Brown & Brown Inc. posted third-quarter revenue of $421.3 million, a 17.3% increase over that of the same period in 2013, the Daytona Beach, Florida-based broker reported.
Brown & Brown's earnings Monday release noted that revenue from acquisitions added $53.3 million to its total revenues for the quarter. Net income for the period increased 18.4% to $68.2 million from that of the same period a year earlier.
For the first nine months of the year, the brokerage's revenue grew 19.3% to $881.5 million and net income increased 7.4% to $182.4 million, said Brown & Brown in its earning release.
“We are pleased with our results for the quarter, even while the middle market economy remains choppy and rate increases continue to moderate or trend down,” said Brown & Brown President and CEO J. Powell Brown in the release.
Brown & Brown is the seventh-largest insurance broker worldwide according to Business Insurance's latest ranking.
Daytona Beach, Florida-based Brown & Brown Inc.’s second-quarter revenues rose 22.1% over those of the same period a year earlier to $397.8 million, bolstered by the closing of five acquisitions worth $157 million in revenue, Brown & Brown President and CEO J. Powell Brown said in a statement issued Monday.