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The chief executive officer of Brown & Brown said the firm expects declining prices in the current soft market to last for as long as five years, but predicted the firm will do well despite the challenges ahead.

J. Hyatt Brown, chairman and chief executive officer of the firm, speaking during the Daytona Beach, Fla.-based broker’s annual shareholders meeting this week, said the current soft market is expected to last for the next three to five years, but the dynamics of this market are different from the past.

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