Insurance pricing remains extremely volatile, affecting the growth of insurance agencies and brokerage firms, says the chief executive of Brown & Brown, and lending to the continued struggle at the firm to grow organically.
Brown & Brown says it settled a non-compete suit with its former vice chairman and other former executives who left the firm to form Assured Agencies earlier this year.
The lackluster economy, loss of contingent commissions and business issues at certain offices conspired to reduce insurance broker Brown & Brown Inc.’s net income by 10 percent for the 2011 second quarter of this year.
The lackluster economy, loss of contingent commissions and business issues at certain offices conspired to reduce insurance broker Brown & Brown Inc.’s net income by 10 percent for the 2011 second quarter of this year.
Daytona Beach, Fla.-based insurance broker Brown & Brown reports first-quarter net income increased 5 percent, thanks in part to more than $30 million in acquired revenue for the quarter.