27 January 2015 Insurance

Brown & Brown revenues grow 15%

Brown & Brown, the US independent insurance broker, has posted strong results for 2014 following its exit from the reinsurance brokerage space.

For the year ended December 31, 2014, total revenues hit $1.6 billion, an increase of nearly 16 percent, compared with total revenues for the same period of 2013 of $1.4 billion.

Its pre-tax profit grew to $339.9 million for 2014, compared with $357.7 for 2013. The broker’s net income grew 17.2 percent to $523.6 million in 2014, compared with $446.9 million in 2013.

Revenues for the fourth quarter of 2014 were $393.1 million, increasing $50 million or nearly 15 percent, compared with the fourth quarter of the prior year.

During the quarter, the company announced its intent to exit the reinsurance brokerage space and the sale of certain assets of Axiom Re, that resulted in a loss of $0.21 per share.

Brown & Brown also signed a definitive agreement to sell certain assets of Acumen RE Management Corporation with an effective date of February 1, 2015 and an expected loss that will be immaterial to earnings.

J. Powell Brown, president and chief executive officer, said: "Our fourth quarter was another solid quarter, delivering organic growth across all divisions and modest margin expansion. We are also pleased with our 3.5 percent adjusted organic growth for the full year."

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