Brown & Brown Jumps as Profit Beats Estimates: New York Mover

Brown & Brown Inc. (BRO), the family-run insurance broker, gained the most since October as profit climbed, beating estimates.

Brown & Brown jumped $1.40, or 5.8 percent, to close at $25.44 in New York, the highest price since July 8.

First-quarter net income advanced 6.8 percent to $49.4 million, or 34 cents a share, beating by 1 cent the average estimate of 14 analysts surveyed by Bloomberg. Organic revenue, which excludes results from recent acquisitions, rose 0.9 percent, the Daytona Beach, Florida-based company said in a statement after markets closed yesterday.

Results “were better than we anticipated,” Chairman and acting Chief Executive Officer J. Hyatt Brown said in the statement.

To contact the reporter on this story: Dan Kraut in New York at Dkraut2@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.