For large Florida-based insurance broker Brown & Brown, Inc., net income and net income per share for the first quarter of 2007 were the highest levels ever attained by the company in a first quarter.
Net income per share for the quarter ended March 31, 2007 was $0.42, an increase of 16.7% over the $0.36 in net income per share reported for the quarter ended March 31, 2006. Net income rose to $59,727,000 for the first quarter of 2007, versus net income of $50,026,000 for the quarter ended March 31, 2006, an increase of 19.4%.
Total revenues for the quarter ended March 31, 2007 were up 12.1%, to $258,513,000, compared with $230,582,000 recorded in the corresponding quarter in 2006.
According to J. Hyatt Brown, chairman and chief executive officer, the first quarter saw “the most difficult insurance market environment in recent memory, particularly in Florida.” Still, net income grew by 19.4%. Nearly half of this increase was the result of the firm selling approximately 50% of its long-term investment in Rock-Tenn Company at a pre-tax gain of $8.8 million.
Since the beginning of the year, Brown & Brown has completed 10 acquisitions with total annualized revenues of approximately $46.1 million, according to Jim W. Henderson, vice chairman and chief operating officer.
Source: Brown & Brown
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