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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 acquired substantially all assets of Frank E. Neal & Co., Inc., enhancing its presence in Tennessee's insurance market. With over 45 years of experience, Frank E. Neal specializes in providing commercial, surety, personal, and employee benefits insurance, particularly in the construction industry. This acquisition aims to foster economic growth and expand local service offerings. The Frank Neal team will integrate with Brown & Brown of Tennessee, under the leadership of Ryan Rothrock and John Esposito.
Brown & Brown, Inc. (NYSE: BRO) announced an agreement to acquire Vehicle Administrative Services (VAS) and its affiliates, enhancing its service offerings in emergency roadside assistance. This strategic acquisition, expected to close in October 2020, allows VAS to maintain its operations in Texas under the leadership of Bill Breindel. The collaboration aims to innovate and expand customer protection products, reflecting Brown & Brown's commitment to superior customer service and growth.
Brown & Brown, Inc. (NYSE: BRO) announced the immediate termination of its agreement to acquire HAUSER, which was initially expected to close in September 2020. The decision reflects uncertainty surrounding the completion of the transaction, which was conditional upon various factors. Brown & Brown is a leading insurance brokerage firm with 80 years of experience, offering risk management solutions. The company emphasizes its commitment to superior customer service and trust.
Brown & Brown, Inc. (NYSE:BRO) has acquired Amity Insurance Agency, significantly enhancing its New England operations. Founded in 1978, Amity specializes in risk management solutions for various industries and offers personal insurance services. The acquisition, announced by J. Scott Penny and Amity’s principals, is expected to leverage Brown & Brown’s resources and improve service to clients. Amity will continue its operations from Quincy, Massachusetts. This move aligns with Brown & Brown’s strategy to expand its market presence and enhance its service offerings.
Brown & Brown, Inc. (NYSE:BRO) has acquired substantially all assets of Buiten & Associates, LLC, a leading independent insurance agency in Michigan, as of August 13, 2020. The acquisition allows Brown & Brown to expand its footprint in Michigan, leveraging Buiten’s expertise and existing team, led by Paul Buiten. Brown & Brown aims to enhance customer service and drive future growth through this strategic merger. This acquisition reflects Brown & Brown's commitment to integrating high-quality insurance services, while aiming to strengthen its market position.
Brown & Brown, Inc. (NYSE: BRO) announced an agreement to acquire the assets of HAUSER, specializing in insurance solutions for private equity groups, set to close in September 2020. Founded 50 years ago, HAUSER provides M&A advisory, due diligence, and risk management services, with continuing operations in Cincinnati, Ohio. Brown & Brown aims to leverage HAUSER's expertise and capabilities to enhance service offerings for clients. The deal is expected to strengthen both companies' positions in the private equity insurance market, although future performance is subject to uncertainties and integration risks.
Brown & Brown, Inc. (NYSE: BRO) has declared a quarterly cash dividend of $0.085 per share, scheduled for payment on August 12, 2020. Shareholders must be on record by August 5, 2020 to receive this dividend. Operating for over 80 years, Brown & Brown is a prominent insurance brokerage firm committed to delivering risk management solutions to clients.
Brown & Brown, Inc. (NYSE: BRO) has acquired substantially all assets of First Resource, Inc., enhancing its Dealer Services division. This strategic acquisition aims to improve F&I performance management and training, leveraging the 25 years of experience of First Resource's owners, James Nelson and Lynn Meyer. They will continue to operate from Texas under Brown & Brown's leadership. This move aligns with Brown & Brown's objective of expanding its service capabilities in the southwest and reinforces its commitment to providing superior customer service in the insurance brokerage sector.
PillarRx Consulting has appointed Rob Cleek as Vice President of Information Technology, bringing over 16 years of experience in IT across various industries. Cleek will focus on delivering scalable and secure IT solutions to enhance customer insights. The company is poised for significant growth as it expands its technical solutions, aiming to optimize pharmacy benefit programs and eliminate inefficiencies without compromising member satisfaction. Executive Vice President Greg Rucinski emphasized Cleek's key role in the company's expansion amidst the current market landscape.
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