Brown & Brown reports record first-quarter net income of 22 percent over the previous period primarily on the increase in commissions and fees, as insurers press for rate increases, with significant focus on the Superstorm Sandy-affected regions.
The Daytona Beach, Fla.-based insurance broker says Q1 net income was up $11 million to $60 million on revenues of $335 million, an increase of 11 percent, or $33 million.
“This is the most net income we have ever earned in the first quarter,” says Chief Financial Officer Cory T. Walker during a conference call with analysts.
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