Daytona Beach, Fla.-headquartered Brown & Brown Inc. reported 2012 first-quarter net income of $49.43 million, up 6.3 percent from one year ago.
The insurance brokerage firm also reported $302.49 million in revenue for the first quarter, up 15.4 percent from a year ago. Revenues from commissions and fees were $296.53 million, an increase of 13.4 percent from the same period last year.
“The 2012 first quarter produced results that were better than we anticipated,” said J. Hyatt Brown, chairman and acting president and CEO.
“In addition to growing our earnings per share by 6.3 percent, we were pleased to note that our organic growth rate for our core commissions and fees revenue was a positive 0.9 percent.”
Brown & Brown Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and services. Additionally, Brown & Brown subsidiaries offer a variety of risk management, third party administration, and other services. The company serves business, public entity, individual, trade and professional association clients nationwide.