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Brown & Brown Inc. on Tuesday reported first-quarter revenue of $465.1 million, up 9.6% from the previous year, bolstered in part by a $20 million legal settlement that involved employee poaching.
The Daytona Beach, Florida-based brokerage said first-quarter net income increased 12.9% to $70.1 million. Organic revenue grew 3.5% and commissions and fees grew 5.3% over a year ago.
Brown & Brown said the results included the impact of a $20 million legal settlement of a poaching case with Lake Mary, Florida-based rival AssuredPartners Inc. Eight of Brown & Brown’s employees left the company in May to join AssuredPartners.
AssuredPartners is restricted from hiring anyone in its Daytona Beach and Orlando, Florida, offices for 18 months, and nationally for six months, Brown & Brown said.
Excluding the benefits of the settlement and other considerations, Brown & Brown said, total revenue would have increased by 4.9% to 445.1 million.
"We are pleased with the performance of our four divisions,” J. Powell Brown, president and CEO, said in a statement. “As a company we continued to deliver improved organic growth and furthered the investment in our businesses to position us for future growth and increased profitability."
Brown & Brown Inc. on Tuesday said a subsidiary of Hull & Co. L.L.C., which Brown & Brown purchased in 2005, has acquired the commercial managing general agent operations of The Insurance House Inc.