Insurance firm Brown & Brown has reported a net income of $37.0m, or 0.26 per share share, for the second quarter of 2011, compared to $41.2m, or 0.29 per share, in the same quarter last year, with a decrease of 10.1%.
In the second quarter of 2011, the total revenues were $246.8m, compared to $243.6m in the same quarter of the 2010, an increase of 1.3%.
For the first six months of 2011, net income was $83.3m, or $0.57 per share, compared to $85.3m, or $0.59 per share for the same period of 2010.
The total revenue were $509m for the first six months of 2011, compared to $495.9m from the corresponding period of 2010.
Brown & Brown president and CEO Powell Brown said the company received $4.2m less in profit-sharing contingency commissions during the quarter, a reflection of rising loss ratios of property and casualty insurance carriers across the US.