Brown & Brown Insurance net income jumps 31 percent in Q1

Brown & Brown, Inc. (NYSE: BRO), the Florida–based parent of Syracuse–based Brown & Brown Empire State, reported that its net income rose 31 percent to $199.7 million in the first quarter from $152.4 million in the year-ago quarter.

The company’s net income per share increased almost 30 percent to 70 cents from 54 cents a year prior. Net income per share adjusted, excluding certain acquisition expenses, increased more than 37 percent to 70 cents from 51 cents in the year-ago earnings period.

First-quarter revenue, under U.S. generally accepted accounting principles, totaled $815.3 million at Brown & Brown, up nearly 17 percent compared to the first quarter of the prior year.

“We had a great quarter. The results were driven by more new business, good retention, and rate increases across all four divisions. Our team did an outstanding job of delivering for our customers in a work-from-anywhere environment,” J. Powell Brown, president and CEO of Brown & Brown, said in its April 26 earnings report.

Brown & Brown, which earlier this year moved into a new corporate headquarters in Daytona Beach, is an insurance-brokerage firm providing risk-management products and services to individuals and businesses.

Brown & Brown Empire State is headquartered at 500 Plum St. in Syracuse’s Franklin Square area. It also has offices in Vestal, Rome, and Clifton Park, according to the firm’s website.