UPDATE 1-Brown & Brown Q1 misses Street view

* Q1 EPS $0.34 vs est $0.35

* Commission and fees revenue up 4 pct

* Says closed four deals

April 20 (Reuters) - U.S. insurance broker Brown & Brown Inc (BRO.N) reported quarterly earnings that missed analysts' expectations by a cent, hurt by "very competitive" insurance rates in its property and casualty segment.

The company, which is looking to drive growth through acquisitions, said it has closed four deals that represent about $12.5 million in forward annualized revenue.

"Substantially, all of our acquisitions are funded by our robust internal cash flows," the company said in a statement.

The middle-market broker, whose property and casualty segment represents about 85 percent of its total business, said its commissions and fees revenue for the first quarter was $264.0 million.

Brown & Brown reported first-quarter net income of $48.0 million, or 34 cents per share, compared with $51.8 million, or 37 cents a share, a year ago.

Total revenue rose 3 percent to $263.6 million.