“Rates continue to be under pressure, but several areas of our business seem to be hitting bottom on exposure units and we are very pleased with our acquisitions in Q4, closing $19.1 million in revenue,” said J. Powell Brown, president and chief executive officer for the firm, during a conference call with financial analysts.

The company said total commissions and fees increased 4.8 percent, aided by acquisition activity. However, organically, the firm is still suffering the ramifications of the soft market.

Mr. Brown described an overall landscape where rates continue to be flat or down 5 percent. In some cases, prices are down as much as 10 percent depending on the business.

In only a few areas he said rates showed signs of increase. Rates for employee benefits, small group accounts, are up 5 to 15 percent and large group rates are up 5 to 20 percent.

Another area of upward pressure in pricing is financial institutions—directors and officers liability and errors and omissions—up 5-plus percent on accounts, except for accounts that have experienced losses, which are seeing higher increases, Mr. Brown said.

Mr. Brown said on some accounts throughout the country, insurers are changing compensation from commission to per head per month. Certain national carriers, he noted, are changing their large group commissions to fees on a state by state basis.

Surplus lines remains challenging, as retail lines continue to compete for business.

On the naming of Scott Penny as the firm's new chief acquisition officer, Mr. Brown said the company is pleased with him assuming the new post. He noted that for the year, the firm completed more than $70 million in acquisitions in 2010. So far, in 2011, Brown & Brown has completed close to $13 million in acquisition revenue.