Dayton Beach, Fla.-based insurance broker Brown & Brown Inc. reported second-quarter net income fell 22 percent and organic growth dropped 8 percent as declining prices continued to take a toll on earnings.

For the quarter, the broker reported net income decreased by $12 million, to $40 million, compared with the period last year.

That translated into an 8 cent loss in earnings per share to 29 cents a share, missing analyst's consensus estimates by 1 cent.

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