Brown & Brown, a provider of insurance and reinsurance products and services, has reported that its net income for the first quarter of 2011 was $46.3m or $0.32 per share, compared with $44.1m or $0.31 per share for the same quarter of 2010, with an increase of 4.9%.
The company posted total revenue for the first quarter ended 31 March 2011 was $262m compared with 2010 first-quarter revenue of $252m and increase of 3.9%.
Brown & Brown president and CEO Powell Brown said the company is pleased with the continued incremental improvement in our operating results.
"Many of our middle-market clients continue to experience pressure on their businesses, with the consequence that their revenues and payrolls are flat to slightly down.
"Yet our team continues to deliver for our clients, as evidenced by our Wholesale Brokerage Division’s positive first-quarter performance,"Brown said .
Brown & Brown and its subsidiaries offer a broad range of insurance and reinsurance products and services, as well as risk management, third party administration, managed health care and Medicare set-aside services and programmes.