Large Florida-based insurance broker Brown & Brown, Inc. announced record earnings for 2006, with net income rising to $172,350,000, or $1.22 per share, an increase of 14.5 percent over the $150,551,000, or $1.08 per share, earned in 2005.
Total revenues for the year rose to $878,004,000, up 11.7 percent compared with $785,807,000 achieved in 2005.
During the fourth quarter of 2006 net income increased 5.3 percent to $37,623,000. Total revenue for the fourth quarter of 2006 was $214,650,000, a 9.0 percent increase over the fourth quarter 2005.
Commenting on the results, J. Hyatt Brown, chairman and chief executive officer, said 2006 was another good year for Brown & Brown and the company is on track to achieve its goal of $1 billion in revenues. “In a year with many challenges, including a lighter than normal year of completed acquisitions, our solid internal revenue growth was instrumental in raising our total revenue by nearly 12 percent, ” Brown noted. “As a result, part of our intermediate goal, “B-40″, of achieving one billion dollars of revenues now appears within reach and has our entire company focused on delivering even stronger results in 2007.”
Jim W. Henderson, vice chairman and chief operating officer, noted that completed acquisitions accounted for approximately $56 million in annualized revenues, with Axiom Re and Delaware Valley Underwriting Authority accounting for the majority of that amount.
“The acquisition opportunities continue to be robust,” Henderson added, citing that in the past week the firm closed three transactions: ALCOS, Inc., in Michigan, Shapiro Insurance, Inc. in Tallahassee and the Marcello Agency, Inc. in Louisiana, totaling some $23 million in annualized revenues.
Source: Brown & Brown, Inc.
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