of any agreement or other instrument or
obligation to which Seller is a party or by which Seller or any of its
properties or assets may be bound.

         Section 3.5       NO THIRD PARTY OPTIONS. There are no existing
agreements, options, commitments, or rights with, of or to any person to acquire
any of Seller's securities, assets, properties or rights included in the
Acquired Assets or any interest therein.

         Section 3.6       FINANCIAL STATEMENTS. Seller has delivered to Buyer
true and complete copies of (a) its balance sheet at September 30, 2000 and the
related statement of income for the fiscal year then ended (the "2000 Financial
Statements"), and (b) its balance sheet at August 31, 2001 (the "Balance Sheet
Date") and the related statement of income for the eleven (11) months then ended
(the "Interim Financial Statements"). The 2000 Financial Statements were
prepared in accordance with generally accepted accounting principles and the
Interim Financial Statements were prepared in accordance with Seller's standard
internal accounting methodology, in each case consistently applied throughout
the periods involved (subject, in the case of the Interim Financial Statements,
to normal recurring audit adjustments). Such balance sheets fairly present the
consolidated financial position, assets, and liabilities (whether accrued,
absolute, contingent or otherwise) of Seller at the dates indicated and such
statements of income fairly present the results of operations for the periods
then ended. Seller's financial books and records are accurate and complete in
all material respects. Except as set forth in Schedule 3.6, Seller has not
guaranteed any premium financing on behalf of its customers.

         Section 3.7       ORDINARY COURSE OF BUSINESS. Since the Balance Sheet
Date, Seller has carried on business in the usual, regular and ordinary course
in substantially the manner heretofore conducted and has taken no unusual
actions in contemplation of this transaction, except with the consent of Buyer.
Since the Balance Sheet Date, there have been no events or changes having an
adverse effect on Seller or the Acquired Assets. All of Seller's accounts
payable, including accounts payable to insurance carriers, are current and
reflected properly on its books and records, and will be paid in accordance with
their terms at their recorded amounts.

         Section 3.8       ASSETS. (a) Except as set forth in Schedule 1.1(a),
Seller owns and holds, free and clear of any lien, charge, pledge, security
interest, restriction, encumbrance or third-party interest of any kind
whatsoever (including insurance company payables), sole and exclusive right,
title and interest in and to the Acquired Assets, including but not limited to
the customer expiration records for those customers listed in Schedule 1.2(a),
together with the exclusive right to use such records and all customer accounts,
copies of insurance policies and contracts in force and all files, invoices and
records pertaining to the customers, their contracts and insurance policies, and
all other information comprising the Purchased Book of Business. Seller has not
received notice that any of the accounts listed in Schedule 1.2(a) has canceled
or non-renewed or intends to cancel or non-renew. Schedule 1.2(a) also shows the
revenue received by Seller from each of its appointed

                                       7
<PAGE>

carriers in the twelve-month period ended September 30, 2001. None of the
accounts shown in Schedule 1.2(a) represents business that has been brokered
through a third party.

                  (b)      The names "Henry S. Lehr, Inc.", "HSL, Inc.", "The
Lehr Companies", "Lehr Management", and "The Lehr Institute" are the only trade
names used by Seller or Shareholders within the past three (3) years. No party
has filed a claim during the past three (3) years against Seller alleging that
it has violated, infringed on or otherwise improperly used the intellectual
property rights of such party, or, if so, the claim has been settled with no
existing liability to Seller and, to the Knowledge of Seller and the
Shareholders (as defined in SECTION 7.2 hereof), Seller has not violated or
infringed any trademark, trade name, service mark, service name, patent,
copyright or trade secret held by others.

                  (c)      Schedule 3.8 lists all material contracts, agreements
and other written or verbal arrangements to which Seller is a party, including,
but not limited to, (i) any employment, non-compete, confidentiality or
non-solicitation agreement to which Seller or either of the Shareholders is a
party, (ii) any agreement relating to the purchase or sale of assets by Seller
within the past five (5) years, (iii) any agreement between Seller and either of
the Shareholders or between Seller and any officer, director or affiliate of
Seller, and (iv) any other contract or agreement not entered into in the
ordinary course of business. Seller has delivered true and complete copies of
each such agreement to Buyer and, in the case of unwritten agreements, a true
and complete summary of such arrangements. The parties to all such agreements
are in compliance with the terms thereof.

                  (d)      To the Knowledge of Seller and the Shareholders,
Seller's computer software included in the Acquired Assets performs in
accordance with the documentation and other written material used in connection
therewith, and is free of defects in programming and operation. Seller has
delivered to Buyer copies of all user and technical documentation related to
such software available to Seller.

         Section 3.9       LITIGATION AND CLAIMS. Except as disclosed in
Schedule 3.9, there is no suit, claim, action, proceeding or investigation
pending or, to the Knowledge of Seller and the Shareholders, threatened against
Seller and, to the Knowledge of Seller and the Shareholders, no circumstances
exist that could reasonably form a basis for such a suit, claim, action,
proceeding or investigation to be initiated or threatened. Seller is not subject
to any outstanding order, writ, injunction or decree which, insofar as can be
reasonably foreseen, individually or in the aggregate, in the future would have
an adverse effect on Seller or the Acquired Assets or would prevent Seller from
consummating the transactions contemplated hereby. No voluntary or involuntary
petition in bankruptcy, receivership, insolvency or reorganization with respect
to Seller, or petition to appoint a receiver or trustee of Seller's property,
has been filed by or against Seller, nor will Seller file such a petition prior
to the Closing Date or for one hundred (100) days thereafter, and if such
petition is filed by others, the same will be promptly discharged. Seller has
not made any assignment for the benefit of creditors or admitted in writing
insolvency or that its property at fair valuation will not be sufficient to pay
its debts, nor will Seller permit any judgment, execution, attachment or levy
against it or its properties to remain outstanding or unsatisfied for more than
ten (10) days. Seller shall not become insolvent as a result of consummating the
transactions contemplated by this Agreement.

                                       8
<PAGE>

         Section 3.10      COMPLIANCE WITH APPLICABLE LAW. To the Knowledge of
Seller and the Shareholders, Seller holds all permits, licenses, variances,
exemptions, orders and approvals of all Governmental Entities necessary for the
lawful conduct of the insurance agency business (collectively, the "Permits"),
and Seller is in compliance with the terms of the Permits. To the Knowledge of
Seller and the Shareholders, the business of Seller is not being conducted in
violation of any law, ordinance or regulation of any Governmental Entity
(including, without limitation, the Gramm-Leach-Bliley Financial Services
Modernization Act of 1999 and any applicable federal or state regulations
promulgated pursuant thereto), except for possible violations that individually
or in the aggregate do not, and, insofar as reasonably can be foreseen, in the
future will not, have an adverse effect on its business. As of the date of this
Agreement, no investigation or review by any Governmental Entity with respect to
Seller is pending or, to the Knowledge of Seller and the Shareholders,
threatened.

         Section 3.11      TAX RETURNS AND AUDITS. Seller has timely filed all
federal, state, local and foreign tax returns, including all amended returns, in
each jurisdiction where Seller is required to do so or has paid or made
provision for the payment of any penalty or interests arising from the late
filing of any such return, has correctly reflected all taxes required to be
shown thereon, and has fully paid or made adequate provision for the payment of
all taxes that have been incurred or are due and payable pursuant to such
returns or pursuant to any assessment with respect to taxes in such
jurisdictions, whether or not in connection with such returns. Seller has not
received any notice that it is or may become subject to any audits with respect
to any federal, state, local or foreign tax returns required to be filed, and
there are no unresolved audit issues with respect to prior years' tax returns.
To the Knowledge of Seller and the Shareholders, there are no circumstances or
pending questions relating to potential tax liabilities nor claims asserted for
taxes or assessments of Seller that, if adversely determined, could result in a
tax liability that would have a material adverse effect on Seller or the
Acquired Assets for any period. Seller has not executed an extension or waiver
of any statute of limitations on the assessment or collection of any tax due
that is currently in effect. Seller is not holding any unclaimed property that
it is required to surrender to any state taxing authority including, without
limitation, any uncashed checks or unclaimed wages, and Seller has timely filed
all unclaimed property reports required to be filed with such state taxing
authorities. Seller does not purge its records of uncashed checks periodically.

         Section 3.12      NON-SOLICITATION COVENANTS. Except as set forth in
Schedule 3.12, Neither Seller nor either of the Shareholders is a party to any
agreement that restricts Seller's or the Shareholder's ability to compete in the
insurance agency industry or solicit specific insurance accounts.

         Section 3.13      ERRORS AND OMISSIONS; EMPLOYMENT PRACTICES LIABILITY.
Except as set forth in Schedule 3.13, Seller has not incurred any liability or
taken or failed to take any action that may reasonably be expected to result in
(a) a liability for errors or omissions in the conduct of its insurance business
or (b) employment practices liability (EPL), except such liabilities as are
fully covered by insurance. All errors and omissions (E&O) and EPL lawsuits and
claims currently pending or threatened against Seller are set forth in Schedule
3.13. Seller has E&O insurance coverage in force, with minimum liability limits
of $5 million per claim and $6 million aggregate, with a deductible of
$10,000.00 per claim and $30,000.00 aggregate, and the Shareholders will provide
to Buyer a certificate of insurance evidencing such coverage prior to or on the
Closing Date.

                                       9
<PAGE>

Seller has EPL insurance coverage in force, with minimum liability limits of $1
million per claim and $1 million aggregate, with a deductible of $2,500.00 per
claim, and the Shareholders will provide to Buyer a certificate of insurance
evidencing such coverage prior to or on the Closing Date. Seller has had the
same or higher levels of E&O and EPL coverage continuously in effect for at
least the past five (5) years.

         Section 3.14      EMPLOYEE DISHONESTY COVERAGE. Schedule 3.14 sets
forth a complete and correct list of all employee dishonesty bonds or policies,
including the respective limits thereof, held by Seller in the three (3) year
period prior to the Closing Date, and true and complete copies of such bonds or
policies have been delivered to Buyer. Seller has complied with all the
provisions of such bonds or policies and Seller has an employee dishonesty bond
or policy in full force and effect as of the Closing Date.

         Section 3.15      NO MISREPRESENTATIONS. None of the representations
and warranties of Seller and the Shareholders set forth in this Agreement or in
the attached Schedules, notwithstanding any investigation thereof by Buyer,
contains any untrue statement of a material fact, or omits the statement of any
material fact necessary to render the statements made not misleading.

II.      Buyer represents and warrants to Seller and the Shareholders as
follows:

         Section 3.16      ORGANIZATION. Buyer is a corporation organized and in
good standing under the laws of the Commonwealth of Pennsylvania and its status
is active. Buyer has all requisite corporate power and authority and all
necessary governmental approvals to own, lease and operate its properties and to
carry on its business as now being conducted. Buyer is duly qualified to do
business and is in good standing as a foreign corporation in each jurisdiction
where the conduct of its insurance agency business requires it to be so
qualified.

         Section 3.17      AUTHORITY. Buyer has the requisite corporate power
and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby. The execution, delivery and performance of
this Agreement have been duly authorized by all necessary corporate action on
the part of Buyer. This Agreement has been, and the other agreements, documents
and instruments required to be delivered by Buyer in accordance with the
provisions hereof (collectively, the "Buyer's Documents") will be, duly executed
and delivered by duly authorized officers of Buyer on behalf of Buyer, and this
Agreement constitutes, and the Buyer's Documents when executed and delivered
will constitute, the legal, valid and binding obligations of Buyer, enforceable
against Buyer in accordance with their terms, subject to applicable bankruptcy,
insolvency, reorganization or similar laws from time to time in effect relating
to or affecting the enforcement of creditors' rights generally and general
equitable principles.

         Section 3.18      CONSENTS AND APPROVALS; NO VIOLATIONS. Neither the
execution, delivery or performance of this Agreement by Buyer nor the
consummation by it of the transactions contemplated hereby nor compliance by it
with any of the provisions hereof will (a) conflict with or result in any breach
of any provision of its Articles of Incorporation or Bylaws, (b) require any
filing with, or permit, authorization, consent or approval of, any court,
arbitral tribunal, administrative agency or commission, or other governmental or
other regulatory authority or agency

                                       10
<PAGE>

(each a "Governmental Entity"), or (c) result in a violation or breach of, or
constitute a default under, any of the terms, conditions or provisions of any
agreement or other instrument or obligation to which Buyer is a party or by
which Buyer or any of its properties or assets may be bound.

         Section 3.19      NO MISREPRESENTATIONS. None of the representations
and warranties of Buyer set forth in this Agreement, notwithstanding any
investigation thereof by Seller or the Shareholders, contains any untrue
statement of a material fact, or omits the statement of any material fact
necessary to render the statements made not misleading.

                                    ARTICLE 4
                              ADDITIONAL AGREEMENTS

         Section 4.1       BROKERS OR FINDERS. Each of the parties represents,
as to itself, its subsidiaries and its affiliates, that no agent, broker,
investment banker, financial advisor, or other firm or person is or will be
entitled to any broker's or finder's fee or any other commission or similar fee
in connection with any of the transactions contemplated by this Agreement except
Berwind Financial, L.P. (any commissions or fees payable to which shall be the
sole responsibility of Seller), and each of the parties agrees to indemnify and
hold the others harmless from and against any and all claims, liabilities, or
obligations with respect to any fees, commissions, or expenses asserted by any
person on the basis of any act or statement alleged to have been made by such
party or its affiliate.

         Section 4.2       NON-COMPETITION COVENANTS. (a) Subject to SECTION
5.1(C), Seller and the Shareholders each agree that it, he or she, as the case
may be shall not, for a period of five (5) years beginning on the Closing Date,
engage in, or be or become the owner of an equity interest in, or otherwise
consult with, be employed by, or participate in the business of, any entity
(other than Buyer) engaged in the insurance agency business within a fifty
(50)-mile radius of Bethlehem, Pennsylvania. Without limiting the foregoing,
Seller and the Shareholders shall not, during such five-year period, (i)
solicit, divert, accept business from, nor service, directly or indirectly, as
insurance solicitor, insurance agent, insurance broker or otherwise, for his or
her account or the account of any other agent, broker, or insurer, either as
owner, shareholder, promoter, employee, consultant, manager or otherwise, any
account that is part of the Purchased Book of Business or any insurance account
then serviced by Buyer, or (ii) hire or directly or indirectly solicit any
employees of Buyer or its affiliates to work for Seller, the Shareholders or any
of their affiliates, or any company that competes with Buyer or its affiliates.
The Shareholders acknowledge that the non-solicitation covenants contained in
any employment agreement he or she may enter into with Buyer will be in addition
to, and will not supersede or be subordinate to, the non-competition and
non-solicitation covenants contained in this SECTION 4.2.

                  (b)      Notwithstanding anything in this Agreement to the
contrary, the covenants set forth in this SECTION 4.2 shall not be held invalid
or unenforceable because of the scope of the territory or actions subject hereto
or restricted hereby, or the period of time within which such covenants are
imperative; but the maximum territory, the actions subject to such covenants,
and the period of time in which such covenants are enforceable, respectively,
are subject to

                                       11
<PAGE>

determination by a final judgment of any court which had jurisdiction over the
parties and subject matter.

         Section 4.3       REMEDY FOR BREACH OF COVENANTS. In the event of a
breach of the provisions of SECTION 4.2, Buyer shall be entitled to injunctive
relief as well as any other applicable remedies at law or in equity. Should a
court of competent jurisdiction declare any of the covenants set forth in
SECTION 4.2 unenforceable due to a unreasonable restriction, duration,
geographical area or otherwise, the parties agree that such court shall be
empowered and shall grant Buyer or its affiliates injunctive relief to the
extent reasonably necessary to protect their respective interests. Seller and
the Shareholders acknowledge that the covenants set forth in SECTION 4.2
represent an important element of the value of the Acquired Assets and were a
material inducement for Buyer to enter into this Agreement.

         Section 4.4       SUCCESSOR RIGHTS. The covenants contained in SECTION
4.2 shall inure to the benefit of any successor in interest of Buyer by way of
merger, consolidation, sale or other succession.

         Section 4.5       ERRORS AND OMISSIONS, EMPLOYMENT PRACTICES LIABILITY,
AND EMPLOYEE DISHONESTY EXTENDING REPORTING ("TAIL") COVERAGE. On or prior to
the Closing Date, the Shareholders shall cause Seller to purchase, at Seller's
expense, a tail coverage extension on each of Seller's errors and omissions
(E&O), employment practices liability (EPL), and employee dishonesty insurance
policy (or employee dishonesty bond, as the case may be). Such coverages shall
extend for a period of at least five (5) years from the Closing Date, shall have
the same coverages and deductibles currently in effect, and shall otherwise be
in form reasonably acceptable to Buyer. A certificate of insurance evidencing
each such coverage shall be delivered to Buyer at or prior to Closing.

         Section 4.6       EXPENSES. Whether or not the transaction contemplated
by this Agreement is consummated, all costs and expenses incurred in connection
with this Agreement and the transaction contemplated hereby shall be paid by the
party incurring such expenses.

         Section 4.7       CONFIDENTIALITY. The parties each agree to maintain
the terms of this Agreement, including the consideration payable by Buyer, in
strict confidence and shall not disclose such terms to any third party without
the prior written consent of Buyer, unless required to do so by law (including,
without limitation, applicable securities laws). Notwithstanding the foregoing,
Seller and the Shareholders acknowledge and agree that promptly after the
Closing, Buyer shall issue a press release, a copy of which shall have been
provided by Buyer to Seller and the Shareholders within a reasonable amount of
time in advance for their review and reasonable comment, which press release
shall, among other things, set forth Seller's estimated commission revenue for
the twelve-month period prior to Closing.

         Section 4.8       TERMINATION OF EMPLOYEES; REIMBURSEMENT OF BUSINESS
EXPENSES AND SEGREGATION OF REVENUES AFTER EFFECTIVE DATE. (a) Except as
otherwise provided in SECTION 4.8(B) below, Seller shall terminate the
employment of all of Seller's employees, effective as of the Effective Date.
Seller shall be responsible for all payments, unless such payments are the
responsibility of a third party (i.e., insurer), to all of Seller's employees
(whether or not

                                       12
<PAGE>

terminated as of the Effective Date) for, and liabilities associated with, all
employee benefits and Employee Benefit Plans including, but not limited to,
vacation, bonuses, and sick leave benefits, accruing prior to the Effective
Date.

                  (b)      With respect to those employees who are employed by
Seller pursuant to a written employment agreement ("Contract Employees"), all of
which agreements are attached hereto collectively as Schedule 4.8(b), Seller
shall not terminate their employment as of the Effective Date. With respect to
such Contract Employees:

                           (i)      Seller and Buyer shall, at least two (2)
days prior to the scheduled Closing Date, jointly meet with each of the Contract
Employees and shall advise him/her that the employment agreements between Seller
and its Contract Employees will be assigned to Buyer as of the Closing Date. The
Notice attached hereto as Schedule 4.8(b)(i) shall be presented to the Contract
Employees by Buyer and Seller at such meetings, and the Contract Employees shall
be requested to sign the standard Brown & Brown employment agreement which shall
be attached to the Notice and is attached hereto as Schedule 4.8(b)(i). The
standard Brown & Brown employment agreement shall replace and supersede the
Contract Employees' current employment agreement with Seller but will provide
that the Contract Employees' commission schedule in effect as of the Closing
Date shall remain in effect through December 31, 2001.

                           (ii)     In the event any of the Contract Employees
refuses to enter into the standard Brown & Brown employment agreement on or
before the close of business on October 19, 2001, such employees shall be
considered to have immediately voluntarily resigned from their employment with
Seller without cause ("Resigning Employees"). Seller shall indemnify and hold
Buyer harmless from and against any Adverse Consequences, as defined in SECTION
6.2(B), that Buyer may suffer or incur arising out of or relating to claims by
the Resigning Employees, or any of them, for severance payments and/or payments
in lieu of notice under their respective employment agreements with Seller.

                  (c)      Buyer shall reimburse Seller for all wage and
employee benefit payments and other normal and customary business expenses made
or incurred by Seller after the Effective Date; provided, however, that on and
after the Closing Date, Seller shall segregate, hold in trust in a separate
account, and promptly pay over to Buyer all commissions and fees that are the
property of Buyer pursuant to SECTION 1.5 hereof. Buyer shall be responsible, as
of the Effective Date, for any wages and employee benefits under Buyer's
existing plans and policies for any employee of Seller, whether or not a
Contract Employee, who accepts an offer of employment with Buyer by entering
into Buyer's standard employment agreement.

         Section 4.9       ENFORCEMENT OF ASSIGNED EMPLOYMENT AGREEMENTS. In the
event that a Resigning Employee whose employment agreement with Seller was
assigned to Buyer under SECTION 1.2 hereof, (i) materially breaches any of the
post-termination covenants under his or her employment agreement with Seller,
Seller and the Shareholders shall cooperate with Buyer in enforcing the terms of
such agreement assigned to Buyer and shall join in any legal or equitable
proceedings (to the extent permitted under applicable law) instituted by Buyer
for such purpose, the legal fees and costs of any such proceedings to be borne
by Seller.

                                       13
<PAGE>

         Section 4.10      CORPORATE  NAME.  Promptly  after the Closing,
Seller agrees to cease all use of the name "Henry S. Lehr, Inc." or any
derivative thereof and will, no later than five (5) business days after the
Closing Date, file an amendment to its Articles of Incorporation, changing its
corporate name to a new name that bear no resemblance to its current name.

                                    ARTICLE 5
                                   CONDITIONS

         Section 5.1       CONDITIONS TO EACH PARTY'S OBLIGATION. The respective
obligations of each party to effect the transactions contemplated by this
Agreement shall be subject to the satisfaction prior to or on the Closing Date
of the following conditions:

                  (a)      All authorizations, consents, orders, or approvals
of, or declarations or filings with, or expirations of waiting periods imposed
by, any Governmental Entity, the failure to obtain which would have a material
adverse effect on the Business or the Acquired Assets after the Closing, shall
have been filed, occurred, or been obtained;

                  (b)      No temporary restraining order, preliminary or
permanent injunction, or other order issued by any court of competent
jurisdiction or other legal restraint or prohibition preventing the consummation
of the transaction shall be in effect; and

                  (c)      The obligations of the parties to effect the
transactions contemplated by this Agreement are subject to the simultaneous sale
of the assets of Apollo Financial Corporation to Buyer or its affiliates.

         Section 5.2       CONDITIONS TO OBLIGATIONS OF BUYER. The obligation of
Buyer to effect the transactions contemplated by this Agreement is subject to
the satisfaction of the following conditions, unless waived by Buyer:

                  (a)      The representations and warranties of Seller and the
Shareholders set forth in this Agreement shall be true and correct in all
material respects as of the Closing Date;

                  (b)      Seller and the Shareholders shall have performed in
all material respects all obligations required to be performed by them under
this Agreement at or prior to the Closing Date;

                  (c)      Buyer shall be satisfied, in its sole discretion,
with the results of its due diligence investigation of Seller's business and
records;

                  (d)      Seller shall have delivered the Bill of Sale to
Buyer;

                  (e)      Seller shall have delivered the Assignment and
Assumption Agreement to Buyer;

                  (f)      Seller shall have delivered the Shareholder
Employment Agreement to Buyer;

                                       14
<PAGE>

                  (g)      Subject to SECTION 4.9, Seller shall have delivered
the Staff Employment Agreements to Buyer;

                  (h)      Seller shall have delivered to Buyer a copy of
Seller's Board Resolutions;

                  (i)      Seller shall have delivered to Buyer a copy of the
Shareholder Resolutions, along with a copy of the Plan of Asset Transfer adopted
by the Shareholders;

                  (j)      Seller shall have delivered evidence to Buyer,
satisfactory to Buyer in its sole discretion, of a Certificate of Insurance
regarding the errors and omissions tail coverage required under SECTION 4.5
hereof;

                  (k)      Except as set forth in Schedule 1.1(a), all liens,
judgments, and other encumbrances on the Acquired Assets shall have been
satisfied and released prior to Closing;

                  (l)      The Acquisition Committee and the Board of Directors
of Buyer's parent company, Brown & Brown, Inc., shall have approved this
Agreement and the transactions contemplated herein; and

                  (m)      There shall have been no material adverse change to
the Business, Acquired Assets, or financial condition of Seller since the
Balance Sheet Date.

         Section 5.3       CONDITIONS TO OBLIGATION OF SELLER AND THE
SHAREHOLDERS. The obligation of Seller and the Shareholders to effect the
transactions contemplated by this Agreement are subject to the satisfaction of
the following conditions, unless waived by Seller and the Shareholders:

                  (a)      The representations and warranties of Buyer set forth
in this Agreement shall be true and correct in all material respects as of the
Closing Date;

                  (b)      Buyer shall have performed in all material respects
all obligations required to be performed by it under this Agreement at or prior
to the Closing Date;

                  (c)      Buyer shall have executed and delivered the
Shareholder Employment Agreements to the Shareholders;

                  (d)      Buyer shall have executed and delivered the
Assignment and Assumption Agreement to Seller;

                  (e)      Buyer shall have executed and delivered the
Promissory Note to Seller; and

                  (f)      Buyer shall have delivered to Seller and the
Shareholders certified Resolutions of Buyer's Board of Directors.

                                       15
<PAGE>

                                    ARTICLE 6
                                 INDEMNIFICATION

         Section 6.1       SURVIVAL OF REPRESENTATIONS, WARRANTIES, INDEMNITIES
AND COVENANTS. (a) Subject to SECTION 6.1(B) and unless otherwise set forth in
this Agreement, the representations, warranties and indemnities set forth in
this Agreement shall survive for a period of two (2) years from the Closing
Date. All post-closing covenants shall survive the Closing for the period(s)
specified in this Agreement or, if not specified, for a period of two (2) years
following the Closing Date. If a party has received notice of a potential breach
of a representation, covenant or warranty, or the occurrence of an otherwise
potentially-indemnifiable event under this Agreement within such two-year
period, such party may preserve its right to assert a later claim for damages
arising from such breach or event by delivering notice of same to the other
party within the two-year period.

                  (b)      Notwithstanding anything set forth in SECTION 6.1(A),
all representations, warranties, covenants and indemnities in connection with
SECTION 4.7 or any tax liabilities shall survive in perpetuity, subject to
applicable statutes of limitations.

         Section 6.2       INDEMNIFICATION PROVISIONS FOR THE BENEFIT OF BUYER.
Subject to SECTION 6.4:

                  (a)      To the extent that any Resigning Employee (as defined
in SECTION 4.8(B)(I)) diverts in direct contravention of such Resigning
Employee's employment agreement with Seller being assigned to Buyer hereunder,
on or before the one-year anniversary of the Closing Date, any line of coverage
which is part of any account comprising the Purchased Book of Business, Buyer
shall be paid by Seller and the Shareholders (which obligations shall be joint
and several) an amount equal to (i) 1.5 times (ii) the aggregate annualized
policy commissions on such diverted lines of coverage.

                  (b)      Seller and the Shareholders agree, jointly and
severally, to indemnify and hold Buyer and its officers, directors, and
affiliates harmless from and against any Adverse Consequences (as defined below)
that any of such parties may suffer or incur resulting from, arising out of,
relating to, or caused by (i) the breach of any of Seller's or the Shareholders'
representations, warranties, obligations or covenants contained herein, or (ii)
the operation of the Business or ownership of the Acquired Assets by Seller on
or prior to the Closing, including, without limitation, any claims or lawsuits
based on conduct of Seller or the Shareholders occurring before the Closing. For
purposes of this ARTICLE 6, the phrase "Adverse Consequences" means all charges,
complaints, actions, suits, proceedings, hearings, investigations, claims,
demands, judgments, orders, decrees, stipulations, injunctions, damages, dues,
penalties, fines, costs, amounts paid in settlement, liabilities (whether known
or unknown, whether absolute or contingent, whether liquidated or unliquidated,
and whether due or to become due), obligations, taxes, liens, losses, expenses,
and fees, including all attorneys' fees and court costs.

                  (c)      In addition to and without limiting SECTION 6.2(A) or
(B), Seller and the Shareholders agree, from and after the Closing, to jointly
and severally indemnify Buyer from and against the entirety of any Adverse
Consequences Buyer may suffer resulting from, arising out of, relating to, in
the nature of, or caused by:

                                       16
<PAGE>

                           (i)      any liability or obligation of Seller that
is not assumed hereunder (including any liability of Seller that becomes a
liability of Buyer under any bulk transfer law of any jurisdiction, under any
common law doctrine of de facto merger or successor liability, or otherwise by
operation of law); or

                           (ii)     any liability of Seller for the unpaid taxes
of any person or entity (including Seller) under United States Treasury
Regulation ss. 1.1502-6 (or any similar provision of state, local, or foreign
law), as a transferee or successor, by contract, or otherwise.

         Section 6.3       INDEMNIFICATION PROVISIONS FOR THE BENEFIT OF SELLER
AND THE SHAREHOLDERS. Subject to SECTION 6.4, Buyer agrees to indemnify and hold
Seller, the Shareholders and their respective officers, directors, shareholders
and affiliates harmless from and against any Adverse Consequences that any of
such parties may suffer or incur resulting from, arising out of, relating to, or
caused by (a) the breach of any of Buyer's representations, warranties,
obligations or covenants contained herein, or (b) the operation of the Business
or ownership of the Acquired Assets by Buyer after the Closing, including,
without limitation, any claims or lawsuits based on conduct of Buyer occurring
after the Closing.

         Section 6.4       LIMITATION OF LIABILITY.  (a)  No indemnification by
either party under SECTION 6.2 or 6.3 shall be required to be made:

                           (i)      with respect to any claim for
indemnification by a party ("Indemnitee") as to which the party from whom
indemnification is sought ("Indemnitor") has not received written notice from
Indemnitee in accordance with SECTION 6.1(A);

                           (ii)     with respect to any claim for
indemnification for breaches of representations or warranties under SECTION
6.2(B)(I) or SECTION 6.3(A) if and to the extent the facts underlying such claim
were known to the actual knowledge of Indemnitee prior to the Closing; or

                           (iii)    with respect to (A) any claims under SECTION
6.2(A), the first Seventy-Five Thousand Dollars ($75,000.00) of aggregate
Adverse Consequences incurred by Buyer, and (B) with respect to any
indemnification claims pursuant to a provision other than under SECTION 6.2(A),
the first Twenty-Five Thousand Dollars ($25,000.00) (the "Basket Amount") of
aggregate Adverse Consequences incurred by a party (Seller and the Shareholders
being treated as one party for purposes of this SECTION 6.4), it being the
intent of the parties that each party shall have a "basket" in such amount with
respect to aggregate claims for indemnification.

                  (b)      All amounts payable by Indemnitor shall be computed
net of any recovery actually paid to Indemnitee (less any deductible incurred by
Indemnitee) under any third-party insurance coverage with respect thereto which
offsets the Adverse Consequences that would otherwise be sustained by
Indemnitee.

                  (c)      The total aggregate liability of any party with
respect to its indemnification obligations under this Agreement shall not exceed
Five Million Dollars ($5,000,000.00) (the "Maximum Liability Amount"); provided,
however, that the Holdback Amount shall be credited against the total aggregate
liability of Seller and the Shareholders set forth in this SECTION 6.4(B).

                                       17
<PAGE>

                  (d)      Notwithstanding any of the foregoing provisions, any
Adverse Consequences for which Buyer is entitled to indemnification as a result
of the breach by Seller or the Shareholders of their covenants set forth in
SECTION 4.2 shall not be subject to the Basket Amount or the Maximum Liability
Amount.

                                    ARTICLE 7
                                     ESCROW

         Section 7.1       ESCROW AGREEMENT. Pursuant to SECTION 1.4(C) hereof,
at Closing Purchaser shall by wire transfer deliver to Fitzpatrick Lentz &
Bubba, P.C. (the "Escrow Agent") the Holdback Amount (for purposes of this
ARTICLE 7, the "Escrowed Funds"), to be held and ultimately disbursed by the
Escrow Agent in accordance with this ARTICLE 7.

         Section 7.2       INTEREST. The Escrowed Funds shall be deposited in a
high performance money fund with a current yield of approximately three (3%)
percent per annum. Subject to the remaining terms of this Article, all interest
earned on the Escrowed Funds shall accrue to the benefit of Seller and
Shareholders.

         Section 7.3       INDEMNIFICATION CLAIMS.

                  (a)      If Buyer shall make a claim for indemnification
hereunder. Buyer shall promptly give written notice of such claim to (i) the
Escrow Agent, (ii) Seller, and (iii) Shareholders. Such notice shall describe
the nature of the claim, the amount thereof, the provisions in this Agreement
and related documents on which the claim is based and shall include a brief
summary of the factual basis on which the claim is based. The thirty (30) day
period immediately following the date which Buyer gives notice to the Escrow
Agent, Seller and Shareholders is referred to herein as the "Response Period."

                  (b)      If the Escrow Agent has not received a written
objection to a claim delivered pursuant to SECTION 7.3(A) from the Seller and/or
Shareholders during the Response Period, the claim shall be conclusively
presumed to have been approved by the Seller and/or Shareholders, and the Escrow
Agent shall promptly thereafter make a cash payment to Buyer equal to the amount
of the claim out of the Escrowed Funds

                  (c)      If during the Response Period the Escrow Agent shall
have received from the Seller and/or Shareholders a written objection to the
claim made by Buyer pursuant to SECTION 7.3(A) above, then for a period of
thirty (30 ) days after receipt by the Escrow Agent of such objection, Buyer and
the Seller and/or Shareholders shall endeavor to resolve the difference and to
issue a joint written direction to the Escrow Agent in respect to the claim in
issue (a "Written Direction"). The Escrow Agent shall act in accordance with the
Written Direction, if an when issued. If a Written Direction is not issued prior
to the end of such thirty (30) day period, Buyer or the Seller or Shareholders
may institute litigation in any court of competent jurisdiction to adjudicate
its rights under this Agreement. The Escrow Agent shall transfer to Buyer funds
from the Escrowed Funds in an amount equal to the full amount of any final and

                                       18
<PAGE>

nonappealable order entered in connection with such litigation or the balance of
the applicable Escrowed Funds, whichever is less, not later than five (5) days
after receipt of such order.

                  (d)      The obligations of Escrow Agent shall be limited to
receiving and holding the Escrowed Funds, and to disburse the same in accordance
with this ARTICLE 7. Should there arise any factual question or dispute
concerning the Escrowed Funds and whether the Escrow Agent turn over the same,
or to whom the same shall be paid or disbursed, or in any event, if the Escrow
Agent so decides, the Escrow Agent may, at its discretion, pay over and deliver
the same to the Court of Common Pleas of Northampton County to be held by said
court pending a resolution of the matter. Following such payment and delivery to
the court, the Escrow Agent shall there upon be discharged from all
responsibility and liability involving the said escrow paid to the court and may
represent Seller, Shareholders or Buyer hereunder in any such dispute. The
parties acknowledge that Escrow Agent is attorney for Seller and Shareholders
and that nothing herein shall preclude Escrow Agent from continuing to represent
Seller and the Shareholders in any adversary proceeding upon the payment of the
Escrowed Funds into court.

         Section 7.4       DISTRIBUTIONS AND TERMINATION OF ESCROW. On or before
October, 31, 2002 (the "Release Date"), Escrow Agent shall wire transfer the
balance of the Escrowed Funds plus all interest earned thereon to Seller and/or
Shareholders as directed in writing by the Seller and Shareholders. On the
Release Date, the applicable amount shall be promptly distributed to the Seller
and/or Shareholders, assuming the remaining amount in the Escrow Account is in
excess of the maximum amount which would be payable to Buyer if all then pending
claims applicable to the Escrowed Funds were determined in favor of Buyer (the
"Maximum Claim Amount"). A claim shall be deemed to be "pending" for purposes of
this Section if written notice of a claim for indemnification has been given in
good faith by Buyer and received by the Escrow Agent pursuant to SECTION 7.3(A)
hereof prior to the Release Date. If the remaining amount of the Escrowed Funds
would not be in excess of the Maximum Claim Amount, then Escrow Agent shall only
distribute to Seller and/or Shareholders the Release Date the amount of the
Escrowed Funds in excess of the Maximum Claim Amount. Any monies scheduled to be
released, but instead retained by the Escrow Agent due to pending claims, shall
be promptly distributed either to Buyer or to the Seller and/or Shareholders by
the Escrow Agent upon, and in accordance with, either a Written Direction or
court order as described in SECTION 7.3(C) hereof. Following the Release Date,
as pending claims are satisfied or otherwise disposed of, any part of the
Escrowed Funds held by the Escrow Agent which is in excess of the Maximum Claim
Amount shall be promptly distributed to the Seller and/or Shareholders.

                                    ARTICLE 8
                                  MISCELLANEOUS

         Section 8.1       NOTICES. All notices and other communications
hereunder shall be in writing and shall be deemed given if delivered personally,
telecopied (if confirmed), or mailed by registered or certified mail (return
receipt requested) to the parties at the following addresses or at such other
address for a party as shall be specified by like notice:

                  (a)      If to Buyer, to

                                       19
<PAGE>

                                    Brown & Brown of Lehigh Valley, Inc.
                                    90 South Commerce Way, Suite 100
                                    Bethlehem, Pennsylvania  18017-2267
                                    Telecopy No.: (610) 867-1162
                                    Attn:  Robert Iocco

                           with a copy to

                                    Brown & Brown, Inc.
                                    401 E. Jackson St., Suite 1700
                                    Tampa, Florida  33601
                                    Telecopy No.: (813) 222-4464
                                    Attn:  Laurel Grammig

                  (b)      if to Seller or to the Shareholders, to

                                    William H. Lehr
                                    Patsy A. Lehr
                                    734 Paxinosa Avenue
                                    Easton, PA 18042

                           with a copy to

                                    Joseph A. Bubba, Esquire
                                    Fitzpatrick Lentz & Bubba, P.C.
                                    4001 Schoolhouse Lane
                                    P.O. Box 219
                                    Center Valley, Pennsylvania  18034-0219
                                    Telecopy No.: (610) 797-6663

         Section 8.2       USE OF TERM "KNOWLEDGE". With respect to the term
"Knowledge" as used herein: (a) an individual will be deemed to have "Knowledge"
of a particular fact or other matter if (i) such individual is actually aware of
such fact or other matter, or (ii) a prudent individual could be expected to
discover or otherwise become of such fact or other matter in the course of
conducting a reasonably comprehensive investigation concerning the existence of
such fact or matter; and (b) a corporation or other business entity will be
deemed to have "Knowledge" of a particular fact or other matter if any
individual who is serving, who has at any time in the twelve (12) months prior
to the Closing Date served, as a director, officer, executor, or trustee (or in
any similar capacity) of such corporation or business entity has, or at any time
had, Knowledge of such fact or other matter.

         Section 8.3       COUNTERPARTS. This Agreement may be executed in two
or more counterparts, each of which shall be considered one and the same
agreement, and shall become effective when one or more counterparts have been
signed by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart.

                                       20
<PAGE>

         Section 8.4       ENTIRE AGREEMENT. This Agreement (including the
documents and instruments referred to herein) constitutes the entire agreement
and supersedes all prior agreements and understandings, both written and oral,
among the parties with respect to the subject matter hereof.

         Section 8.5       ASSIGNMENT. Except as contemplated in SECTION 4.4
hereof, neither this Agreement nor any of the rights, interests, or obligations
hereunder shall be assigned by any of the parties hereto (whether by operation
of law or otherwise) without the prior written consent of the other parties.
This Agreement will be binding upon, inure to the benefit of, and be enforceable
by the parties and their respective successors and assigns.

         Section 8.6       SEVERABILITY. If any provision or covenant, or any
part thereof, of this Agreement should be held by any court to be illegal,
invalid or unenforceable, either in whole or in part, such illegality,
invalidity or unenforceability shall not affect the legality, validity or
enforceability of the remaining provisions or covenants, or any part thereof,
all of which shall remain in full force and effect.

         Section 8.7       ATTORNEYS' FEES AND COSTS. The prevailing party in
any proceeding brought to enforce the terms of this Agreement shall be entitled
to an award of reasonable attorneys' fees and costs incurred in investigating
and pursuing such action, both at the trial and appellate levels.

         Section 8.8       GOVERNING LAW. This Agreement shall be governed by
and construed and enforced in accordance with internal Pennsylvania law without
regard to any applicable conflicts of law.

         Section 8.9       WAIVER OF JURY TRIAL. The parties hereby knowingly,
voluntarily and intentionally waive any right either may have to a trial by jury
with respect to any litigation related to or arising out of, under or in
conjunction with this Agreement.

         Section 8.10      AMENDMENT;  WAIVER.  This  Agreement may not be
amended, or any provision waived, except by an instrument in writing signed on
behalf of each of the parties.

                               * * * * * * * * * *

      [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK - SIGNATURE PAGE FOLLOWS]

                                       21
<PAGE>

         IN WITNESS WHEREOF, the parties have signed or caused this Agreement to
be signed by their respective officers thereunto duly authorized as of the date
first written above.

                                     BUYER:

                                     BROWN & BROWN OF LEHIGH VALLEY,
                                     INC.

                                     By:   /s/ Thomas E. Riley
                                         ---------------------------------------
                                     Name:    Thomas E. Riley
                                     Title:   President

                                     SELLER:

                                     HENRY S. LEHR, INC.

                                     By:   /s/ William H. Lehr
                                         ---------------------------------------
                                     Name:    William H. Lehr
                                     Title:   President

                                     SHAREHOLDERS:

                                       /s/ William H. Lehr
                                     -------------------------------------------
                                     William H. Lehr, individually

                                       /s/ Patsy A. Lehr
                                     -------------------------------------------
                                     Patsy A. Lehr, individually

                                     ESCROW AGENT:

                                     FITZPATRICK LENTZ & BUBBA, P.C.

                                     By:   /s/ Joseph A. Bubba
                                         ---------------------------------------
                                          Joseph A. Bubba, Esquire, A Director

                                       22
<PAGE>

                             SCHEDULES AND EXHIBITS

Schedule 1.1(a):       Permitted Liens and Encumbrances
Schedule 1.2(a):       Purchased Book of Business
Schedule 1.2(d):       Tangible Property
Schedule 1.2(e):       Assigned Agreements
Schedule 3.6:          Guaranteed Premium Financing
Schedule 3.8:          Material Contracts
Schedule 3.9:          List of Claims and Litigation
Schedule 3.12:         Non-Solicitation Covenants
Schedule 3.13:         E&O and EPL Claims and Litigation
Schedule 3.14:         Employee Dishonesty Coverage
Schedule 4.8(b):       Contract Employees
Schedule 4.8(b)(i):    Notice

Exhibit 2.2(a):        Bill of Sale
Exhibit 2.2(b):        Shareholder Employment Agreement
Exhibit 2.2(d):        Assignment and Assumption Agreement
Exhibit 2.3(d):        Promissory Note

                                       23

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