Brown & Brown, Inc. (NYSE:BRO) stock fell 2.25% (As on Apr 26, 11:20:41 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 22. Organic Revenue increased by 7.8%. Income before income taxes was $265.0 million, rose by 10.8% from the prior year with Income Before Income Taxes Margin remaining consistent with the prior year at 29.3%. EBITDAC – Adjusted was $323.3 million, increasing 11.1% from the prior year with EBITDAC Margin – Adjusted remaining consistent with the prior year at 35.7%. Net income was $220.3 million, increasing $20.6 million, or 10.3% for the first quarter of 2022. Cash and cash equivalents inclusive of fiduciary cash at end of period stood at $2,426.1.

BRO in the first quarter of FY 22 has reported the adjusted earnings per share of 78 cents, beating the analysts’ estimates for the adjusted earnings per share of 75 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 11 percent to $904.7 million in the first quarter of FY 22, beating the analysts’ estimates for revenue by 1.36%.

Additionally, the company declared a regular quarterly cash dividend of $0.1025 per share. The dividend is payable on May 18, 2022, to shareholders of record on May 9, 2022.

Meanwhile, the company has closed the completion of the previously-announced acquisition of Orchid Underwriters Agency and CrossCover Insurance Services. Established in 1998, Orchid has grown to become a leading program administrator by representing best-in-class insurance and reinsurance providers and partnering with qualified independent retail brokers and select wholesale brokers. Further, the company has signed an agreement to acquire the GRP insurance operations. The transaction is expected to close in the third quarter of 2022, subject to certain closing conditions, including the receipt of required regulatory approvals for the Acquisition (including the approval of the Financial Conduct Authority of the United Kingdom). With annual revenue of approximately $340 million, GRP is one of the top independent insurance intermediaries in the United Kingdom (U.K.), servicing nearly half a million personal and commercial customers. GRP group includes four pillars of operations: retail broking, specialist MGA, network and Lloyd’s businesses. The company plans to further expand the international footprint and broaden the scope of the global capabilities with this acquisition.