NU Online News Service, April 19, 1:24 p.m. EDT

Daytona Beach, Fla.-based insurance broker Brown & Brown says first quarter net income rose 7 percent over last year as the firm reported increases in commissions and fees and benefited from a one-time court settlement.

Brown & Brown reports first quarter 2012 net income rose close to 7 percent, or $3 million, to $49 million. That translates into earnings per share of 34 cents, up 2 cents from the same period last year. Revenues increased 15 percent, or $40 million, to $302 million.

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