You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Q3 was another very good quarter for Brown & Brown.
This was a result of our nearly 12,000 teammates delivering creative risk management solutions for our customers.
We delivered strong top line growth driven by a combination -- by the combination of robust new business, good retention, rate increases and some expansion of exposure units.
At the same time, our team continue to drive profitable growth, resulting an impressive margin improvement and adjusted earnings per share expansion.
We're also very proud that last week our Board of Directors authorized an increase of 10.8% in our quarterly dividend.
Note, we've now increased our dividend for the 28th year in a row.
Now, let's transition to the results for the quarter, I'm on Slide 3.
We delivered $770 million of revenue, growing 14.3% in total, and 8.5% organically.
I'll get into more detail in a few minutes about the performance of our segments.
Our EBITDAC margin grew by 280 basis points to 35.6% versus the third quarter of 2020.
Our net income per share for the third quarter was $0.52 on an as reported basis and $0.58, excluding the change in estimated acquisition earn-out payables.
In summary, we're really pleased with our strong performance for the third quarter and the first nine months.
As the year-to-date results are the best in our history, 10.8% internal growth year-to-date.
I'm now on Slide 4.
We have customers that have done well throughout the pandemic and others that are struggling to fully reopen, mainly due to the inability to hire employees.
We're seeing this challenge in a number of industries and geographies, and as a consequence restricting how fast companies can become fully operational.
In addition to shortages of workers, supply chain issues and inflation are putting pressure on costs.
From a placement standpoint, the themes are pretty consistent.
Customers with good loss experience are getting the best rates in coverage, while those with tough loss experience are seeing material rate increases or reductions in available limits or both.
As a result, customers continue to consider program modifications to manage their premium increases.
Rate increases remain relatively consistent with prior quarters, admitted market rates continue to be up 3% to 8% across most lines, the outliers or workers' compensation rates, which are down 1% to 3%, and commercial auto rates which were up 5% to 10%.
From an E&S perspective, most rates were up 10% to 20% with some outliers.
Coastal property both wind and quake, are up 10% to 30%, with this being a slightly broader range than we saw in the previous quarter.
Professional liability for most accounts remained very challenging with rates up 10% to 15%-plus, cyber-rates in some instances could increase dramatically depending on the security in place with the customer.
Security protocols that were viewed as nice to have in the past are now viewed as a minimum expectations to obtain coverage.
Also, excess umbrella coverage remains very difficult to place.
For professional liability, cyber and umbrella, we're seeing carriers reduce limits while seeking significant rate increases.
Florida and California placements in E&S for personal lines remain the most challenging, due to losses or aggregate concentrations.
We expect the appetite for personal lines in CAT areas to continue to be constrained in 2022, which will likely put pressure on state sponsored programs and the cost of insurance for the consumer.
From an M&A perspective, we were successful in closing seven transactions during the quarter, with annual revenues of approximately $21 million.
We've closed a total of 11 deals year-to-date with annual revenues of $65 million have already announced a couple of additional acquisitions in October.
Our pipeline remains full and we feel good about our level of activity and engagement with prospective sellers on Slide 5.
Let's discuss the performance of our four segments.
Retail delivered great results with organic revenue growth of 8.3% for the third quarter.
The performance was driven by growth from all lines of business through a combination of strong new business, good retention, rate increases and exposure unit expansion.
We're leveraging our broad capabilities to benefit our customers and prospects.
National Programs delivered another outstanding quarter, growing 13.2% organically.
Our growth was driven by the strong performance from most programs due to new business, good retention and rate increases.
The Wholesale Brokerage segment delivered 5.1% organic growth with commercial brokerage and binding performing well, driven by new business and continued rate increases for most lines of coverage.
Personal lines in coastal states continues to be a headwind as I mentioned earlier.
The Services segment delivered organic revenue growth of 0.5%.
The performance for the quarter was driven by claims processing revenue associated with recent weather events, which was substantially offset by external factors continuing to impact our advocacy business.
Overall, it was a great quarter across the Board.
We're over on Slide 6.
Like previous quarters, we'll discuss our GAAP results and certain non-GAAP financial highlights.
For the third quarter, we delivered total revenue growth of $96.3 million or 14.3% and organic revenue growth of 8.5%.
Income before income taxes and EBITDAC both increased by approximately 24%.
EBITDAC margins expanded 280 basis points, driven by strong organic revenue growth and managing our expenses.
Net income increased by $12.4 million or 9.3% and our diluted net income per share increased by 10.6% to $0.52.
The effective tax rate increased to 25.5% for the third quarter of this year as compared to 15.5% in the third quarter of last year.
The tax rate for the current quarter is in line with previous guidance, while the prior year was driven by the tax benefit associated with the vesting of restricted stock awards.
We continue to anticipate our full year effective tax rate for 2021 will be in the 23% to 24% range.
Our weighted average number of shares increased slightly compared to the prior year and our dividends per share increased to $0.093 or 9.4% compared to the third quarter 2020.
We're over on Slide 7.
This slide presents our results after removing the change in estimated acquisition earn-out payables for both years, which we believe presents a more meaningful year-over-year comparison.
The change in estimated acquisition earn-out payables was a charge of $23.1 million in the third quarter of this year compared to $15.3 million for the same period last year.
Excluding these non-cash items, income before income taxes on an adjusted basis, increased by 26.4%.
Our net income on an adjusted basis increased by $16.7 million or 11.4%.
And our adjusted diluted net income per share was $0.58, increasing 11.5%.
The lower growth of earnings per share and net income for the quarter as compared to the growth of income before income taxes was driven by the change in the effective tax rate.
Overall, it was a very strong quarter on the top and bottom line.
I'm going to move over to Slide 8.
This slide presents the key components of our revenue performance.
For the quarter, our total commissions and fees increased by 14.6% and our contingent commissions and GSCs increased by 27.1% as we qualify for certain additional contingents and GSCs this year.
Organic revenue, which excludes the net impact of M&A activity and changes in foreign exchange rates increased by 8.5%.
Over to Slide 9.
The Retail segment delivered total revenue growth of 17.8%, driven by acquisition activity over the past 12 months and organic revenue growth of 8.3% with solid growth across all lines of business.
EBITDAC margin for the quarter increased by 180 basis points and EBITDAC grew 24.6%, due to higher organic revenue growth, increased contingent commissions and GSCs, and managing our expenses even with slightly higher variable cost.
The growth in income before income tax, as compared to EBITDAC for all segments is impacted by changes in intercompany interest, amortization, depreciation, and estimated acquisition earn-out payables.
Over to Slide 10.
Our National Programs segment increased total revenue by 13.7% and organic revenue by 13.2%.
In conjunction with the onboarding of a new customer, we recognized approximately $5 million of incremental revenue this quarter that represents timing.
We expect the incremental revenue from this customer to more than likely be recognized within the first half of 2022.
EBITDAC increased by $18.7 million or 28.5% with the margin improving 510 basis points, as a result of strong organic revenue growth, managing our expenses and the positive impact of the non-recurring write-off of certain receivables that occurred in the third quarter of last year.
Over to Slide 11.
The Wholesale Brokerage segment delivered total revenue growth of 11.2% driven by acquisitions in the past 12 months and organic revenue growth of 5.1%.
EBITDAC grew 4.7%, but the growth was impacted by incremental broker compensation driven by higher levels of performance, slightly higher variable cost and certain non-recurring intercompany IT charges.
Our Services segment increased total revenue and organic revenue by 0.5% with EBITDAC growing 6.8%, driven by continued management of our expenses.
Few comments regarding cash conversion and liquidity.
We experienced another strong quarter of cash flow generation and have delivered $628 million of cash flow from operations through the first nine months of this year, growing $88 million or 16% as compared to the first nine months of last year.
Our ratio of cash flow from operations as a percentage of total revenue remained strong at 27% for the first nine months of this year.
With the combination of our cash generation and capital availability, we are well positioned to fund continued investments in our business.
We've had an outstanding first nine months of the year and believe we are well positioned to continue profitable growth.
As we look toward the remainder of the year and into 2022, we expect business confidence to improve and exposure units to expand.
The main influencers of increased confidence and business expansion will be one, the availability of employees across all industries.
Two, the resolution of supply chain constraints.
Is it transitory or is it sustained?
And four, the continued management of COVID.
How and when these play out over the coming quarters will influence the trajectory of the economy.
From an underwriting perspective, we anticipate premium increases will continue to moderate for many lines with the exception of cyber, professional, access and automobile.
The M&A market will continue to be very active and valuations will remain at a heightened levels as a result of many buyers with a lot of available capital.
We feel that we're well positioned with a good pipeline to attract great companies to join the Brown & Brown team.
We will continue with our disciplined approach of focusing on culture and financial alignment as these have been key to our long-term success of delivering shareholder value.
From an innovation standpoint, our focus is to constantly and consistently deliver creative solutions for the benefit of our customers, prospects and teammates.
We're making good progress and are continuing to align on common operating platforms for each division, enhancing our customer facing applications to make it easier to do business for Brown & Brown and leveraging our data to the benefit of our customers.
In summary, the results were outstanding for the third quarter and the first nine months of the year, and we are uniquely positioned to succeed in this ever changing marketplace.

user
compname announces q3 earnings per share of $0.52.
compname announces quarterly revenues of $770.3 million, an increase of 14.3%, and diluted net income per share of $0.52.
q3 earnings per share $0.52.
qtrly adjusted earnings per share $0.58.

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