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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, a leading insurance brokerage firm, announced the acquisition of McNamara Company, a family-owned agency established in 1970. McNamara, offering insurance solutions nationwide, will integrate with the Brown & Brown office in Phoenix. The transaction aims to enhance Brown & Brown's commercial and personal insurance lines, especially for franchise owners. McNamara's team will report to Scott Jones, Phoenix team leader. This acquisition reflects Brown & Brown's commitment to expanding its services and capabilities.
Bridge Specialty Group, a niche-focused wholesale entity, has welcomed Public Entities of America (PEA) to its team. PEA, a leading brokerage in the public sector and risk management marketplace, will join Apex Insurance Agency, a part of Bridge Specialty. Michelle Hill, Apex’s vice president, and Karl Snearer, Apex’s president, praised the merger, highlighting PEA’s innovative risk solutions and talented professionals. This move aims to bolster Apex’s capabilities in serving the public sector across the United States.
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