Dayton Beach, Fla.-based insurance broker Brown & Brown saw its net income rise 12 percent ($5.33 million) in 2012's third quarter to $49.5 million. Revenues were up 17 percent ($43.4 million) to $303.8 million.
“We are pleased with our record earnings in the third quarter,” President & CEO J. Powell Brown says in a statement. “Our retail division continues to show increasing organic growth, which suggests that economic conditions are improving for our clients across the country that are predominantly in the middle market.”
Organic growth was up 1 percent in the quarter, with the wholesale and services segment showing the biggest gains.
Total commissions and fees for the third quarter rose 18 percent, or more than $45 million, to $302 million. For the first nine months of the year, commissions and fees increased 16 percent, or more than $124 million, to $889 million.
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