Brown & Brown Sees Record Earnings

Florida-based insurance holding company Brown & Brown Inc. announced a record 50.6 percent increase in quarterly earnings for the third quarter of 2002 over the third quarter of 2001.

The company posted earnings of $20,178,000 for 3Q 2002 compared with $13,402,000 recorded in 3Q 2001. Net income per share rose 38.1 percent to $0.29 per share, compared with $0.21 per share in the third quarter of last year. Total revenue for the quarter ended September 30, 2002 was up 23.2 percent to $110,657,000 compared with the 2001 third-quarter revenue of $89,809,000.

Total revenue for the nine months ended September 30, 2002 was $336,595,000, compared with revenue for the same period in 2001 of $269,152,000, up 25.1 percent. Net income for the nine months ended September 30, 2002 was $61,741,000, or $0.91 per share, compared with the $38,698,000, or $0.61 per share, posted during the same period last year. This represents a 59.5 percent and 49.2 percent increase in net income and net income per share, respectively, over the same period in 2001.

J. Hyatt Brown, president and CEO, said the company’s third quarter results show the 39th consecutive quarter of record increased earnings per share for Brown & Brown. He added that the company’s acquisitions to date are contributing to growth in revenues and net income, and that many other agency acquisitions are in “various stages of negotiation.”