Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Brown & Brown boosts revenue and profit despite hurdles

Reprints
Brown & Brown boosts revenue and profit despite hurdles

Brown & Brown Inc. reported first-quarter revenue of $424.2 million, up 4.9% from the same quarter last year despite competitive pressures and soft property pricing.

Net income totaled $62.1 million, up 9.1% from a year ago. Organic revenue increased 1.3%.

During the quarter, Brown & Brown said it grew its retail revenue by 12.5%, its national programs, 2.8%; wholesale brokerage, 1.8%; and services revenue, 2.0%.

During a Tuesday conference call with analysts, President and CEO J. Powell Brown cited the broker's three first-quarter acquisitions that added annualized revenue of $14.3 million.

The purchases include Norwell, Massachusetts-based Social Security Advocates for the Disabled L.L.C.; Bend, Oregon-based Lumbermens Insurance & Risk Solutions and California-based BayRisk Insurance Brokers Inc.

Mr. Brown said the Daytona Beach, Florida-based company will continue to acquire brokerages “that fit culturally and make sense financially.”

Overall, Mr. Brown, said the market remains very competitive as rates remain under pressure, with property rates being the most affected.

He also said that management of health costs is “front and center for our customers.”

Brown & Brown is the seventh-largest insurance brokerage worldwide, according to the latest Business Insurance ranking.

Read Next