Florida-based insurance intermediary Brown & Brown saysthird-quarter net income increased 14.7 percent to about $57.75million.
|CFO Cory T. Walker says commissions and fees for the thirdquarter were up 18.5 percent to $358.2 million from last year’sthird-quarter total of $302.3 million.
|The insurance intermediary expensed $1.3 million during thethird quarter to pursue a “very large acquisition, which we werenot the winners,” Walker says during a conference call, adding thatthe acquisition of Beecher Carlson in July “had a slow start due tosome acquisition transition issues.”
|CEO J. Powell Brown says Northeast property rates are up2-8 percent.
|“Property continues to see changes in the underwriting criteria,particularly in coastal areas—New Jersey in particular,” heobserves. “Some habitational writers are looking very closely attheir property and [general liability] rates, particularly in NewYork City. Some are getting off and some are just increasing theprices significantly.”
|Southeast coastal property rates are up 5-10 percent but inFlorida, rates are flat to “up slightly or down slightly within acouple points,” he says, adding that more property capacity isheaded into Florida.
|Brown says the broker is seeing more construction accounts—forinsureds and on a project basis with builders’ risk policies.
|General liability and excess or umbrella coverage forcontractors in New York are experiencing upward pressure on rates,adds Brown.
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