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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 O’Leary Insurances, enhancing its position in the insurance brokerage sector. This strategic move is expected to bolster Brown & Brown's risk management solutions for both individuals and businesses. As a leading firm with over 80 years of experience, the company aims to leverage this acquisition to provide superior customer service and expand its market reach. However, forward-looking statements regarding the integration and potential financial impacts remain uncertain.
Brown & Brown, Inc. (NYSE:BRO) has acquired substantially all assets of Berry Insurance Group, a leading Ohio-based insurance brokerage founded in 2002. The acquisition aims to enhance Brown & Brown's retail presence in Ohio and surrounding areas. Mark Berry will continue to lead the team, ensuring a seamless transition that emphasizes customer service and community engagement. The deal reflects Brown & Brown's commitment to growth and market expansion. However, forward-looking statements highlight potential uncertainties regarding the integration and performance post-acquisition.
Brown & Brown, Inc. (NYSE:BRO) announced the acquisition of substantially all assets of ADM Marketing Group, Inc. and its affiliate, ADM Insurance Services, Ltd. This strategic move aims to enhance Brown & Brown Dealer Services (BBDS) operations, allowing them to leverage ADM's established F&I product offerings and loyal customer base in the Northeast and Mid-Atlantic regions. The transaction will enable broader resources and diverse product offerings for dealership customers while fostering growth opportunities for both teams.
Brown & Brown, Inc. (NYSE: BRO) will announce its 2020 fourth-quarter earnings on January 25, 2021, after market close. An investor conference call will take place on January 26, 2021, at 8:00 a.m. EST, hosted by CEO J. Powell Brown and CFO R. Andrew Watts. The call can be accessed live on the company’s website. For those unable to attend, a replay will be available via phone and the website for a limited time. Brown & Brown has over 80 years of experience in insurance brokerage, focusing on risk management solutions.
Brown & Brown, Inc. (NYSE: BRO) has received a certificate of occupancy for its new 11-story office building in Daytona Beach, completed on December 18, 2020. This facility will house four businesses and serve as the corporate headquarters, supporting up to 900 employees. The project is key to the company’s growth, which includes plans to hire 600 new jobs in Volusia County. The building features training facilities to support its teammate development program. CEO J. Powell Brown emphasized its importance for collaboration and future growth.
Brown & Brown has announced the acquisition of O'Leary Insurances, set to close in January 2021. This acquisition positions Brown & Brown as a leading player in the Irish insurance market, leveraging OLI's extensive customer service expertise and network of over 200 employees across eight locations in Ireland. The partnership aims to enhance customer solutions by combining strengths, with OLI continuing to operate under its current leadership. This strategic move reflects Brown & Brown's commitment to expanding its European presence and underscores the financial potential of the Irish insurance market.
Brown & Brown, Inc. (NYSE:BRO) announced the acquisition of South & Western General Agency and its affiliate, S&W Premium Finance Company. Established in 1974, South & Western operates as a managing general agency in several southern states, specializing in various insurance products. This acquisition positions Brown & Brown to enhance its service offerings in the Southwest and Mid-South regions. The South & Western team will continue their operations under the leadership of JJ Horan, maintaining their commitment to high-quality customer service.
Brown & Brown, Inc. (NYSE:BRO) reported a strong third quarter for 2020, with revenues of $674 million, up 8.9% from the previous year. Net income rose to $134 million, marking a 15.9% increase, while diluted net income per share increased by 14.6% to $0.47. For the nine-month period ending September 30, 2020, revenues reached $1.97 billion, a growth of 8.7%. The company's organic revenue growth stood at 4.3% for the quarter and 3.5% for the year-to-date. EBITDAC also reflected positive growth, increasing by 13.2% for the quarter. These results showcase the company's resilience during challenging market conditions.
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