Brown & Brown BRO reported adjusted fourth-quarter 2021 earnings of 42 cents per share, which came ahead of the Zacks Consensus Estimate by 10.5% as well as the year-ago figure by 31.2%.The results reflect improved organic growth, margin expansion and higher commissions and fees, partly offset by increased expenses.Brown & Brown, Inc. Price, Consensus and EPS Surprise Brown & Brown, Inc. price-consensus-eps-surprise-chart | Brown & Brown, Inc. QuoteBehind the Headlines Adjusted revenues of $739 million beat the Zacks Consensus Estimate by 1.5%. Moreover, the top line rose 15.1% year over year on higher commissions and fees. Organic revenues increased 9% in the reported quarter.Commissions and fees grew 15.3% year over year to $737.9 million.Investment income however plunged 80% year over year to $0.2 million.Total expenses increased 16.9% to $597.7 million due to a rise in employee compensation and benefits, amortization, depreciation as well as other operating expenses.EBITDAC was $215.7 million, up 24% year over year. EBITDAC margin expanded 210 basis points (bps) to 29.2%.Full-Year UpdateFull-year 2021 adjusted income of $2.19 per share beat the Zacks Consensus Estimate of $2.16. The bottom line increased 31.1% year over year.Total revenues increased 16.7% from the year-ago quarter to $3.05 billion and beat the Zacks Consensus Estimate of $3.04 billion.EBITDAC was $1.02 billion, up 25.5% from 2020 with margin expanding 240 bps to 33.5%.Financial UpdateBrown & Brown exited 2021 with cash and cash equivalents of $887.1 million, up about 8.5% from the 2020-end level.Long-term debt of $1.9 billion as of Dec 31, 2021 was down 2.2% from 2020 end.Net cash provided by operating activities in 2021 was $948 million, up 31.4% year over year.Dividend UpdateThe company paid out a cash dividend of 10.25 cents per share in the fourth quarter.Zacks RankBrown & Brown currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Another InsurerThe Travelers Companies’ TRV bottom line beat the Zacks Consensus Estimate for the fourth quarter of 2021 and increased 6% year over year. Total revenues increased 7% from the year-ago quarter to about $9 billion and beat the Zacks Consensus Estimate of $8.7 billion.Travelers Companies’ net written premiums increased 10% year over year. The combined ratio deteriorated 130 basis points (bps) year over year.Upcoming ReleasesThe Progressive Corporation PGR will report fourth-quarter 2021 results on Jan 26. The Zacks Consensus Estimate for the fourth quarter is pegged at 99 cents, indicating a decrease of 45.9% from the year-ago reported figure.Progressive beat estimates in one of the three reported quarters of 2021 while missing in two.RLI Corp RLI will report fourth-quarter 2021 results on Jan 26. The Zacks Consensus Estimate for the fourth quarter is pegged at 93 cents, suggesting an improvement of 24% year over year.RLI beat estimates in the three reported quarters of 2021. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RLI Corp. (RLI): Free Stock Analysis Report The Travelers Companies, Inc. (TRV): Free Stock Analysis Report The Progressive Corporation (PGR): Free Stock Analysis Report Brown & Brown, Inc. (BRO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research