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Brown & Brown, Inc. (NYSE: BRO) is a leading independent insurance intermediary based in Daytona Beach, Florida. Through its licensed subsidiaries, the company provides a broad range of insurance products and services to a diverse clientele that includes corporate, public entities, institutional, trade, professional associations, and individual clients.
Brown & Brown operates through four major business divisions: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment is the largest, generating over half of the company's revenue by offering a variety of insurance solutions directly to consumers and businesses. The National Programs segment, which contributes about a fourth of the revenue, specializes in professional liability coverage and other niche insurance products. The Wholesale Brokerage and Services segments further broaden the company's reach and capabilities in the insurance market.
In a highly competitive environment, Brown & Brown thrives due to its unique corporate culture, which emphasizes vision, speed, agility, and strength. This culture empowers its team to quickly identify and act on new opportunities, ensuring the company remains at the forefront of the industry. Brown & Brown's commitment to customer satisfaction and service excellence is reflected in its continuous investment in training, mentoring, and providing the necessary tools for its employees to succeed.
Recently, the company announced a strategic realignment, consolidating its segments into three main divisions: Retail, Programs, and Wholesale Brokerage, beginning in 2024. This move follows the divestiture of certain businesses within the Services segment in the fourth quarter of 2023, aimed at enhancing operational efficiency and focus.
Financially, Brown & Brown is robust, with a revenue model primarily based on commissions from insurance companies and direct fees from customers, minimizing underwriting risk exposure. While the majority of its operations are within the United States, the company has a significant presence in Florida, contributing to its substantial market share.
Brown & Brown's latest updates and achievements continue to demonstrate its solid performance and strategic growth, making it a key player in the insurance industry. For more information or the latest news, you can contact R. Andrew Watts, the Chief Financial Officer, at (386) 239-5770.
Brown & Brown, Inc. (NYSE: BRO) has appointed Mary Raveling, Tom Kussurelis, and Anurag Batta to its senior leadership team, enhancing operational capabilities in its retail, national programs, and wholesale brokerage segments. Powell Brown, CEO, emphasized their valuable industry experience and unique perspectives in driving the company's commitment to customer-focused, innovative insurance solutions. Raveling brings extensive operational expertise, Kussurelis leads shared services and innovation, while Batta has a strong background in strategic leadership. These appointments aim to strengthen leadership and improve service offerings.
Brown & Brown (NYSE: BRO) has announced the acquisition of substantially all assets of HARCO Insurance Services and Lone Star Affiliates. HARCO, established in 1969, is a full-service independent insurance agency based in Texas. The acquisition allows HARCO to operate as a branch of Brown & Brown's existing Houston operations, enhancing the combined entity's service capabilities. Leadership will remain with Ryan Beavers of Brown & Brown Lone Star Insurance Services. The acquisition is expected to strengthen Brown & Brown's presence in Texas, benefiting customers and insurance partners.
Brown & Brown, Inc. (NYSE: BRO) will release its 2021 fourth-quarter earnings on January 24, 2022, after market close. An investor update conference call will be held on January 25, 2022, at 8:00 a.m. EST, hosted by CEO J. Powell Brown and CFO R. Andrew Watts. This call is accessible via the company’s website. A replay will be available following the live broadcast and accessible until February 24, 2022. Brown & Brown is a leading insurance brokerage firm, dedicated to delivering effective risk management solutions since 1939.
olive.com, a leader in payment services and vehicle protection plans, has appointed Keith Moore as Executive Advisor to its Board of Directors. Moore, an experienced Insurtech executive, will guide the company's strategic initiatives and marketing efforts to support its expansion. Previously, he led CoverHound and contributed to LendingTree's diversification. His extensive industry background includes founding CyberPolicy and recognition as a Top 50 Insurtech Influencer. This appointment aims to enhance olive.com's customer service and technology-driven solutions.
Brown & Brown, Inc. (NYSE:BRO) announced the acquisition of substantially all assets of Rainmaker Advisory, LLC, enhancing its Dealer Services division. This move aims to strengthen their capabilities in financing and insurance product planning for auto and RV dealers. Ryan Hanlon, owner of Rainmaker, and his team will continue operations from Ventura, California, under Mike Neal's leadership. Both parties emphasize the alignment of values and expertise, aiming to improve service and establish a West Coast presence.
Brown & Brown, Inc. (NYSE: BRO) has announced the acquisition of substantially all assets from Dealer Admin. Services, Inc. (DAS). This acquisition aims to enhance the offerings of Brown & Brown Dealer Services (BBDS) by integrating DAS, a provider of aftermarket F&I product solutions for auto dealers. The existing DAS leadership will remain in place as it becomes a division of BBDS. This strategic move follows a successful integration of DAS into the Brown & Brown group during the ADG acquisition, with expectations for improved solutions for dealer customers.
Brown & Brown, Inc. (NYSE:BRO) has announced the acquisition of substantially all assets of Corporate Insurance Advisors, a Florida-based retail insurance agency founded in 2005. The acquisition will enhance Brown & Brown's service offerings and strengthen its presence in South Florida. Corporate Insurance Advisors will now operate under Brown & Brown’s Ft. Lauderdale office, led by Mike Gorham. This strategic move aims to leverage combined resources for innovative insurance solutions, positioning both firms for future growth amid evolving market risks.
Certificial, a leader in intelligent insurance verification, has appointed Katherine Moura as Chief Marketing Officer. Moura, who has over seven years in the insurtech industry, previously served as CMO at CoverHound and CyberPolicy, the latter acquired by Brown & Brown (NYSE:BRO). Her experience is expected to enhance Certificial's brand recognition and marketing strategies following their recent Series A funding. In 2021, Certificial welcomed over 8,000 new agencies and brokers, signaling significant growth potential for the company.
Brown & Brown, Inc. (NYSE:BRO) announced the acquisition of Heacock Insurance, a family-owned agency operating since 1922 in central Florida. The acquisition aims to enhance Brown & Brown's regional service capabilities while maintaining the Heacock Insurance team's leadership under Stacey Heacock Weeks. This partnership reflects shared values centered on customer service and family, boosting the future potential for both firms as they leverage their combined expertise in risk management solutions.
Brown & Brown reported third-quarter 2021 revenues of $770.3 million, a 14.3% increase from the previous year. Commissions and fees rose by 14.6%, with Organic Revenue growth of 8.5%. Net income reached $146.4 million, up 9.3%, and diluted net income per share increased to $0.52. For the nine months ending September 30, 2021, revenues totaled $2,312.9 million, up 17.3%. Net income for this period was $485.4 million, reflecting a 26.7% increase. The company’s president expressed satisfaction with continued growth and profitability.
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