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Brokerage Reports Higher 2nd Quarter Net Income

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NU Online News Service, July 10, 6:19 p.m. – Brown & Brown Inc., Daytona Beach, Fla., an insurance brokerage company that sells employee benefits products as well as property-casualty insurance, is reporting $21 million in net income for the second quarter on $115 million in revenue, compared with $12 million in net income on $90 million in revenue for the second quarter of 2001.

Acquisitions helped increase revenue from insurance brokerage commissions and fees 124%, to $5.8 million, but brokerage revenue increased 55%, to $3.2 million, even if newly acquired brokerage operations are excluded, the company says.

Other divisions that are reporting internal revenue growth over 10% include the Florida retail operations and the “special programs” operation, which develops special insurance marketing programs.

The national retail and Western retail operations are reporting revenue growth under 5%.


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