Insurance brokerage Brown & Brown reported net income increased 5 percent in the 2006 fourth quarter, but profits were cut into by a settlement ending a contingency fee investigation, an executive said.
Daytona Beach, Fla.-based Brown & Brown reported net income in the quarter increased $1.9 million from $36 million to $38 million. Net income per share rose 2 cents, from 25 cents to 27 cents. Revenues rose 9 percent, or $18 million, from $197 million to $215 million.
During an analyst's conference call today, Cory T. Walker, chief financial officer, said income would have risen 15 percent in the quarter if the company had not agreed to pay $5.8 million to settle allegations that it did not disclose to customers fees and commissions it received from carriers.
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