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Insurance brokerage Brown & Brown reported net income increased 5 percent in the 2006 fourth quarter, but profits were cut into by a settlement ending a contingency fee investigation, an executive said.

Daytona Beach, Fla.-based Brown & Brown reported net income in the quarter increased $1.9 million from $36 million to $38 million. Net income per share rose 2 cents, from 25 cents to 27 cents. Revenues rose 9 percent, or $18 million, from $197 million to $215 million.

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