Brown & Brown Reports New Records for Revenues, Income in Q3 Numbers

Florida-based Brown & Brown Inc. announced net income for the third quarter of 2005 of $34,783,000, or $0.50 per share, an increase of 15.6% from the $30,086,000, or $0.43 per share, reported for the quarter ended Sept. 30, 2004. Total revenue for the quarter ended Sept. 30, 2005 was $190,645,000, compared with 2004 third-quarter revenue of $160,381,000, an increase of 18.9%.

Total revenue for the first nine months of 2005 was $588,950,000, compared with revenue of $483,888,000 for the comparable period in 2004, an increase of 21.7%. Net income for the first nine months of 2005 was $114,834,000, versus $98,587,000 during the comparable 2004 period, an increase of 16.5%. Net income per share for the nine months ended Sept. 30, 2005 was $1.65, versus the $1.42 per share posted during the same 2004 period, an increase of 16.2%.

J. Hyatt Brown, chairman and CEO, noted, “The third quarter was challenging given the continued softening of insurance premium rates, coupled with another heavy August/September hurricane season. Despite these challenges, our outstanding team of insurance professionals remains focused on driving new business sales and providing outstanding service to our customers.”

Brown & Brown Inc. and its subsidiaries offer a range of insurance and reinsurance products and services, as well as risk management, third party administration, and managed health care programs.