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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.
Brown & Brown Inc. said its Brown & Brown of Oregon L.L.C. subsidiary has acquired substantially all of the assets of Lumbermens Insurance and Risk Solutions.