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DAYTONA BEACH, Fla.--Brown & Brown Inc. reported double-digit increases in revenues and profits for the first six months of 2007, the brokerage said Monday.
Acquisitions fueled revenues, which increased 11.9% to reach $505.2 million in the first half of this year compared with the first six months of 2006. Daytona Beach, Fla.-based Brown & Brown closed on three acquisitions in the second quarter of this year with estimated total annual revenues of $21.6 million, it said in a statement.
Net income rose 18.3% to $111.7 million compared with the comparable 2006 period. A "significant" part of the increase, Brown & Brown said, was due to a $9.8 million pretax gain on the sale of all the remaining shares of its long-term investment in Rock-Tenn Co.