Florida-Based Insurer Brown Brown Reports 29 Percent Increase in Net Income

Brown & Brown Inc. has reported a 29 percent gain in fourth-quarter net income. But the big gain was not reflected in the company’s stock, which closed at $32.75 a share, down $2.25.

Earnings for the fourth quarter climbed to $8.8 million, or 30 cents a share, compared with net income of $6.8 million, or 24 cents a share, in the same period 1999. Fourth-quarter revenue increased by 16 percent to $53.5 million from $46 million.