Brown & Brown, Inc. (NYSE:BRO) stock rose 5.48% (As on July 23, 11:18:41 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 24. The commissions and fees increased by 11.4% and Organic Revenue increasing by 10.0%. Income before income taxes was $346 million, increasing 36.2% from the second quarter of the prior year with Income Before Income Taxes Margin increasing to 29.4% from 24.3%. EBITDAC – Adjusted was $420 million, increasing 17.3% from the second quarter of the prior year with EBITDAC Margin – Adjusted increasing to 35.7% from 34.2%. Net income attributable to the Company was $257 million, increasing $67 million, or 35.3% as compared to the second quarter of the prior year.

BRO in the second quarter of FY 24 has reported the adjusted earnings per share of 93 cents, beating the analysts’ estimates for the adjusted earnings per share of 87 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 12.5 percent to $1.18 billion in the second quarter of FY 24, beating the analysts’ estimates for revenue of $1.14 billion.

Additionally, the company has declared a regular quarterly cash dividend of $0.13 per share. The dividend is payable on August 14, 2024, to shareholders of record on August 7, 2024.

On the other hand, Premier Choice Group (PCG), the PMI and employee benefits business of Brown & Brown (Europe) Ltd (Brown & Brown), has completed a deal to buy the employee benefits intermediary Advo Group Limited (Advo). The deal is the latest in a string of acquisitions by PCG, which completed six in the first half of 2024. Further, Brown & Brown (Europe) Ltd (Brown & Brown) has acquired 100% of the equity capital of T Oscar Rollins & Company Ltd, trading as Rollins Insurance Brokers (Rollins). After the deal, which has received regulatory approval, Rollins will become part of Brown & Brown’s Northern Ireland business ABL Group. The Rollins team, including managing director Dermot Rollins, will stay on and take Rollins onto the next stage of its development, reporting to ABL Group CEO Maurice Boyd. In addition, the company has recently acquired the assets of McNamara Company. McNamara Company is a family-owned agency that has been servicing customers in all 50 states for four generations. The company has also made two acquisitions into its Retail segment; 100% of the share capital of Garratts Insurance Brokers Limited (“Garratts”), as well as the business and assets of BNF Insurance Services (“BNF”).