Brown & Brown Quarterly Income Up

NU Online News Service, July 10, 2:22 p.m. EDT ? Brown & Brown reported net income increased 31 percent in the second quarter and total revenues rose 20 percent for the three-month period.

The Daytona Beach, Fla.-based insurance broker reported net income rose $6.5 million from $21.4 million in 2002 to $28 million for the three months ending June 30. Earnings per share increased 10 cents to 41 cents a share, an increase of 32 percent. Revenues rose $23 million during the period, from $114.9 million to $137.9 million.

For the first six months of 2003, net income increased 41 percent to $58.5 million and revenue rose 25 percent to $282.6 million. Earnings per share for the six-month period increased 37 percent over 2002 to 85 cents a share.

Jim W. Henderson, president and chief operating officer, said in a statement that the firm continues to look at acquisitions as a top priority in its "overall strategic plan."

J. Hyatt Brown, chairman and chief executive officer, commenting about the results in a statement, said, "Considering that we are seeing a moderation in general insurance premium increases, we are quite pleased to post our 42nd consecutive quarter of record earnings growth."

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Brown & Brown Quarterly Income Up

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