Posted on 19 Jul 2011
Brown & Brown Inc., one of the largest independent insurance intermediaries in the nation, reported second-quarter profit of $37 million, or 26 cents a share. That's down 10 percent from a $41.1 million profit in second-quarter 2010.
Total revenue for the quarter ended June 30 was $246.8 million, up from $243.6 million in the year-ago period.
CEO J. Powell Brown said the profit reduction reflects “rising loss ratios of property and casualty insurance carriers across the U.S.”