The first major publicly traded insurance brokerage to report first-quarter results said its net income dropped 13 percent despite managing to increase commissions in a tough market with sinking rates.
Daytona, Fla.-based insurance broker Brown & Brown reported net income fell in part due to a $10 million drop in investment income and increased expenses.
The results, however, were not unexpected by financial analysts that predicted Brown & Brown would come in where it did at 37 cents a share.
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