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Brown Reports Higher 1st Quarter Net Income

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NU Online News Service, April 11, 2003, 12:31 p.m. EDT – Brown & Brown Inc., Daytona Beach, Fla., is reporting $31 million in net income for the first quarter on $145 million in revenue, up from $20 million in net income on $111 million in revenue for the first quarter of 2002.

Brown & Brown is an insurance agency and brokerage firm that also sells benefits administration services. The company has completed many acquisitions in the past 12 months.

Even after subtracting revenue from newly acquired units, total core commissions and fees increased 10% between the first quarter of 2002 and the first quarter of 2003, the company says.

“Same-store” revenue from retail insurance sales increased 7.6%, and same-store benefits administration revenue increased 8.6%, the company says.

Cash and cash equivalents fell to $50 million, from $91 million, but restricted cash increased to $117 million, from $80 million.