Acquisitions drive Brown & Brown's 2nd-quarter revenue increase

Daytona Beach, Florida-based Brown & Brown Inc.’s second-quarter revenues rose 22.1% over those of the same period a year earlier to $397.8 million, bolstered by the closing of five acquisitions worth $157 million in revenue, Brown & Brown President and CEO J. Powell Brown said in a statement issued Monday.

Brown & Brown Inc.’s second quarter net income jumped 19.1% to $61.8 million, reflecting increased margins and organic growth, the brokerage said.

Commissions and fees for the three months ended June 30 totaled $394.7 million, up 21.8% from the same period last year. Investment income for the period was flat at $0.2 million.

The company said it achieved organic growth of 3.8% and margins grew 0.4% from the year-ago period.

“We are very pleased with the results for the quarter as we delivered organic growth in line with our expectations and increased margins modestly,” said Mr. Brown.

For the six months ended June 30, revenues rose 15.2% to $761.4 million while net income increased 1.9% to $114.2 million. Six-month commissions and fees totaled $756.7 million, up 15.0% from the year-ago period, and investment income slipped 25% to $0.3 million.