Brown & Brown Inc. on Monday reported fourth-quarter organic revenue growth of 4.7% as commissions and fees increased 10.9%.

Revenue for the fourth quarter increased 10.9% to $642.1 million, and net income rose 27.2% to $97.3 million.

For the full year, organic growth was 3.8%, and commissions and fees increased 9.3%. Revenue for the year increased 9.2% to $2.61 billion, and net income rose 20.6%  to $480.5 million.

J. Powell Brown, president and CEO of the broker, said on the company’s earnings call Tuesday that most standard rates had risen 3% to 7% for the fourth quarter, while excess and surplus rates were up 10% to 25%.

Commercial auto rates remained up 10% or more for the fourth quarter. Workers compensation rates declined, but not as sharply as in previous quarters.

The main driver of rate increases “continues to be loss experience,” Mr. Brown said.

Looking forward, Mr. Brown said, “From a rate perspective, we expect increases for the first half of 2021.” He added that the economy’s recovery could be “choppy” and will be influenced by the timing of the vaccine rollout and the approval of any additional economic stimulus.

Organic revenue growth for the broker’s retail segment was 1.5% for the fourth quarter and 2.4% for the year, according to R. Andrew Watts, executive vice president, chief financial officer and treasurer, who also spoke on the call.

Organic growth in Brown’s national programs segment was 14.1% for the fourth quarter and 12.3% for the year, Mr. Watts said. Organic growth for the wholesale brokerage segment was 5.8% for the quarter and 5.5% for the year.

Mr. Brown said the broker made 25 acquisitions in 2020, totaling $197 million of acquired revenue.

He singled out Brown’s November acquisition of online insurance platform CoverHound Inc., which he said “will help us further our investment in technology, drive our innovation agenda and improve our carrier connectivity.”

CoverHound, he continued, “enables us to more effectively and efficiently provide quotes and bind coverage for our national programs segment, and enables us to better serve smaller customers in our retail segment.”