Brown and Brown profit rises 24 percent in the second quarter

Brown & Brown, Inc. (NYSE: BRO), the Florida–based parent of Syracuse–based Brown & Brown Empire State, reported it earned more than $52 million, or 36 cents a share, in the second quarter.

That’s up from the $42 million, or 29 cents per share, that the insurance brokerage company earned during the same time period in 2012, Brown & Brown said in a news release.

The firm generated revenue of more than $325 million during the second quarter, 12 percent higher than the nearly $291 million in revenue it generated in the year-earlier quarter.

 “Our largest division, retail, continues to show nice improvements with a quarterly internal-growth rate in core commissions and fees of 2.3 percent, which reflects a gradual, but steady improvement in the middle-market economy,” J. Powell Brown, president and CEO of Brown & Brown, said in the news release. “Our other divisions, national programs, wholesale brokerage, and services, each had exceptional quarterly internal-growth rates in core commissions and fees in excess of 10 percent.”

Brown & Brown describes total core commissions and fees as total commissions and fees minus profit-sharing contingent commissions.

The insurance company reported its earnings after the close of trading on Monday. Its financial results topped analysts’ expectations of 35 cents a share in profit and revenue of $319 million, according to Barron’s.

Brown & Brown’s stock price fell 22 cents, or 0.65 percent, to $33.57 on Tuesday. Year to date, the stock is up almost 32 percent.

Brown & Brown Empire State is headquartered at 500 Plum St. in Syracuse’s Franklin Square area. It also has an office in Endicott.

Contact Reinhardt at ereinhardt@cnybj.com