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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 announced a quarterly cash dividend of $0.1025 per share, payable on August 17, 2022. Shareholders of record by August 10, 2022 will receive this dividend. Brown & Brown is a prominent insurance brokerage firm established in 1939 with over 14,500 employees across more than 450 global locations, providing effective risk management solutions to clients.
Brown & Brown, Inc. (NYSE:BRO) has successfully completed its acquisition of Global Risk Partners Limited as of July 5, 2022. This strategic move aims to enhance the company's position in the insurance brokerage sector, expanding its risk management solutions to a broader client base. Brown & Brown has been a key player in the industry since 1939, boasting over 12,000 employees across more than 350 locations globally. This acquisition is expected to drive future growth, although it also involves inherent uncertainties regarding integration and market impacts.
Brown & Brown, Inc. (NYSE:BRO) announces the completion of the acquisition of Quinlan Insurance by O’Leary Insurances Ltd., a subsidiary of Brown & Brown. This acquisition enhances their portfolio and expands their market presence. With over 12,000 employees across more than 350 locations, Brown & Brown continues to provide risk management solutions. However, the company cautions that future results could vary significantly due to uncertainties surrounding the integration and performance of the acquired entity.
Brown & Brown, Inc. (NYSE: BRO) will announce its 2022 second-quarter earnings on July 25, 2022, after market close. An investor conference call, led by CEO J. Powell Brown and CFO R. Andrew Watts, is scheduled for July 26, 2022, at 8:00 a.m. EDT. This event will be accessible live via the company's website. For those unable to attend, a replay will be available shortly after the live session until August 25, 2022. Founded in 1939, Brown & Brown is a major insurance brokerage firm with over 12,000 employees across 350+ locations.
On June 30, 2022, The Institutes announced the appointment of four new members to its Board of Trustees, effective June 15. The appointees are J. Powell Brown, Carl Hess, John J. Marchioni, and Leonid Rasin, each bringing extensive experience in insurance and risk management. Peter Miller, president and CEO, expressed that these members will enhance The Institutes' mission and strategic capabilities. Notably, Marchioni is linked with Selective Insurance Group (NASDAQ: SIGI), Hess with WTW (NASDAQ: WTW), and Brown with Brown & Brown (NYSE: BRO).
Brown & Brown, Inc. (NYSE: BRO) has acquired substantially all assets of Profits Creation Corp., a provider of F&I products and sales support for automotive dealers in the Southeast. The acquisition aims to enhance Brown & Brown Dealer Services' capabilities and strengthen its market position. Gerry White and the Profits Creation team will join BBDS under Mike Neal’s leadership. This partnership is expected to drive growth and improve dealer results in the region, reflecting a strategic move to expand Brown & Brown's service offerings.
Brown & Brown, Inc. (NYSE: BRO) announced the acquisition of Dealer Specialties Group Corp., enhancing its Dealer Services operations. Dealer Specialties, known for providing F&I products and support to automotive dealers in New York, will integrate into Brown & Brown Dealer Services (BBDS). This strategic move aims to expand BBDS’s footprint and improve service offerings, leveraging Dealer Specialties' strong industry relationships. Leadership from both organizations expressed optimism about the growth potential and benefits to customers from this acquisition.
Brown & Brown, Inc. (NYSE: BRO) has appointed Kiet Tran as the new Chief Technology Officer, aimed at enhancing the company's technology infrastructure. Gray Nester, the current Chief Information Officer, emphasized Tran's expertise in operational excellence and system performance. Tran previously led IT operations at ADT and will work on a cloud transformation strategy, improve digital workplace initiatives, and ensure operational resilience. This leadership change is designed to align with Brown & Brown's growth objectives and reinforce its unique culture.
Brown & Brown, Inc. (NYSE:BRO) announced its agreement to acquire the general insurance operations of Quinlan Insurance, founded by Patrick Quinlan. The acquisition aims to enhance Brown & Brown’s presence in Dublin and leverage Quinlan Insurance's expertise in property insurance solutions for commercial segments. The deal is expected to close in late June 2022, subject to specific conditions. This acquisition aligns with Brown & Brown’s strategy for growth and customer focus in the insurance market.
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