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DAYTONA BEACH, Fla.—Brown & Brown Inc. said its total revenue increased $15.4% during the first quarter while its net income rose 6.8%.
Total revenue for the quarter was $302.5 million compared with $262.2 million in the first quarter of last year, the Daytona Beach, Fla.-based insurance brokerage said Tuesday in a statement.
Net income increased to $49.4 million during the first quarter, up from $46.3 million in the same period last year.
J. Hyatt Brown, Brown & Brown's chairman and acting president and CEO, said the numbers reflect strong organic growth.
“The 2012 first quarter produced results that were better than we anticipated,” Mr. Brown said in the statement. “In addition to growing our earnings…, we were pleased to note that our organic growth rate for our core commissions and fees revenue was a positive 0.9%.”
DAYTONA BEACH, Fla.—Brown & Brown Inc. President and CEO J. Powell Brown, 44, has taken a temporary leave of absence for health reasons, according to a document filed with the U.S. Securities and Exchange Commission by the brokerage on Monday.