Results reflect shrinkage in insurable exposure units
Brown & Brown, a provider of insurance and reinsurance products and services, has reported total revenue of $753.715m in the first nine months compared to $745.464m in the same period last year.
The company has posted a net income of $129.641m or $0.91 per share in the first nine months of 2009, compared to $132.751m or $0.94 per share in the same period last year.
During the quarter, the total revenue recorded is $243.766m compared with 2008 third-quarter revenue of $247.029m. Net income recorded is $40.961m or $0.29 per share, compared to $40.593m or $0.29 per share for the same quarter of 2008.
Powell Brown, president and CEO of Brown & Brown, said: In light of a very challenging operating environment, our team continues to deliver for our clients. Our results are a reflection of significant shrinkage in insurable exposure units and a soft rate environment.
Jim Henderson, vice chairman and COO, said: The anticipated improvement in economic conditions and the stabilization of the P&C marketplace are factors that we feel will contribute to a more favorable M&A environment going forward. We also hope to see some promising opportunities with respect to employee benefits agencies.