Brown & Brown's profit rises on commissions, fee growth

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Brown & Brown's profit rises on commissions, fee growth
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Prelude to the Best Sommelier of Canada Contest | SaltWire - Brown & Brown on Monday reported a near 9% rise in third-quarter profit as the insurance brokerage earned more commissions and fees, sending its shares up 1% in extended trading.

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.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.Brown & Brown posted net income of 62 cents per diluted share for the three months ended Sept.

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