Daytona Beach, Fla.-based insurance broker Brown & Brown reported 2007 fourth-quarter net income dropped 12 percent with a loss in organic growth and price decreases holding down earnings.
J. Hyatt Brown, chairman and chief executive officer, called the quarter a challenge with premiums renewals at 15-to-30 percent less than the expiring premiums.
During an analyst's conference call, Mr. Brown said the firm expects to see prices continue to fall through a good part of next year, as underwriters continue to make a profit with low severity exposures. But he said that should change at some point because that is the historic nature of the business.
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