Florida-based Brown & Brown Inc., a regional broker with a strong presence in the Southeast, reported fourth-quarter net income of $36.49 million compared with $32.14 million in the year-ago period, the company said.
Fourth-quarter revenues were $244.09 million, up 6.2 percent compared with the year-ago period, the company also reported.
J. Hyatt Brown, chairman, acting president and CEO of Brown & Brown Inc., said rates continued to vary widely by line and by location, and even described them as "wormy," and "squirrelly," according to one news report.
Brown & Brown also reported full-year net income of $163.99 million, up from $161.75 million in the year-ago period. Full-year 2011 revenue was $1.01 billion, up 4.2 percent over 2010 revenue of $973 million, the company reported.
It is the first time that the company, which brokers professional liability and specialty coverage, along with treaty reinsurance contracts, has surpassed the $1 billion mark, a goal it set for itself in 2001.
Brown said in a statement that reaching the billion-dollar mark despite the "overwhelming economic headwinds of the last four years," was "a testament to the strength, focus and dedication" of the company's employees.
Itasca, Ill.-based Arthur J. Gallagher & Co., the world's fourth-largest broker, reported fourth-quarter net income of $45 million, down from $55 million in the year-ago quarter.
Fourth-quarter revenues were $577.3 million, up 26 percent, the company also reported.
The fourth quarter was marked by "evidence of market firming," said J. Patrick Gallagher, chairman, president and CEO, in a statement, and signs that businesses "seem to be stabilizing, even in these times of economic uncertainty."
The company reported 2011 net income of $158.9 million, down 4.5 percent from the year-ago period, on revenue of $2.12 billion, the company also said.
Chicago-based Aon Corp., the full-service global broker, reported fourth-quarter net income of $277 million, up from $231 million in the year-ago quarter, the company said. Fourth-quarter revenue of $2.99 billion was up 3 percent from the year-ago period.
Net income in 2011 surged to $979 million, up from $706 millionin the year-ago period, as revenue shot up 33 percent to $11.3 billion due to commissions and fees from the acquisition of Hewitt, the company said.
Aon continued to report savings due to restructuring it undertook in the aftermath of the Hewitt acquisition.
Aon CEO Greg Case, in a statement, said despite "macro-economic conditions remaining challenging globally," that he would continue to push for cost savings in 2012 through further restructuring.
-- By Dan Reynolds
March 1, 2012
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