NU Online News Service, Feb. 7, 11:22 a.m.EST

Daytona Beach, Fla.-based insurance broker Brown & Brownreports fourth quarter net income increased 14 percent over theprior year as the firm reported over $1 billion in revenue for thefirst time.

Brown & Brown says net income rose more than $4 millionto $36 million. Earnings per share increased 3 cents to 25 cents ashare. Revenues rose 6 percent, or $14 million.

For the year, net income was up 1 percent or more than $2million to $164 million. Earnings per share rose 1 cent to $1.13.Revenues rose 4 percent, or $40 million, to $1.01 billion.

The results reflected organic growth over the fourth quarter ofless than negative 1 percent.

During a conference call with financial analysts, J. Hyatt Browndescribes an insurance marketplace of mixed pricing where somelines were still down, while others were flat to up.

He says there is evidence of economic improvement in some areasof the country reflecting some increase in buying. Competition with“plain vanilla” accounts still exists, he adds.

Overall, he says “underwriting is starting to be in vogueagain.”

Concerning Powell Brown, the firm's president and chiefexecutive officer, who left the company temporarily for healthreasons, Hyatt Brown says he return to the company within areasonable period of time.

In response to a question about returning to positive organicgrowth, Brown says the firm will continue to work hard to getthere, but would not venture how long that will take.