Brown & Brown Profit Rises

The insurance agent matches targets.
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Brown & Brown

(BRO) - Get Report

said first-quarter earnings rose 16.3%, led by an increase in commission and fees.

The Daytona Beach, Fla.-based insurance intermediary earned $50 million, or 36 cents a share, in the quarter, compared with $43 million, or 31 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 36 cents a share.

First-quarter revenue rose 13.9% to $230.6 million. Analysts were expecting $232.2 million.

"Since the beginning of the year, we have completed seven acquisitions with total annualized revenues of approximately $24.6 million, most of which already operate at expected Brown & Brown margin levels," said the company. "Our operating model continues to attract the best-in-class of acquisition candidates, including small and medium agencies with industry-leading margins."

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