Brown & Brown Inc. posted fourth-quarter revenue of $738.5 million, a 15% increase year over year, and organic revenue growth of 9.0%, the broker reported late Monday after the markets closed.

For all of 2021, the broker topped $3 billion in annual revenue for the first time.

Fourth-quarter net income rose 4.5% to $101.7 million, and commissions and fees rose 15.3% to $737.9 million,

Admitted market rate increases averaged 3% to 8% across most lines, while excess and surplus markets saw increases of 10% to 20% on average, J. Powell Brown, president and CEO, said during the broker’s Tuesday morning earnings call.

A combination of new business, good retention and rate increases drove growth across the broker’s business units, Mr. Brown said. The retail segment had organic growth of 9.5%; national programs saw organic growth of 10.4%; and the wholesale unit had organic growth of 8.3%.

Retail segment revenue rose 19.1% to $420.5 million; the national program unit saw revenue growth of 12.6% to $179.6 million; and revenue rose 12.4% in the wholesale brokerage unit to $95.5 million.

The broker also continued to grow through acquisition, completing eight deals in the fourth quarter, adding combined annual revenue of $67 million.

Business confidence continues to improve, Mr. Brown said, but the omicron variant of COVID 19 presents “another hurdle in the overall growth of the economy.” He also cited inflation, supply chain constraints and the “availability of employees” as issues that could dent business confidence and hamper recovery.

Placements for cyber liability coverage continue to be difficult, and rates and deductibles have increased “dramatically” in many cases, Mr. Brown said. Customers with high losses also faced some challenges, he said.

“Customers continue to modify risk management programs to best control premium increases,” Mr. Brown said.

Looking forward, he suggested pricing pressures might abate in the near term. “We anticipate premium increases to remain relatively constant or moderate downward slightly in the first half of 2022,” he said on the call.

For the full year, Brown & Brown reported record revenue of $3.051 billion, up 16.6% from 2020. Organic growth for 2021 was 10.4%, the brokerage’s highest “since the early 2000s,” Mr. Brown said.

Commissions and fees rose 17% last year to $3.0475 billion.

The retail segment had organic growth of 11.0%; national programs grew 12.4% organically; and wholesale brokerage saw 8.1% organic growth.

Brown & Brown completed 19 acquisitions in 2021, representing combined annual revenue of $132 million.

Mr. Brown forecast the mergers and acquisitions market will remain competitive until interest rates climb. “Until interest rates increase materially and capital becomes constrained, we expect competition and valuation to remain at peak levels,” he said.