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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 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.
Brown & Brown, Inc. (NYSE:BRO) reported Q1 2022 revenues of $904.7 million, up 11% year-over-year, with commissions and fees increasing by 11.1%. Net income rose to $220.3 million, a 10.3% increase, translating to diluted earnings per share of $0.77. The company declared a quarterly cash dividend of $0.1025 per share, payable on May 18, 2022. The results reflect solid performance in a challenging market, maintaining robust margins with consistent income before income taxes at 29.3%. The positive trajectory in organic revenue, up 7.8%, indicates strong operational growth.
Brown & Brown, Inc. (NYSE:BRO) announced the completion of its acquisition of Orchid Underwriters Agency and CrossCover Insurance Services on April 1, 2022. This strategic move enhances Brown & Brown's existing portfolio and expands its risk management solutions. With over 12,000 employees and 300 locations globally, Brown & Brown continues to strengthen its market position in the insurance brokerage industry. The company emphasizes that future performance remains uncertain and may differ from expectations due to various factors.
Brown & Brown, Inc. (NYSE: BRO) will announce its 2022 first-quarter earnings on April 25, 2022, post-market close. An investor conference call hosted by CEO J. Powell Brown and CFO R. Andrew Watts is scheduled for April 26, 2022, at 8:00 a.m. EDT, available via live webcast on the company's website. The call will focus on the financial results of the first quarter. For those unable to attend, a replay will be accessible until May 25, 2022. The company, established in 1939, operates over 350 locations and offers risk management solutions.
Brown & Brown, Inc. (NYSE:BRO) has entered an agreement to acquire the insurance operations of Global Risk Partners Limited (GRP), expected to close in Q3 2022, pending regulatory approvals. GRP, established in 2013, has annual revenues of approximately $340 million and serves nearly half a million customers in the U.K. and Ireland. Post-acquisition, GRP will be integrated into Brown & Brown's Retail segment, led by GRP's CEO, Mike Bruce. This acquisition aims to expand Brown & Brown's international reach and enhance its market capabilities, positioning the firm for continued growth.
Brown & Brown, Inc. has announced an agreement to acquire Orchid Underwriters Agency and CrossCover Insurance Services. The transaction is expected to close before April 2022, pending certain conditions. Established in 1998, Orchid specializes in insurance solutions for homeowners in coastal areas. CrossCover provides excess and surplus commercial property solutions across the U.S. The management teams of both companies will continue to lead their respective operations under Brown & Brown, enhancing market capabilities and offerings. This acquisition aims to strengthen carrier relationships and expand service capacity.
Everbridge, Inc. (NASDAQ: EVBG) and Brown & Brown have launched a first-of-its-kind product aimed at enhancing risk management for property and casualty insurance customers. This collaboration leverages Everbridge's Critical Event Management technology to provide advanced alerting and recommendations to mitigate risks before they impact insured properties. An early version is already utilized by a FORTUNE 500 manufacturer for severe weather notifications at over 200 sites. This innovation represents a significant step in proactive risk management strategies within the insurance industry.
Brown & Brown, Inc. (NYSE:BRO) announced on February 7, 2022, its acquisition of the general insurance operations of BdB Limited, a specialist wholesale broker in the UK and Europe. The deal is set to close in Q2 2022, contingent on certain conditions. BdB, founded in 1993, provides access to specialty insurance products and will continue to operate under its leadership team. The acquisition aims to enhance Brown & Brown's service capabilities and expand its market presence in Europe, aligning with its commitment to innovative risk management solutions.
Brown & Brown, Inc. (NYSE: BRO) has been added to the S&P 500 Dividend Aristocrats Index as of February 1, 2022. This index recognizes companies that have raised dividends for 25 consecutive years, reflecting Brown & Brown's 28-year track record of dividend increases. CEO J. Powell Brown emphasized the company's commitment to delivering results for its stakeholders and praised the dedication of its team. Brown & Brown has been a member of the S&P 500 since September 2021 and continues to be a key player in the insurance brokerage sector.
Brown & Brown, Inc. (NYSE:BRO) reported its financial results for Q4 and FY 2021. Q4 revenues reached $738.5 million, a 15% increase year-over-year, with a net income of $101.7 million, reflecting a 4.5% increase. For the full year, revenues totaled $3,051.4 million, up 16.8%, and net income grew by 22.2% to $587.1 million. Diluted earnings per share increased to $2.07 for the year, up 22.5%. The company noted strong organic revenue growth of 9% for Q4 and 10.4% for the year, highlighting its performance in attracting new business and retaining clients.
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