Daytona Beach, Fla.-based insurance broker Brown & Brownsays its fourth-quarter net income climbed by 17 percent, aided byrising rates.

The brokerage reports net income for the quarter of $43 million.Revenues were up 24 percent, or $59 million, to $303 million.

The company reports organic growth of more than 5 percent forthe fourth quarter. Retail brokerage grew by close to 6 percent andwholesale brokerage was up 8 percent.

During a conference call with financial analysts today, J.Powell Brown, president and CEO of the firm, described insurancerates as generally ranging from flat to up as high as 10 percent.The extent of increase varied from region to region and was greatlydependent on the class of business.

Touching on insurance healthcare exchanges, Brown says the firm“expects to have additional exchange-based solutions for ourclients by 2014” as health carriers are added to state-basedplatforms.

Superstorm Sandy is beginning to have an impact in Northeastrates, says Brown, noting that insurers are beginning to imposedeductible changes and “flood limits that were offered are beingreduced substantially in some cases.”

In the mid-Atlantic, Maryland and northward, deductibles thatwere at 1 and 2 percent are going up to 2 to 4 percent, while ratesare up as high as 4 percent, Brown says.

In the South, carriers want increases of up to 10 percent onproperty, but are not getting those rates, and prices are coming inflat.

Brown says because of Superstorm Sandy, “a lot of standardcarriers will have to rethink some of their strategies as itrelates to traditional property in the Northeast.”

For the year, Brown & Brown's net income rose 12 percent, or$20 million, to $184 million. Revenues were up 18 percent, or$186.5 million, to $1.2 billion.