Brown & Brown reports quarterly revenue gain of 4.4%
Posted On: Jul. 18, 2017 11:33 AM CST
Brown & Brown Inc. on Tuesday reported second-quarter 2017 revenue of $466.3 million, up 4.4% from the prior-year period.
The Daytona Beach, Florida-based brokerage said second-quarter net income totaled $66.1 million, down 0.2%. Organic revenue increased 1.6% to $441.9 million.
Revenue for the six months ended June 30 was $931.4 million, up 7% from the year-ago period. The results reflect the impact of a $20 million legal settlement of a poaching case with Lake Mary, Florida-based rival AssuredPartners Inc. Eight of Brown & Brown’s employees left the company to join AssuredPartners.
Net income for the first half was $136.2 million, increasing by 6.2%. Organic growth increased 2.5% to $843.2 million.
“We are pleased with our quarterly results and year-to-date performance,” J. Powell Brown, president and CEO of Brown & Brown, said in a statement.