Brown & Brown, Inc. (NYSE:BRO), a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939, stock rose 3.82% (As on April 25, 11:32:27 AM UTC-4, Source: Google Finance) after the company beaten the market’s expectations for the first quarter of FY 23. The commissions and fees increased by 22.5% and Organic Revenue increasing by 12.6%. Income before income taxes was $294.2 million, increasing 11.0% from the first quarter of the prior year with Income Before Income Taxes Margin decreasing to 26.4% from 29.3%. EBITDAC – Adjusted was $398.2 million, increasing 23.2% from the first quarter of the prior year with EBITDAC Margin – Adjusted of 35.7% for both periods. Net income was $235.5 million, increasing $15.2 million, or 6.9% for the first quarter.

BRO in the first quarter of FY 23 has reported the adjusted earnings per share of 84 cents, beating the analysts’ estimates for the adjusted earnings per share of 81 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 23.4 percent to $1.12 billion in the first quarter of FY 23, beating the analysts’ estimates for revenue of $1.06 billion.

The company said its board declared a quarterly cash dividend of $0.1150 per share, payable May 17 to shareholders of record on May 8.

Meanwhile, Global Risk Partners (GRP), part of Brown & Brown, Inc., has acquired 100% of the share capital of Thompson and Co (Risk Solutions) Holdings Ltd (Thompson and Co). The deal has received regulatory approval, and the consideration is undisclosed. Thompson and Co is a family-owned commercial insurance broker, based in Solihull in the West Midlands. The business was founded in 1987 by Paul Thompson, who is still with the firm, alongside fellow directors Baljit Thompson and Jennie Sutcliffe. The business will remain in its current location, and all members of the team, including the three directors, will move across under new ownership. Thompson and Co will become part of GRP’s Retail North division. Further, North East based Castle Insurance Services (Castle) has made its first acquisition since becoming part of Global Risk Partners (GRP) in May 2022.

On the other hand, the Company has announced the appointment of Robert Mathis as chief legal officer for Brown & Brown. Mathis will also serve on the senior leadership team.