Brown & Brown gains; many local stocks drop                          

By THOMAS S. BROWN
    Business Editor

  DAYTONA BEACH -- While most insurance stocks lost ground in Monday's market plunge, Brown & Brown, which has avoided entering the New York City marketplace, notched a 9 percent gain.
  The Daytona Beach insurance agency was the star performer among Volusia County's five public corporations, adding $3.90 to its share price to close at $45.51 on the New York Stock Exchange.  Budget Group, the Daytona-based car rental giant, fared the worst, losing 30 percent of its value on the Big Board.
  J. Hyatt Brown, chief executive of the insurance firm, said he was "real please" his company attracted buyers when most investors were selling off their insurance shares by the millions.  Brown said he had started the day with no idea of how his stock would perform, and was prepared to carry out a company buyback of shares if the price sank into the $30 range.  That didn't prove necessary, however.
  Brown said his company has felt little direct impact from the World Trade Center calamity because it doesn't insure any property in New York's financial district.  Brown & Brown underwent a major expansion in New York State last year when it acquired the Reidman Corp., but those offices serve upstate cities.
  Brown said customers of all insurance companies eventually will experience effects from the terrorism as rates for property insurance and aviation move higher.
  Among other Volusia companies, International Speedway Corporation experienced a 9 percent decline on the Nasdaq Stock Exchange as its shares fell $3.87 to $37.67.
  Wes Harris, ISC's director of investor relations, said the motorsports company was hit by the same sell-off that affected most other sports and leisure

companies. "This was not totally unexpected," he said.
  Harris said some stock analysts are concerned that recessionary conditions and airline security fears could discourage travel and tourism in coming months. However, Harris said ISC is less vulnerable to those conditions since most NASCAR fans drive to tracks, rather than fly.
  At Budget Group, spokeswoman Kimberly Mulcahy declined comment on the 69-cent drop in the company's share price, which whittled it to $1.61.  She said Budget never comments on share price fluctuations.
  Budget enjoyed a flood of business last week as grounded airline passengers resorted to rental cars to complete trips.  On Monday, Budget representatives said demand was still relatively strong.
  Trading in shares of both Brown & Brown and Budget was five time the normal level, while ISC's volume was double the usual level.
  Trading was much lighter in shares of Consolidate-Tomoka Land Co., which experienced a 2 percent drop in its price on the American Stock Exchange.  The 45-cent decline left its shares at $20.40.
  The Lake Helen-base attorney-referral firm, 1-800-ATTORNEY, had only 1,500 of its shares change hands, its price increased a nickel to $1.38.
  Joseph Meyer, an Ormond Beach investment counselor, said he was disappointed by the magnitude of Monday's sell-off, but added he believes more selling may take place in the opening hour of today's session.  Later in the day, however, he expects a rally.
  Meyer said current market conditions represent an appealing buying opportunity for anyone who has spare cash that won't be needed for two to three years.  Meyer said he expects a "very slow, gradual recover" over that period, with well-known blue chip companies faring the best.