Brown & Brown revenue up 2.9% in third quarter
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Brown & Brown Inc. on Tuesday reported third-quarter 2017 revenue of $475.6 million, up 2.9% from the prior-year period.
The Daytona Beach, Florida-based brokerage said third-quarter net income totaled $75.9 million, up 6.3%. Organic revenue increased 1.6% to $441.9 million.
Revenue for the nine months ended Sept. 30 was $1.41 billion, increasing 5.6% over the same period last year. Organic revenue increased 2.8%. Net income for the period was $212.1 million, increasing by 6.2%.
President and CEO J. Powell Brown said he was pleased with the results for the quarter. During a conference call with investors, Mr. Powell spoke about the impact of Hurricane Irma’s strike on Florida.
“I’ve lived in Florida pretty much my entire life,” Mr. Powell said, “and we have a hurricane here usually every 10 to 12 years. This time, I will tell you, there was real fear in the hearts and minds of people in Florida. The governor called an evacuation and a state of emergency very early on, and I would commend him for his efforts, and he got a lot of people out of potentially harm’s way.”
Mr. Powell added that “we were also darn lucky that the storm moved at the last minute and went to the west coast of Florida.”
“Houston, on the other hand,” Mr. Powell said, referring to Hurricane Harvey, which hit the Texas city, “the amount of rain was just absolutely mind-boggling, and so the most important thing I would tell you, I can tell you every single teammate in the affected area and their family members are safe. In my mind, that’s a huge win for our team.”
The company also announced that one of its subsidiaries, Pacific Resources Benefit Advisors, has acquired the assets of Atlanta-based Universal Benefit Solutions, L.L.C. UBS represents large-company clients in the placement of ancillary employee benefits products and has annual revenue of about $2.5 million, Brown & Brown said in a statement.
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