Brown & Brown income, profit rise
Posted On: Feb. 12, 2007 12:00 AM CSTDAYTONA BEACH, Fla.Brown & Brown Inc. reported double-digit revenue and profit growth for 2006, the Daytona Beach, Fla.-based broker said Monday.
Total revenues increased 11.7% to $878.0 million for the year, while profits rose 14.5% to $172.4 million, the company said.
In a statement, J. Hyatt Brown, chairman and chief executive officer, pointed to solid internal revenue growth as being instrumental in the brokerage's overall growth in 2006. He also said Brown &Brown had a "lighter than normal year of completed acquisitions."
Organic growth was 4% in 2006, said Cory Walker, Brown & Brown's chief financial officer.
Completed acquisitions last year accounted for $56 million in annualized revenue, Brown & Brown said.