NU Online News Service, Feb. 7, 11:22 a.m. EST
Daytona Beach, Fla.-based insurance broker Brown & Brown reports fourth quarter net income increased 14 percent over the prior year as the firm reported over $1 billion in revenue for the first time.
Brown & Brown says net income rose more than $4 million to $36 million. Earnings per share increased 3 cents to 25 cents a share. Revenues rose 6 percent, or $14 million.
For the year, net income was up 1 percent or more than $2 million to $164 million. Earnings per share rose 1 cent to $1.13. Revenues rose 4 percent, or $40 million, to $1.01 billion.
The results reflected organic growth over the fourth quarter of less than negative 1 percent.
During a conference call with financial analysts, J. Hyatt Brown describes an insurance marketplace of mixed pricing where some lines were still down, while others were flat to up.
He says there is evidence of economic improvement in some areas of the country reflecting some increase in buying. Competition with “plain vanilla” accounts still exists, he adds.
Overall, he says “underwriting is starting to be in vogue again.”
Concerning Powell Brown, the firm's president and chief executive officer, who left the company temporarily for health reasons, Hyatt Brown says he return to the company within a reasonable period of time.
In response to a question about returning to positive organic growth, Brown says the firm will continue to work hard to get there, but would not venture how long that will take.
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