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Brown & Brown Q3 net income declines

Brown & Brown, an independent insurance intermediary, has reported a net income of $44.1m, or 0.30 per share share, for the third quarter of 2011, compared to $44.2m, or 0.31 per share, in the same quarter last year, with a decrease of 0.3%.

In the third quarter of 2011, the total revenues were $260.4m, compared to $247.6m in the same quarter of the 2010, with an increase of 5.2%.

For the nine months of 2011, net income was $12.7m, or $0.88 per share, compared to $12.9m, or $0.90 per share for the same period of 2010.

The total revenue were $769m for the nine months of 2011, compared to $743m from the corresponding period of 2010.

Brown & Brown president and CEO Powell Brown said our services, national programs and wholesale brokerage divisions achieved positive internal revenue growth for the third quarter.

Brown & Brown through its subsidiaries, offers a broad range of insurance and reinsurance products and services.