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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) reported its Q1 2023 financial results, showing revenues of $1,116.0 million, a 23.4% increase year-over-year. Commissions and fees rose by 22.5%, while organic revenue increased by 12.6%. Net income reached $235.5 million, reflecting a 6.9% growth, and diluted earnings per share (EPS) was $0.83, up 7.8%. However, the income before income taxes margin dropped to 26.4% from 29.3%. The company declared a quarterly dividend of $0.1150 per share, payable on May 17, 2023, to shareholders of record on May 8, 2023. CEO J. Powell Brown highlighted the strong performance and profitable growth.
Brown & Brown, Inc. (NYSE: BRO) has appointed Robert Mathis as its new chief legal officer and a member of the senior leadership team. This appointment, announced on April 10, 2023, is seen as a significant step to uphold the company's commitment to high business ethics, as highlighted by president and CEO Powell Brown. Mathis brings over 30 years of legal experience, having previously served as a senior vice president at KBR, Inc. and holding legal roles at notable organizations such as Holland & Knight LLP and Enron Corp. He is an active member of the Florida Bar and will be based in Daytona Beach, Florida. Brown & Brown is a leading insurance brokerage firm, providing services globally since 1939.
Brown & Brown, Inc. (NYSE: BRO) announced the appointment of Michael Vaughan as the new chief data officer. This strategic move aims to enhance the company's data strategy to support critical business objectives.
Gray Nester, the chief information officer, highlighted Vaughan's extensive experience in developing actionable data strategies and his commitment to continuous improvement. His leadership is expected to accelerate growth and create significant value across the organization.
Prior to this role, Vaughan served as a senior vice president at Truist, focusing on analytics and data architecture. He holds a Bachelor of Science from Appalachian State University and completed the Chief Data Officer Program at Carnegie Mellon University.
Brown & Brown, Inc. (NYSE:BRO), has successfully acquired Highcourt Partners Limited and its subsidiaries eUnderwriters and CLIS, enhancing its market presence in Canada. Highcourt Partners, now part of the Brown & Brown Retail segment, will be led by Mark McKay and aims to leverage local expertise and global capabilities for improved customer service. The acquisition is projected to open new growth opportunities in the Canadian insurance market, as highlighted by Brown & Brown's senior leadership. This strategic move will bolster Brown & Brown's footprint and capacity to serve clients of varying sizes across different regions.
Brown & Brown, Inc. (NYSE: BRO) will announce its 2023 first-quarter earnings on April 24, 2023, post-market close. A conference call led by J. Powell Brown and R. Andrew Watts will follow on April 25, 2023, at 8:00 a.m. EDT. Investors can access the live call via the company's website, with a replay available for 14 days post-broadcast. Established in 1939, Brown & Brown is a premier insurance brokerage firm with over 15,000 employees across 500 locations worldwide, focusing on innovative risk management solutions.
PillarRx, a pharmacy consulting firm, announced it has achieved HITRUST Risk-based, 2-year Certification, affirming its commitment to regulatory compliance and data security. This elite certification highlights PillarRx's adherence to stringent industry standards across its corporate headquarters and data centers in Milwaukee, WI, and Lake St. Louis, MO. The certification demonstrates robust management of data protection challenges and positions PillarRx among organizations recognized for effective information security. Rob Cleek, Vice President of Information Technologies, emphasized that this achievement showcases their dedication to safeguarding sensitive information for clients.
Brown & Brown, Inc. (NYSE: BRO) has appointed Jaymin B. Patel, executive chairman of Perennial Climate Inc., to its board of directors. Lead independent director H. Palmer Proctor, Jr. praised Patel's extensive leadership experience and industry knowledge. CEO J. Powell Brown emphasized that Patel's diverse expertise will enhance the company's mission to deliver long-term value to shareholders. Patel's background includes significant roles at Brightstar Corporation and GTECH (now IGT), along with expertise in regulated industries and financial operations. He holds a degree from Birmingham City University and is a chartered accountant.
Brown & Brown, Inc. (NYSE: BRO) reported a strong financial performance for Q4 and full year 2022. Q4 revenues increased by 22.1% to $901.4 million, with commissions rising 21.3%. Net income for Q4 grew 42.8% to $145.2 million, and diluted earnings per share rose 41.7% to $0.51. For the full year, revenues reached $3.57 billion, a 17.1% increase, with net income of $671.8 million, up 14.4%. Notably, organic revenue growth for the quarter was 7.8%. However, the income before income taxes margin slightly decreased to 24.5%. CEO J. Powell Brown emphasized the firm's commitment to continued growth and customer service.
Brown & Brown, Inc. (NYSE: BRO) has declared a regular quarterly cash dividend of $0.1150 per share, payable on February 15, 2023, to shareholders of record on February 3, 2023. This decision reflects the company's commitment to returning value to its shareholders. Established in 1939, Brown & Brown is a leading insurance brokerage firm operating over 450 locations globally and employing more than 14,500 teammates. The firm specializes in risk management solutions tailored for both individuals and businesses.
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