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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 successfully completed the acquisition of the assets and operations of Berkshire Insurance Group, Inc. through its subsidiary, Brown & Brown of Massachusetts, LLC. This acquisition marks a strategic expansion for Brown & Brown, enhancing its service offerings and market presence.
The company has over 11,000 employees across 300 locations, focusing on delivering innovative risk management solutions. Future financial results related to this acquisition remain uncertain, with potential risks associated with integration and market conditions.
Berkshire Hills Bancorp (NYSE: BHLB) and Brown & Brown (NYSE: BRO) have announced a definitive agreement for the sale of Berkshire Insurance Group (BIG) to Brown & Brown. This transaction, expected to close in Q3 2021, aligns with Berkshire's strategic transformation plan. Berkshire anticipates a net gain of $0.55 per share from the sale but expects to see a $0.02 decline in earnings per share in H2 2021. Existing BIG employees will be offered positions at Brown & Brown, ensuring job stability. The sale will enhance Brown & Brown's insurance offerings across Massachusetts.
Berkshire Hills Bancorp (NYSE: BHLB) has entered a definitive agreement to sell its subsidiary Berkshire Insurance Group (BIG) to Brown & Brown (NYSE: BRO) of Massachusetts. This transaction is part of Berkshire's strategic transformation plan aimed at simplifying operations and reallocating resources. The deal is expected to close in Q3 2021, with a projected net gain of $0.55 per share on a GAAP basis. However, Berkshire anticipates a decrease of $0.02 in earnings per share for the second half of 2021 due to this sale.
Brown & Brown, Inc. (NYSE:BRO) announced the acquisition of Sudler Insurance Services, a provider of employee benefits, effective August 13, 2021. Founded in 1995, Sudler Insurance Services operates in Florida, Michigan, and South Carolina. Post-acquisition, founder Bob Sudler will join Brown & Brown's Ft. Lauderdale team. This strategic move aims to leverage Brown & Brown’s national presence to enhance service offerings and competitive rates for customers. The integration is expected to contribute positively to Brown & Brown's growth trajectory.
Brown & Brown, Inc. (NYSE:BRO) reported robust financial results for Q2 2021, with revenues of $727.3 million, a 21.5% increase year-over-year. Commissions and fees rose by 21.3%, and organic revenue grew 14.7%. Net income surged to $139.3 million, reflecting a 43.9% increase, while diluted earnings per share reached $0.49 (+44.1%). For the first half of 2021, revenues hit $1,542.6 million (+18.9%), with net income of $339.0 million (+36.0%). The company enhances its performance metrics with a focus on organic revenue growth and EBITDAC, which also saw significant increases.
Brown & Brown, Inc. (NYSE:BRO) announced a quarterly cash dividend of $0.0925 per share, payable on August 18, 2021, to shareholders of record on August 11, 2021. Established in 1939, Brown & Brown is a leading insurance brokerage firm with over 11,000 employees across more than 300 locations in the U.S. and select global markets. The firm is committed to delivering innovative risk management solutions aimed at protecting customers' valuable assets.
PillarRx Consulting has appointed Kelly Tanner as the new Director of Auditing, leveraging over 30 years in the pharmacy industry, including 16 years in pharmacy benefits management (PBM). Her expertise in analytics, IT development, and data validation will enhance audit accuracy and operational processes at PillarRx. Tanner’s role aims to improve internal auditing technologies and derive actionable insights for clients. The company's growth necessitates strong leadership in auditing to maintain high performance and client satisfaction.
Brown & Brown, Inc. (NYSE: BRO) will release its second-quarter 2021 earnings on July 26, 2021, after market close. An investor update conference call, led by CEO J. Powell Brown and CFO R. Andrew Watts, is scheduled for July 27, 2021, at 8:00 a.m. EDT, accessible via their website. The audio will be available for replay for a limited time. Founded in 1939, Brown & Brown is a leading insurance brokerage firm with over 11,000 employees across more than 300 locations, providing risk management solutions globally.
Bridge Specialty Wholesale, a subsidiary of Brown & Brown, Inc. (NYSE: BRO), has appointed Anurag Batta as Chief Operating Officer. With over 20 years of experience, Batta will focus on operational transformation and profitable growth. He previously served as COO of Zurich North America, where he led strategic initiatives. Stephen M. Boyd, President of Bridge Specialty Group, expressed excitement over Batta's leadership, which is expected to enhance their offerings for agency partners. The newly launched Bridge Specialty Group aims to unify its wholesale insurance businesses.
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