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Demand for insurance products has remained resilient against an uncertain economy and the sector is typically considered recession-proof, as many policies are often guaranteed by employers while some are mandated by the government.
Insurance brokerages like Brown & Brown serve as a bridge between an insurer and customers, helping its clients find a policy which best suits their needs.
The company’s commissions and fees increased 13.4% in the quarter to about $1.05 billion.
It is the fifth largest independent insurance brokerage in the U.S. specializing in risk management, and operates through four business segments – retail, national programs, wholesale brokerage, and services.
The company said total revenues climbed 15.1% in the third quarter to about $1.07 billion.
Brown & Brown posted net income of 62 cents per diluted share for the three months ended Sept. 30, compared with 57 cents a year earlier.
