Insurance broker Brown & Brown reported that, despite a challenging soft market, second-quarter net income increased 17 percent helped by new business, recent acquisitions and the sale of a long-term investment.
For the quarter, the Daytona Beach, Fla.-based broker reported net income grew $7.6 million to $52 million from the same period last year. Earnings per share increased 5 cents to 37 cents a share. Revenues rose 12 percent, or $26 million, to $247 million.
Net income for the first six months of the year rose 18 percent, or $17 million, to $112 million, with earnings per share rising 12 cents to 79 cents a share. Revenues rose 12 percent, or $54 million, over the same period last year to $505 million.
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