Brown & Brown Inc. reported second-quarter revenue of $839.7 million late Monday, up 15.5% from the same period last year, with organic revenue increasing 10.3%.

Quarterly profit increased 4.2% to $145.2 million.

Revenue growth was driven by new business, good retention levels, rate increases and expansion of exposure units, J. Powell Brown, chairman, president and CEO of the Daytona Beach, Florida-based brokerage, said on an earnings call with analysts Tuesday.

While economic growth will continue to moderate to more normal levels, Brown & Brown is well-positioned to navigate any potential headwinds and has a lot of momentum for continued profitable growth, Mr. Brown said.

“We have a significantly more diversified business today than we did a decade ago, which should make us more resilient to a slowdown in the economy,” he said.

Organic revenue, which excludes acquisitions and various other changes, increased 8.8% in Brown & Brown’s retail segment, 19% in national programs and 7% in wholesale. It declined 0.5% in services due to higher prior-year claims activity related to travel cancellations and weather events.

Brown & Brown completed eight acquisitions in the second quarter, with total annual revenue of $11 million. This included the addition of London-based brokerage Global Risk Partners Ltd. in a deal completed July 1 that added more than 2,000 employees.

Most companies continued to expand slightly during the second quarter, even with the moderation in GDP to more traditional levels, Mr. Brown said.

While businesses continue to be cautious in the face of inflation, labor shortages and rising interest rates, many are having the “best years they’ve ever had,” with construction customers reporting that their pipeline business is “off the charts,” he told analysts.

For many renewals the quoted increase in premium is growing at a faster rate than the company’s revenue, Mr. Brown said. Customers continue to modify deductibles and limits to best manage premium increases, he said.

Admitted market rates were up 4% to 8% across most lines in the second quarter. The outlier was workers compensation, as rates continued to decline, though at a slower rate.

Excess and surplus lines premium rates increased 10% to 20%, cat wind property rates were up 15% to 35%, and earthquake rates rose 7% to 10%.

Insurers continued to focus on insurable values as replacement costs have increased materially over the past couple of years, Mr. Brown said.

The impact of higher values coupled with losses will more than likely keep property rate increases in a similar range through year’s end, he said.

Professional liability and excess liability placements continue to be challenging for most accounts, with rates up 5% to 15% in the quarter.

Cyber rates and deductibles continue to increase with insurers requiring effective protocols, Mr. Brown said.

Through the end of the year, admitted market rates are expected to remain constant and excess and surplus lines rates should be fairly similar, subject to hurricane season, he said.

Further rate increases for commercial and personal property lines are possible in the California, Florida and Louisiana markets, he said.

For the first half of 2022 revenue increased 13.1% to $1.74 billion, up 9% on an organic basis. Net income for the first half increased 7.8% to $365.5 million.