Brown & Brown Quarterly Net Up 51%

Brown & Brown Quarterly Net Up 51%

NU Online News Service, Oct. 11, 10:29 a.m. EST? Insurance broker Brown & Brown Inc., based in Daytona Beach, Fla., reported its third-quarter net income rose 51 percent for this year.

The firm reported net income increased $6.8 million, going from $13.4 million for the third quarter of 2001 to $20.2 million in 2002. Net income per share rose 38 percent from 21 cents per share for the third quarter of 2001 to 29 cents per share for 2002.

Third-quarter revenues ending Sept. 30 reported an increase of 23 percent, or $20.8 million, rising from $89.8 million for the third quarter of 2001 to $110.7 million in 2002.

For the nine months, Brown & Brown's revenues increased 25 percent, rising from $269.2 million for 2001 to $336.6 million in 2002.

Net income for the nine months rose 60 percent, from $38.7 million, or 61 cents per share, in 2001, to $61.7 million, or 91 cents per share, for 2002.