Florida-based national insurance broker Brown & Brown Inc. reported that net income for the third quarter of 2012 was up 12.1 percent to $49.5 million over the same quarter in 2011.
J. Powell Brown, president and chief executive officer, said that result set a company record for earnings in the third quarter. He said the retail division showed “increasing organic growth, which suggests that economic conditions are improving for our clients across the country, who are predominantly in the middle market.”
Total revenue for the third quarter was $304 million compared to 2011 third-quarter revenue of $260 million, an increase of 16.7 percent.
Total revenue for the nine months ended Sept. 30, 2012 was $897 million , an increase of 16.6 percent. Net income for the nine-month period was $141 million, an increase of 10.9 percent.
Commissions and fees for the third quarter totaled $287.8 million, up from $243.5 in the third quarter last year.