Brown & Brown 2010 revenues rose less than 1 percent

Feb 7, 2011

The following article was published in Business Insurance magazine on February 7, 2011:

By Mark A. Hofmann

DAYTONA BEACH, Fla.—Brown & Brown Inc.’s revenues for 2010 increased less than 1% to $973.5 million from a year earlier, the Daytona Beach, Fla.-based broker said Monday.

Net income for the year grew 5.6% to $161.8 million from that of a year earlier.

 During the fourth quarter of 2010, revenue grew 7.3% to $229.9 million compared with the same period a year earlier, while net income grew 35.9% to $32.1 million.

“2010 was another challenging year and yet we continued to add value for our clients and grow our business,” J. Powell Brown, Brown & Brown’s president and CEO, said in a statement announcing the results. “Our fourth-quarter and annual results are a testament to the dedication of our people.”