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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) announced its 2022 fourth-quarter earnings release scheduled for January 23, 2023, post-market close. An investor update conference call will be held on January 24, 2023, at 8:00 a.m. EST, featuring CEO J. Powell Brown and CFO R. Andrew Watts. The call will be accessible live via the company's website and archived for 14 days. Brown & Brown has over 14,500 employees globally and has provided risk management solutions since 1939.
Brown & Brown (NYSE: BRO) has acquired Finance Builders Inc., enhancing its Dealer Services operations. Finance Builders, primarily active in Connecticut and Massachusetts, specializes in F&I products and support for automotive dealers. This acquisition aims to bolster BBDS's service offerings and customer reach. The integration promises to provide broader resources and diverse product options for Finance Builders' clientele. Both organizations express optimism about future growth and collaboration in the evolving automotive finance landscape.
Brown & Brown reported a significant 20.4% revenue increase for Q3 2022, totaling $927.6 million, driven by a 20.2% rise in commissions and fees. Net income rose 10.0% to $161.1 million, while diluted EPS increased to $0.57. However, income before taxes margin declined to 23.5%. For the nine months ending September 30, 2022, total revenues reached $2.67 billion, an increase of 15.5%. Notably, the firm faced a $15 million impact from profit-sharing commissions and $11.5 million in losses related to Hurricane Ian. The company continues to expand, adding over 2,500 new teammates internationally.
Brown & Brown, Inc. (NYSE: BRO) has declared a quarterly cash dividend of $0.1150 per share, payable on November 16, 2022, to shareholders of record as of November 2, 2022. This marks a 12.2% increase from the prior dividend of $0.1025 and represents the twenty-ninth consecutive annual dividend increase. Established in 1939, Brown & Brown is a prominent insurance brokerage firm with over 14,500 employees across more than 450 locations globally, providing innovative risk management solutions.
Brown & Brown, Inc. (NYSE: BRO) will announce its 2022 third-quarter earnings on October 24, 2022, post-market. An investor update conference call, hosted by CEO J. Powell Brown and CFO R. Andrew Watts, is set for October 25, 2022, at 8:00 a.m. EDT. The call will be accessible live on their website, with a replay available after the call until November 25, 2022. Brown & Brown has been an insurance brokerage leader since 1939, offering risk management solutions globally.
Onkar Kumar has been promoted to Chief Digital and Information Officer at Orchid Underwriters Agency, LLC, leveraging 24 years of expertise in IT solutions. Kumar, who joined Orchid in February 2021, aims to enhance technology, digital experience, and cybersecurity operations. His past experience includes significant roles at Disney, Ameriprise Financial, and Cognizant, where he successfully launched innovative technology products. Orchid, acquired by Brown & Brown in 2022, specializes in property and casualty insurance across the U.S., Bahamas, and Caribbean.
Brown & Brown, Inc. (NYSE: BRO) announced the acquisition of substantially all assets of Smithwick & Mariners Insurance, MidCoast Insurance, and Chapman & Chapman Insurance. Founded in 1987, Smithwick & Mariners specializes in providing insurance solutions for the marine industry and has expanded services throughout Maine and New England. Post-acquisition, the existing team will maintain operations under Brown & Brown's Retail segment, enhancing the company's product offerings and customer service capabilities.
Brown & Brown, Inc. (NYSE:BRO) has acquired substantially all assets of VistaNational Insurance Group, a firm known for employee benefits solutions since 1996. The deal, announced on September 12, 2022, marks a strategic expansion for Brown & Brown, with VistaNational continuing operations under its existing leadership in Illinois. CEO David N. Schwimmer retires following the acquisition. This transaction is expected to enhance customer service by leveraging Brown & Brown’s resources and diverse product offerings.
Kathy Cody has been appointed CEO of Orchid Underwriters Agency, with Ross Bowie as President and Chief Underwriting Officer. Steve Carlsen shifts to Executive VP in National Programs. National Programs, part of Brown & Brown, aims to enhance its coastal wind underwriting capabilities and high-net-worth homeowners sector. Cody, previously COO, has extensive insurance experience, while Bowie has a strong underwriting background. They replace Carlsen, who successfully navigated Orchid's sale to Brown & Brown. The leadership change is expected to strengthen Orchid's position within National Programs.
Brown & Brown, Inc. (NYSE:BRO) has completed the acquisition of BdB Limited's general insurance operating companies as of August 2, 2022. This strategic acquisition aims to enhance Brown & Brown's market position and operational capabilities in the insurance sector. The company, founded in 1939, has a robust presence with over 14,500 employees in more than 450 locations globally. The press release emphasizes potential future benefits but also cautions about inherent uncertainties and risks associated with the integration process.
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