Brown & Brown, a provider of insurance and reinsurance products and services, has reported that its net income for the first quarter of 2008 was $51.76 million or $0.37 per share, a decline compared with $59.73 million or $0.42 per share for the same quarter of 2007.
Total revenues for the quarter decreased to $256.72 million, from the 2007 first-quarter total revenues of $258.51 million.
Total assets at March 31, 2008 increased to $1.99 million from $1.96 million at December 31, 2007.
Hyatt Brown, chairman and CEO, said: Our results are not surprising given the continuation of the most difficult insurance market environment in recent memory.
We have great faith in the ability of our leaders at each of our decentralized office locations to continue to drive the sales and operating margins in the most effective manner given their local market environments. This leadership depth is critical to our ability to continue industry-leading results even in the face of continued difficult market conditions.