Research Analyst at Keefe, Bruyette & Woods
Dean serves as an analyst at Keefe, Bruyette & Woods, where he specializes in coverage of insurance companies as part of Mayer Shields' team. Dean frequently engages in earnings calls for firms such as Brown & Brown, demonstrating deep insight into industry dynamics and market trends. His analytical work contributes to KBW’s highly respected research in the insurance sector, supporting shareholder value through detailed performance tracking of key metrics such as organic growth, margins, and M&A activity. Joining KBW as an associate analyst, Dean benefits from extensive mentorship and holds relevant professional credentials and regulatory registrations, enabling him to contribute valuable recommendations to investors.
Dean inquired about the current trend of business moving from the E&S market back to the admitted market, following previous observations.
Powell Brown, President and CEO, noted that while admitted markets are discussing this more, he does not believe the movement from non-admitted to admitted will offset the continued growth in the size of the E&S market.
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Dean (on behalf of Mayer Shields) asked if the retail segment incentive commission headwinds would continue into 2026 and about the observed movement of business from the E&S market back to the admitted market.
CEO Powell Brown stated that the incentive commission headwinds appear isolated to Q4 and are not expected to carry over into 2026 based on current visibility. Regarding the E&S market, he noted that while admitted markets are discussing taking back business, this movement is unlikely to offset the continued growth in the overall E&S market.
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