Brown & Brown Sees Increases in Q2

Fla.-based Brown & Brown Inc. reported that net income increased 32.3 percent for the second quarter of 2003 over the same period in 2002. The company’s net income came in at of $27,935,000, or $0.41 per share compared with the $21,401,000, or $0.31 per share, reported for the quarter ended June 30, 2002.

Total revenue for the quarter ended June 30, 2003 was $137,858,000, compared with 2002 second-quarter revenue of $114,903,000, an increase of 20.0 percent.

Total revenue for the six months ended June 30, 2003 was $282,594,000, compared with first-half 2002 revenue of $225,939,000, up 25.1 percent.

Net income for the first six months of 2003 was $58,471,000 versus $41,564,000 during the same period in 2002, an increase of 40.7 percent. Net income per share for the six months ended June 30, 2003 was $0.85, versus the $0.62 per share posted during the comparable 2002 period, an increase of 37.1 percent.

Commenting on the quarter’s results, J. Hyatt Brown, chairman and CEO, noted, “Considering that we are seeing a moderation in general insurance premium increases, we are quite pleased to post our 42nd consecutive quarter of record earnings growth. Our ability to maintain this remarkable pace is a direct reflection of the dogged discipline and fortitude of our determined team of insurance professionals—it is the hallmark of our culture and they are essential to our continued success.”

Jim W. Henderson, president and chief operating officer, added, “Locating and cultivating solid acquisition candidates continues to be a top priority in our overall strategic plan. To this end, we now have two of our most experienced and highly regarded people dedicated 100 percent to telling our success story and introducing the Brown & Brown culture to potential acquisition candidates. We are encouraged by the active pipeline of high-quality agencies.”