Florida-based insurance intermediary Brown & Brown says third-quarter net income increased 14.7 percent to about $57.75 million.
CFO Cory T. Walker says commissions and fees for the third quarter were up 18.5 percent to $358.2 million from last year’s third-quarter total of $302.3 million.
The insurance intermediary expensed $1.3 million during the third quarter to pursue a “very large acquisition, which we were not the winners,” Walker says during a conference call, adding that the acquisition of Beecher Carlson in July “had a slow start due to some acquisition transition issues.”
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