Total revenue for the nine months ended September 30, 2007 was $742,441,000, compared with revenue of $663,354,000 for the corresponding period in 2006, up 11.9%. Net income for the first nine months of 2007 was $157,955,000, versus $134,727,000 during the comparable 2006 period, an increase of 17.2%. Net income per share for the nine months ended September 30, 2007 was $1.12, versus the $0.96 per share posted during the same period in 2006, an increase of 16.7%.
J. Hyatt Brown, Chairman and Chief Executive Officer, noted, "The third quarter was the 'best of times' for purchasers of property and casualty insurance across the nation. Risk-bearers continue to reduce prices while expanding the terms and conditions of insurance policies. This market creates substantial challenges for agents and brokers and Brown & Brown is responding as it has in the past by seeking the best prices, terms and conditions for its customers. We are pleased to report a net income per share increase of 13.8% for the quarter."
Jim W. Henderson, Vice Chairman and Chief Operating Officer, added, "In 2007, we have closed 20 acquisitions representing approximately $81.8 million in annualized revenues. This compares to 13 transactions representing $55.5 million in annualized revenues for the same period in 2006. We believe that the current soft market pricing is a factor in the growing number of agencies exploring alternatives to their perpetuation plans. Additionally, concerns about a possible future, politically driven, capital gains tax rate increase are also a factor in the timing of potential acquisition transactions. Our business model and track record continues to attract the highest quality entrepreneurial agents and brokers."
About Brown & Brown
Brown & Brown, Inc. 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 programs. Providing service to business, public entity, quasi-public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' sixth largest independent insurance intermediary.