Daytona, Fla.-based insurance broker Brown & Brown reported fourth-quarter net income increased 1 percent, but the overall year-end results produced a drop in net income of 13 percent primarily on investment losses.
The soft market combined with the economic downturn took a toll on organic growth, the company said, with overall growth at negative 5 percent. Retail organic growth stood at negative 7 percent, while wholesale stood at negative 14 percent.
During a conference call with financial analysts, Jim Henderson, vice chairman and chief operating officer, said in 2008 Brown & Brown closed on 45 agency acquisitions with more than $115 million in revenue.
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