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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 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.
Brown & Brown, Inc. (NYSE: BRO) has announced a quarterly cash dividend of $0.1025 per share, reflecting a 10.8% increase from the previous $0.0925. This dividend will be paid on November 17, 2021, to shareholders recorded on November 3, 2021. This marks the twenty-eighth consecutive annual dividend increase for the company, emphasizing its commitment to returning value to shareholders. Brown & Brown, a leading insurance brokerage firm, has been providing risk management solutions since 1939.
Brown & Brown, Inc. (NYSE: BRO) has completed the acquisition of Remedy Analytics Inc., a pharmacy consulting service provider. Founded in 2011, Remedy Analytics leverages its PharmaLogic® platform to help large employers manage medication costs. Post-acquisition, Remedy's team will operate from Milwaukee under COO Jennifer Hill's leadership, while Scott Martin retains a consultant role. Leaders from both companies anticipate enhanced value for customers through improved resources and collaboration.
Brown & Brown, Inc. will unify all brands under its Retail segment to the name Brown & Brown starting Jan. 1, 2022. This strategy aims to enhance customer service by streamlining resources and leveraging a top-five brokerage's strength. P. Barrett Brown emphasized a commitment to quality service and improved access to diverse capabilities. A new logo and unified retail website will launch in January. The unification pertains solely to the Retail segment, excluding National Programs and other areas. Brown & Brown operates as a leading insurance brokerage since 1939, with over 11,000 team members nationwide.
Brown & Brown, Inc. (NYSE:BRO) announced the acquisition of Winston Financial Services, Inc., a leader in benefit communication and administration. Founded in 1987, Winston Benefits has developed proprietary technology, including HRAlly™, enhancing employer services. The acquisition aims to strengthen Brown & Brown’s employee benefits practice, leveraging Winston's technology and expertise. Colin and Curran Bradley will continue to lead Winston Benefits, ensuring continuity while integrating with Brown & Brown's operations. This strategic move is poised to enhance customer experience and expand service offerings.
Brown & Brown, Inc. (NYSE: BRO) announces that Hugh M. Brown, a board member, has been named to Savoy Magazine's Most Influential Black Corporate Directors list for the second time. This recognition highlights his significant contributions over 17 years to the company's success. Hugh Brown is the founder of BAMSI, Inc. and has served on various boards, including the Federal Reserve Bank of Atlanta. CEO J. Powell Brown praised his leadership, stating it has positively impacted the organization.
Brown & Brown, Inc. (NYSE: BRO) announces its third-quarter earnings release scheduled for October 25, 2021, post-market close. A conference call will be held on October 26, 2021, at 8:00 a.m. EDT with CEO J. Powell Brown and CFO R. Andrew Watts, discussing financial results. The call will be streamed live on their website. An audio replay will be available post-call and archived for 14 days. Founded in 1939, Brown & Brown is a leading insurance brokerage firm, employing over 11,000 across more than 300 locations.
PillarRx has released its 2021 Data Validation Customer Survey results, achieving a 5-star rating due to exceptional service in quality, audit accuracy, and actionable reporting. With a 99% customer retention rate since 2011, 100% of respondents expressed strong satisfaction, indicating likely continued use of PillarRx’s services in 2022. Innovations such as updated automation processes and improved communication with PBMs contributed to success. Additionally, the company secured 11 new contracts for 2022, highlighting its robust reputation and client relationships.
Brown & Brown, Inc. (NYSE:BRO) announced the acquisition of Gremesco of New Jersey, a wholesale insurance broker founded in 2000. The acquisition, facilitated by Bridge Specialty Group, will enhance Morstan General Agency’s operations. Gremesco, known for providing property and casualty insurance in New Jersey and New York, will integrate into Morstan's Woodbridge location, led by Tommy Rhodes. This move aims to expand broker networks and improve market access, reflecting Brown & Brown's commitment to innovative insurance solutions.
Brown & Brown, Inc. (NYSE:BRO) has successfully acquired substantially all assets of AGIS Network, Inc., a prominent employee benefits enrollment firm specializing in long-term care options. This acquisition aims to enhance Brown & Brown's value proposition for its employee benefits customers. AGIS's innovative technology solutions will streamline enrollment processes, supporting large employers and governmental agencies nationwide. AGIS will continue operations under its founder, Kevin Sypniewski, from California, further strengthening Brown & Brown’s capabilities in the evolving long-term care market.
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