Brown & Brown, a provider of insurance and reinsurance products and services, has reported that its net income for the second quarter of 2008 was $40.4 million, or $0.29 per share, compared to $52.01 million or $0.37 per share for the same quarter of 2007.
Total revenue for the second quarter ended June 30, 2008 was $241.72 million, compared with 2007 second quarter revenue of $246.64 million.
Net income for the six-month period ended June 30, 2008 was $92.16 million, or $0.65 per share, as against $111.74 million, or $0.79 per share for the comparable period of 2007. Total revenue for the period was $498.43 million as against the total revenues for the same period in 2007 of $505.16 million.
Hyatt Brown, chairman and CEO, said: Our results for the quarter were reflective of the continuing soft market. The general economic slowdown varies in degree across our 38 states footprint, but is causing reductions in renewal exposure units in most locations and in most classes of business. Even with this dual headwind, Brown & Brown has shown a dogged commitment to growth and margins. The good news is we think 2009 should be better.