Net income for the first quarter of 2009 was $48,012,000, or $0.34 per share, compared with $51,760,000, or $0.37 per share for the same quarter of 2008.
Total revenues for the quarter ended March 31, 2009 were $263,580,000, compared with $256,715,000 recorded in the corresponding quarter of 2008, an increase of 2.7%.
J. Powell Brown, president of Brown & Brown, Inc., noted, "We are pleased to be delivering innovative and very cost effective insurance products and services to our new and existing customers, as well as generating industry-leading margins. Our first-quarter results reflect a continued slowdown in the economy, which has caused significant decreases in insurance exposure units. These results also demonstrate the effect of the very competitive insurance rate environment for property and casualty insurance that has prevailed over the last few years."
Jim W. Henderson, Vice Chairman and Chief Operating Officer of the Company, added, "Our acquisition activity remains active and promising. For the year, we have closed on four deals representing a total of approximately $12.5 million in forward annualized revenues. We remain conservative in our pricing and insistent on sustainable earnings. Substantially all of our acquisitions are funded by our robust internal cash flows."