Brown & Brown Inc. on Monday reported third-quarter revenue of $674.0 million, up 8.9% from the year-earlier period as rates continued to rise amid the pandemic.

Commissions and fees increased 8.7% in the quarter to $671.4 million, and quarterly organic revenue grew 4.3%, according to the brokerage’s earnings statement released late Monday.

J. Powell Brown, president and CEO, said on the broker’s earnings call Tuesday that retentions, new business and rate increases helped drive results. “We had a really good third quarter,” he said.

He was more muted, however, on prospects of emerging from pandemic restrictions and returning to previously familiar business practices. “At this stage, we do not see face-to-face interactions returning to pre-pandemic levels for quite some time and more than likely the new normal will be different than in the past."

Third-quarter net income was $134.0 million, up 15.9% from the same quarter in 2019.

Brown & Brown’s retail segment had third-quarter revenue of $359.5 million, up 6.5% from the year-earlier period, while organic growth rose 4.1%.

The national programs unit had revenue of $168.0 million, up 17.6%, and organic revenue growth of 8.4%.

The wholesale brokerage unit had $101.2 million in third-quarter revenue, up 16.2%, and 8.2% organic growth.

The services unit had third-quarter revenue of $43.5 million, down 13.1% on lower claims activity. Organic growth also declined 13.1%.

Continued rate increases helped drive the broking gains, Mr. Brown said.

“During the quarter we saw rate increases similar to the last few quarters, and in some areas they’ve increased slightly,” Mr. Brown said.

“For the most part,” admitted market rates were up 3% to 7% across most lines, Mr. Brown said, while commercial auto rates were up more than 10%.

In excess and surplus markets, rates were up 10% to 20%, and professional liability was generally up 10% to 25%, Mr. Brown said.

Workers compensation rates generally didn’t decline as fast as in previous quarters.

Brown & Brown remained active with mergers and acquisitions, acquiring six businesses during the third quarter with annualized revenues of approximately $31 million, Mr. Brown said.

Through three quarters, the broker made 16 acquisitions comprising approximately $117 million in annualized revenue, he said, adding the broker has “already closed a few deals for the fourth quarter.”

While the pandemic has hit the economy and businesses, it has done so unevenly, Mr. Brown said, calling current economic conditions “choppy.”

“We have customers laying off large numbers of employees, and others are the busiest they’ve ever been,” Mr. Brown said.