Insurance broker Brown & Brown reported third quarter net income dropped 12 percent from the same period last year as the combination of declining prices and economic dislocations affected earnings.

For the third quarter, the Daytona Beach, Fla.–based insurance broker reported net income was down $5.6 million to $40.6 million. The loss in net income did not affect revenue which increased 4 percent, or $9.7 million, to $247 million.

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