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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.
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.
Brown & Brown, Inc. (NYSE: BRO) reported a strong Q1 2021 with revenues of $815.3 million, a 16.7% year-over-year increase. Commissions and fees rose by 16.9%, while Organic Revenue grew by 9.8%. Net income reached $199.7 million, marking a 31.0% increase, with diluted net income per share at $0.70, up 29.6%. A regular cash dividend of $0.0925 per share was declared, payable on May 19, 2021. The positive results were attributed to new business and good retention across divisions.
Brown & Brown, Inc. (NYSE:BRO) has acquired substantially all assets of Leon Silver Associates, a wholesale broker based in New Jersey, enhancing its Bridge Specialty Group portfolio. This strategic acquisition aims to broaden product offerings and improve service for retail agents across several states. Leon Silver, established in 1971, has a strong reputation in commercial and personal lines insurance. The transition will integrate their operations into Morstan General Agency, ensuring continuity under the leadership of Tommy Rhodes. The deal is expected to foster growth and provide more opportunities for employees.
Brown & Brown, Inc. (NYSE:BRO) plans to release its first-quarter earnings on April 26, 2021, after market close. An investor update conference call will be held on April 27, 2021, at 8:00 a.m. EDT, hosted by President J. Powell Brown and CFO R. Andrew Watts. The conference call will be broadcast live and accessible through the company’s website. A replay will be available afterwards for those unable to attend the live session, with audio archived for 14 days. The company has over 80 years in the insurance brokerage industry, providing risk management solutions.
Brown & Brown, Inc. (NYSE: BRO) has announced the launch of Bridge Specialty Group, consolidating its extensive portfolio of more than 25 wholesale brands across 45 locations in the U.S. and London. The group aims to enhance collaboration among nearly 1,500 insurance professionals and leverage over $3 billion in premium volume. This initiative will provide a unified platform for retail partners, facilitating access to a broad spectrum of wholesale services and specialty market solutions. The company emphasizes maximizing carrier relationships and delivering localized solutions.
Brown & Brown, Inc. (NYSE:BRO) has appointed Gray Nester as Chief Information Officer, effective immediately. J. Powell Brown, CEO, expressed confidence in Nester's experience and innovative problem-solving skills, which align with the company’s technology initiatives. Nester, who has over 20 years in Insurance Technology, previously served as CIO for the Retail Division since December 2019. He will gradually transition from his current role. The company, a leading insurance brokerage firm, emphasizes customer service and risk management solutions.
PillarRx Consulting has achieved HITRUST CSF Certification, demonstrating compliance with key regulations and effective risk management. This certification applies to its software platforms hosted on Microsoft Azure and affirms its commitment to data security. With this achievement, PillarRx joins an elite group of organizations globally recognized for safeguarding sensitive data. According to Rob Cleek, Vice President of Information Technology, this certification enhances customer confidence in PillarRx's dedication to data protection and IT best practices.
Brown & Brown, Inc. (NYSE:BRO) has announced the promotion of Stephen M. Boyd to Executive Vice President and President of the Wholesale Brokerage Segment. Boyd, previously Senior Vice President of Technology, brings over 25 years of experience within the company, including significant roles at Arrowhead General Insurance Agency. Anthony T. Strianese, former President of the Wholesale Segment, becomes Chairman of the Wholesale Brokerage Segment while remaining an Executive Vice President. CEO Powell Brown highlighted Strianese's contributions and expressed confidence in Boyd's leadership potential to drive growth.
Brown & Brown, Inc. (NYSE:BRO) reported its unaudited financial results for Q4 and the full year 2020. Q4 revenues reached $642.1 million, a 10.9% increase from the previous year, with net income rising 27.2% to $97.3 million. For the full year, revenues hit $2,613.4 million (+9.2%), while net income increased 20.6% to $480.5 million. Diluted net income per share for Q4 and the entire year rose to $0.34 and $1.69, respectively. Organic revenue growth was 4.7% in Q4 and 3.8% for the year. The results reflect strong operational performance amidst global challenges.
Brown & Brown, Inc. (NYSE:BRO) has declared a quarterly cash dividend of $0.0925 per share, set for payment on February 17, 2021, to shareholders on record by February 5, 2021. This move underscores the company's commitment to returning value to its shareholders. With over 80 years in the insurance brokerage sector, Brown & Brown continues to provide reliable risk management solutions, emphasizing its mission to deliver superior customer service.
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