HILB ROGAL & HAMILTON CO /VA/
EXHIBIT 10.1
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<TYPE>EX-10.1
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<DESCRIPTION>EXHIBIT 10.1
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SECOND AMENDMENT TO CREDIT AGREEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>THIS SECOND AMENDMENT TO CREDIT AGREEMENT</B>, dated as of the 31st day of March, 2004 (this
&#147;<I>Amendment</I>&#148;), is made among <B>HILB, ROGAL AND HAMILTON COMPANY</B>, a Virginia corporation doing business as Hilb Rogal &amp; Hobbs Company (the &#147;<I>Borrower</I>&#148;), and <B>WACHOVIA BANK, NATIONAL ASSOCIATION</B> (the
&#147;<I>Administrative Agent</I>&#148;) on behalf of the Required Lenders and the Tranche B Lenders (each as defined in the Credit Agreement described below). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>RECITALS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">A. The Borrower, the Administrative Agent and the banks and financial institutions listed on the signature pages thereof or that became parties thereto
after the date thereof (collectively the &#147;<I>Lenders</I>&#148;) are parties to a Second Amended and Restated Credit Agreement, dated as of July 1, 2002, as amended by a First Amendment to Credit Agreement, dated as of July 16, 2003 (as further
amended, the &#147;<I>Credit Agreement</I>&#148;), providing for the availability of a credit facility to the Borrower upon the terms and conditions set forth therein. Capitalized terms used herein without definition shall have the meanings given to
them in the Credit Agreement. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">B. The Borrower has requested
that the Lenders agree to amend (i) the pricing matrix set forth in the &#147;Applicable Margin Percentage&#148; definition of the Credit Agreement, (ii) the limits on the principal amounts of Borrower&#146;s secured letters of credit issued to
insurance companies and (iii) the limits on the Borrower&#146;s ability to repurchase shares of its Capital Stock. The Borrower has also requested that the Lenders approve the change of the corporate name of the Borrower to &#147;Hilb Rogal &amp;
Hobbs Company.&#148; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">C. The Administrative Agent and the
Lenders have agreed to effect such amendments and consents on the terms and subject to the conditions set forth herein. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>STATEMENT OF AGREEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>NOW, THEREFORE</B>, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE I
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMENDMENTS </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.1 <I>New Definition</I>. Section 1.1 of the Credit Agreement is hereby
amended by adding the following definition of &#147;Second Amendment&#148; in appropriate alphabetical order: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;<I>Second Amendment</I>&#148; shall mean the Second Amendment to Credit Agreement, dated as of March 31, 2004, between the Borrower,
the Administrative Agent and the Lenders.&#148; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.2 <I>Existing Definitions</I>. Section 1.1 of the Credit Agreement is hereby amended by deleting the
matrix set forth in the definition of &#147;Applicable Margin Percentage&#148; and replacing it in its entirety with the following: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="45%"></TD>
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<TD WIDTH="2%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="2%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="2%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Leverage</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Ratio</B></FONT></P><HR WIDTH="52" SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Applicable</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Margin</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Percentage</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>for</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Base Rate</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Revolving</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Loans</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Applicable</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Margin</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Percentage</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>for</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>LIBOR</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Revolving</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Loans</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Applicable</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Margin</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Percentage</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>for</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Base Rate</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Tranche B</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Term<BR>Loans</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Applicable</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Margin</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Percentage</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>for</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>LIBOR</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Tranche B</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Term<BR>Loans</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Applicable</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Margin</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Percentage<BR>for</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>Commitment</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Fee</B></FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Greater than or equal to 2.0 to 1.0</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2.000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2.250</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.400</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Greater than or equal to 1.0 to 1.0 but<BR>less than 2.0 to 1.0</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.750</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.750</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2.250</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.375</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Less than 1.0 to 1.0</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2.250</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0.350</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.3
<I>Indebtedness</I>. Section 7.2(xi) of the Credit Agreement is hereby amended by deleting the reference to &#147;$5,000,000&#148; and replacing it with &#147;$10,000,000.&#148; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1.4 <I>Restricted Payments</I>. Section 7.6(a) of the Credit Agreement is hereby amended by deleting the reference to
&#147;$20,000,000&#148; in clause (iii) and replacing it with &#147;$50,000,000.&#148; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>ARTICLE II </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CONSENT
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Required Lenders hereby consent to the following for
the purposes of the Credit Agreement and the other Credit Documents: (i) the Borrower&#146;s doing business under the trade name &#147;Hilb, Rogal &amp; Hobbs Company&#148; and (ii) the change of the Borrower&#146;s name to &#147;Hilb, Rogal &amp;
Hobbs Company&#148;, <I>provided</I> that the Borrower gives the Administrative Agent notice of such name change within ten (10) Business Days after such change shall take effect. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE III </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EFFECTIVENESS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This Amendment shall become effective on the date when the last of the following conditions shall have been satisfied: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">a) The Administrative Agent shall have received counterparts of this
Amendment, duly executed by the Borrower and the Subsidiary Guarantors; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">b) The Administrative Agent shall have received the approval of this Amendment from the Required Lenders and all of the Tranche B Lenders; and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">c) The Borrower shall have paid to Wachovia Capital Markets, LLC (the &#147;<I>Arranger</I>&#148;) all fees and expenses described in the Engagement
Letter dated March 11, 2004 between the Borrower and the Arranger. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>ARTICLE IV </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ACKNOWLEDGEMENT </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Subsidiary Guarantors hereby acknowledge that the Borrower, the
Administrative Agent and the Lenders have agreed to amend the Credit Agreement as provided herein. Each Subsidiary Guarantor hereby </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">approves and consents to the transactions contemplated by this Amendment and agrees that its obligations under the Subsidiary Guaranty and the other Credit
Documents to which it is a party shall not be diminished as a result of the execution of this Amendment. This acknowledgement by the Subsidiary Guarantors is made and delivered to induce the Administrative Agent and the Lenders to enter into this
Amendment, and the Subsidiary Guarantors acknowledge that the Administrative Agent and the Lenders would not enter into this Amendment in the absence of the acknowledgements contained herein. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE V </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>REPRESENTATIONS AND WARRANTIES </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Borrower hereby represents and warrants to the Administrative Agent and
the Lenders as follows: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.1 <I>Representations and
Warranties</I>. After giving effect to this Amendment, each of the representations and warranties of the Borrower contained in the Credit Agreement and in the other Credit Documents is true and correct in all material respects on and as of the date
hereof, with the same effect as if made on and as of the date hereof (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty is true and
correct in all material respects as of such date). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.2 <I>No
Default</I>. After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ARTICLE VI </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>MISCELLANEOUS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6.1 <I>Effect of Amendment</I>.
From and after the effective date of the amendments to the Credit Agreement set forth herein, all references to the Credit Agreement set forth in any other Credit Document or other agreement or instrument shall, unless otherwise specifically
provided, be references to the Credit Agreement as amended by this Amendment and as may be further amended, modified, restated or supplemented from time to time. This Amendment is limited as specified and shall not constitute or be deemed to
constitute an amendment, modification or waiver of any provision of the Credit Agreement except as expressly set forth herein. Except as expressly amended hereby, the Credit Agreement shall remain in full force and effect in accordance with its
terms. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6.2 <I>Governing Law</I>. This Amendment shall be
governed by and construed and enforced in accordance with the laws of the State of New York (without regard to the conflicts of law provisions thereof, but including Section 5-1401 of the General Obligations Law of the State of New York).
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6.3 <I>Expenses</I>. The Borrower agrees to pay upon demand
all reasonable out-of-pocket costs and expenses of the Administrative Agent (including, without limitation, the reasonable fees and expenses of counsel to the Administrative Agent) in connection with the preparation, negotiation, execution and
delivery of this Amendment and the other Credit Documents delivered in connection herewith. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">6.4 <I>Severability</I>. To the extent any provision of this Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such
prohibition or invalidity and only in any such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this Amendment in any jurisdiction. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6.5 <I>Successors and Assigns</I>. This Amendment shall be binding upon,
inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6.6 <I>Construction</I>. The headings of the various sections and subsections of this Amendment have been
inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6.7 <I>Counterparts</I>. This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of
which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">[the remainder of this page left blank intentionally] </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Amendment to be executed by their duly
authorized officers as of the date first above written. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman"
SIZE="2"><B>d/b/a HILB, ROGAL &amp; HOBBS COMPANY</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Carolyn Jones</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
</TABLE></DIV><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="86%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">SVP, CFO &amp; Treasurer</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>WACHOVIA BANK, NATIONAL ASSOCIATION,</B> as Administrative Agent on behalf of the Required Lenders and the Tranche B Lenders</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Jason S. Miller</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
</TABLE></DIV><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="86%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Vice President</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">S-1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">For purposes of <B>Article IV</B> only: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON INVESTMENT COMPANY
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON REALTY COMPANY </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON SERVICES COMPANY </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF ALABAMA, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>BEIERSDOERFER, MEADOWS &amp; GOULD, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF ARIZONA </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HRH INSURANCE SERVICES OF THE COACHELLAVALLEY, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON INSURANCE SERVICES OF CENTRAL CALIFORNIA, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>MORGAN &amp; FRANZ INSURANCE AGENCY OF ORANGE COUNTY </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HRH OF NORTHERN CALIFORNIA INSURANCE SERVICES, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>PROFESSIONAL PRACTICE INSURANCE BROKERS, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON INSURANCE SERVICES OF SAN DIEGO, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>ARIS/B&amp;W INSURANCE SERVICES, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>SUMMIT RISK MANAGEMENT &amp; INSURANCE SERVICES, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF DENVER </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF CONNECTICUT, LLC </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>THE MANAGING AGENCY GROUP, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2"><B>PREMIUM FUNDING ASSOCIATES, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>THOMAS M. MURPHY &amp; ASSOCIATES, INC.
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF GAINESVILLE, FLORIDA, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HUNT INSURANCE GROUP, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2"><B>INSURANCE CONSULTANTS &amp; ANALYSTS, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF
ORLANDO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF SARASOTA </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF SOUTH FLORIDA </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF TAMPA BAY, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF ATLANTA </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF GAINESVILLE, GEORGIA </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">S-2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF SAVANNAH, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF ILLINOIS </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>DULANEY, JOHNSTON &amp; PRIEST, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>THE DUNLAP CORPORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2"><B>THE DUNLAP AGENCY </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>THE DUNLAP CORPORATION OF NEW HAMPSHIRE </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF BALTIMORE </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF METROPOLITAN WASHINGTON </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON INSURANCE AGENCY OF MASSACHUSETTS, LLC </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF GRAND RAPIDS </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF PORT HURON </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HRH INSURANCE SERVICES OF NEVADA, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>ASHURST PROCESSING AGENCY, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2"><B>GIACONIA LIFE ASSOCIATES, LLC </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF NORTHERN NEW
JERSEY, LLC </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HRH CONSULTING GROUP, LLC </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF NEW YORK, LLC </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>KAMMSAC INTERNATIONAL, LLC </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2"><B>KALVIN-MILLER HOLDINGS, LLC </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>PROPERTY OWNERS &amp; MANAGERS PURCHASING GROUP,
INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF UPSTATE NEW YORK, LLC </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>PROFESSIONAL PRACTICES INSURANCE BROKERS, INC. (SOUTHEAST) </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>BOAHC, INC. D/B/A BERWANGER OVERMYER ASSOCIATES </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>BOAEB AGENCY, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2"><B>BOAFS AGENCY, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>MIDWEST PENSION SERVICES, INC. </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>BOAPC AGENCY, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF OKLAHOMA </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY
OF OREGON </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF PHILADELPHIA, LLC </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF PITTSBURGH, LLC </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HRH MERGER COMPANY </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF SAN ANTONIO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">S-3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF TEXAS </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>HILB, ROGAL AND HAMILTON COMPANY OF VIRGINIA </B></FONT></P> <P
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FACE="Times New Roman" SIZE="2"><B>WESTPORT INSURANCE BROKERAGE, LLC </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:50%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B>STAFFING RISK SOLUTIONS, LLC </B></FONT></P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;Walter L. Smith</FONT></TD></TR>
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