Brown & Brown Inc. insurance brokerage reported first-quarter net profits rose 16 percent to $50 million, compared with $43 million for the 2005 period.
Total revenue for the Daytona Beach, Fla.-based firm in the quarter rose 14 percent to $231 million, compared with $202 million for the same year-ago period.
Chairman J. Hyatt Brown said the windstorm capacity crunch from Texas to Virginia "is the most serious I have seen in my 47-year career. But that being said, all in all, we are pleased with the results this quarter."
Since the beginning of the year, the company said it has completed seven acquisitions with total annualized revenues of $24.6 million.
"Our operating model continues to attract the best-in-class of acquisition candidates, including small and medium business with industry-leading margins," said company president Jim Henderson.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.