NU Online News Service, Oct. 19, 3:49 p.m. EDT
Daytona Beach, Fla.-based brokerage Brown & Brown reported 2010 third-quarter net income of $44.2 million, an 8.1 percent increase over the 2009 third quarter.
Net income for the first nine months of 2010 is down slightly to $129.6 million compared to $129.6 million for the same period in 2009.
Total revenues in the 2010 third quarter increased to $247.6 million compared to $243.8 million in the 2009 third quarter. The brokerage saw an increase in commissions and fees of over $3 million compared to last year's third quarter and benefitted from a near $2 million in reduced expenses.
For the first nine months, revenue declined in 2010 to $743.6 million compared to $753.7 million in 2009.
J. Powell Brown, president and chief executive officer of Brown & Brown, said, "Our team continues to work against the headwinds of rate declines and exposure unit decreases. The economy continues to present challenges and opportunities for Brown & Brown. Additionally, we are extremely pleased with the new team members that have joined us in the third quarter through strategic acquisitions."
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