Florida-based insurance broker Brown & Brown, Inc. managed to increase its earnings slightly in the second quarter despite the financial downturn.
Net income for the second quarter of 2009 was $40,668,000 compared to $40,398,000 for the same quarter of 2008.
Total revenue for the second quarter ended June 30, 2009 was $246,369,000, compared to 2008 second-quarter revenue of $241,720,000. Total commissions and fees revenues for the second quarter of 2009 increased 2.4 percent over the second quarter of 2008.
Total revenue for the six months ended June 30, 2009 was $509,949,000, compared to total revenue for the first half of 2008 of $498,435,000. Net income for the six-month period ended June 30, 2009 was $88,680,000 compared to $92,158,000 for the same period of 2008.
J. Powell Brown, president and CEO, said the company is managing to keep current customers and add new ones.
“This insurance market continues to be challenging due principally to the current economic environment,” Brown said. “However, by delivering for our existing clients and securing new business, we were able to sustain our revenues and earnings quarter over quarter.”
Jim W. Henderson, vice chairman and chief operating officer, acknowledged that firm’s pace of acquisitions has temporarily slowed.
“We continue to evaluate an ample inventory of acquisition prospects,” Henderson said. “The temporary pause in deal closings is in part due to the current economic environment. We remain optimistic about the long-term mergers and acqusition opportunities.”
Brown & Brown, Inc. and its subsidiaries offer insurance and reinsurance products and services, as well as risk management, third party administration, managed health care, and Medicare set-aside services and programs.
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