Brown & Brown, the US independent insurance broker, has posted strong results for the second quarter of 2014 on the back of a number of acquisitions.
Revenues for the second quarter of 2014 hit $397.8 million, increasing $72.1 million or 22.1 percent as compared to the second quarter of the prior year. Some 3.8 percent of this growth was achieved organically.
Total revenue for the six months ended June 30, 2014 was $761.4 million, compared with total revenue for the same period in 2013 of $660.7 million, an increase of 15.2 percent.
The broker’s net income for the six month period was $114.2 million, or $0.78 per share, a slight increase compared with $112.0 million, or $0.77 per share for the same period of 2013.
Brown & Brown made a pre-tax profit of $101.8 million for the quarter, compared with $86.1 million in the second quarter of 2013. Pre-tax profit for the six month period hit $188.6 million, compared with $185.6 million in the same period in 2013.
J. Powell Brown, president and chief executive officer, said: "We are very pleased with the results for the quarter as we delivered organic growth in line with our expectations and increased margins modestly. We also closed five acquisitions totalling $157 million of revenues, including the Wright Insurance Group acquisition during the second quarter."
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Brown & Brown, North America, Second Quarter 2014 Results, J. Powell Brown