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Brown & Brown, Inc. is a diversified insurance agency, wholesale brokerage, insurance programs, and service organization that primarily operates in the property, casualty, and employee benefits areas . The company offers a wide range of insurance products and services to various entities, including commercial, public, and individual customers . Their offerings include professional liability, flood coverage, and excess and surplus insurance lines .
- Retail - Provides a broad range of insurance products and services to commercial, public, and quasi-public entities, as well as professional and individual customers .
- Programs - Acts as a managing general underwriter (MGU) offering professional liability, flood coverage, and other targeted products .
- Wholesale Brokerage - Markets and sells excess and surplus commercial and personal lines insurance .
- Services - Previously contributed to the company by facilitating additional underwriting capacity and generating incremental revenues through capitalized captive insurance facilities .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
J. Powell Brown ExecutiveBoard | President and Chief Executive Officer | None | Joined BRO in 1995; became CEO in 2009; has overseen significant growth and operational success. | View Report → |
Chris L. Walker Executive | EVP, President of National Programs | None | Joined Arrowhead (a BRO subsidiary) in 2003; became President of National Programs in 2014; oversees program growth and development. | |
J. Scott Penny Executive | EVP, Chief Acquisitions Officer | None | Joined BRO in 1989; leads acquisition strategy, contributing to the company's growth. | |
Julie L. Turpin Executive | EVP, Chief People Officer | None | Joined BRO in 2012; focuses on human capital management, diversity, and ESG initiatives. | |
R. Andrew Watts Executive | Executive Vice President, CFO, Treasurer | Board Member, Jacksonville Branch of the Federal Reserve Bank of Atlanta; Trustee, Florida Chamber Foundation; Director, New Planet Energy Development, LLC | Joined BRO in 2014; oversees financial operations and compliance; has extensive experience in financial management. | |
Stephen M. Boyd Executive | EVP, President of Wholesale Brokerage | None | Joined Arrowhead (a BRO subsidiary) in 1995; became EVP in 2021; has contributed to technology and innovation strategies. | |
Bronislaw E. Masojada Board | Director | Chair, SiriusPoint Ltd.; Alderman and Sheriff, City of London | Joined BRO's board in 2023; former CEO of Hiscox Group; has extensive insurance and reinsurance experience. | |
H. Palmer Proctor, Jr. Board | Director | CEO, Ameris Bancorp; Director, Ameris Bancorp; Advisory Board Member, Allied Financial | Joined BRO's board in 2012; has significant leadership experience in banking and financial services. | |
James S. Hunt Board | Director | Board Member, Subway Worldwide, Inc.; Trustee, Penn Mutual Life; Trustee, Nemours Foundation | Joined BRO's board in 2013; has extensive experience in finance, strategy, and international operations. | |
Jaymin B. Patel Board | Director | Executive Chairman, Perennial Climate Inc.; Independent Director, Bally’s Corporation; Independent Director, SpartanNash Company | Joined BRO's board in 2022; has extensive experience in regulated industries and financial management. | |
Kathleen A. Savio Board | Director | None | Joined BRO's board in 2024; former CEO of Zurich North America; recognized for her contributions to the insurance industry. | |
Lawrence L. Gellerstedt III Board | Director | Partner, Sweetwater Holdings Company; Director, Georgia Power Co. | Joined BRO's board in 2018; brings expertise in real estate development and project management. | |
Paul J. Krump Board | Director | Chair, SiriusPoint Ltd. | Joined BRO's board in 2023; former Vice Chairman at Chubb Limited; has extensive insurance industry experience. | |
Stephen P. Hearn Board | Director | Chairman, Placing Platform Limited; Non-Executive Director, Atrium Underwriters Ltd. | Joined BRO's board in 2024; has extensive experience in insurance and reinsurance leadership roles. | |
Timothy R.M. Main Board | Director | Head of Investment Banking EMEA, Barclays Plc | Joined BRO's board in 2010; has extensive experience in investment banking and financial institutions. | |
Toni Jennings Board | Director | Chair, Jack Jennings & Sons, Inc.; Chair, Jennings & Jennings, Inc.; Board Member, Mid-America Apartment Communities, Inc.; Board Member, Foundation for Florida’s Future | Joined BRO's board in 2007; former Lieutenant Governor of Florida; has extensive business and legislative experience. | |
Wendell S. Reilly Board | Director | Managing Partner, Grapevine Partners, LLC; General Partner, Peachtree Equity Partners II; Board Member, Lamar Advertising Company | Joined BRO's board in 2007; has extensive experience in private equity and corporate governance. |
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Given that your guidance for 50 to 100 basis points of adjusted EBITDAC margin improvement is highly dependent on storm activity, can you elaborate on the specific factors that could cause you to fall at the lower end of this range and how you plan to mitigate the potential impact of a severe storm season?
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Considering the continued pressure on casualty pricing and the challenges in obtaining significant umbrella limits from single carriers, especially for tougher classes like habitational, liquor-heavy establishments, and residential construction, how are you adapting your strategies to manage these risks and maintain profitability in these segments?
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As you expand your capabilities to serve larger accounts, such as 5,000 to 10,000 life groups in employee benefits, what are the main obstacles you face against larger competitors, and how are you ensuring that your investment in these capabilities leads to sustainable market share gains?
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With some property accounts beginning to move from the E&S market back to the standard market when conditions allow, how significant is this trend for your business, and what measures are you taking to retain clients who might be considering a switch back to admitted markets?
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Given that your investment income was positively impacted by higher cash balances due to holding $500 million for upcoming debt repayment, how do you expect your investment income to trend post-repayment, and what steps are you taking to optimize returns in a changing interest rate environment?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Included in a group of peer insurance broker and agency companies used for a comparison of five-year cumulative total shareholder returns. The returns of each company were weighted according to their respective stock market capitalizations as of December 31, 2018. | |
Included in a group of peer insurance broker and agency companies used for a comparison of five-year cumulative total shareholder returns. The returns of each company were weighted according to their respective stock market capitalizations as of December 31, 2018. | |
Included in a group of peer insurance broker and agency companies used for a comparison of five-year cumulative total shareholder returns. The returns of each company were weighted according to their respective stock market capitalizations as of December 31, 2018. | |
Included in a group of peer insurance broker and agency companies used for a comparison of five-year cumulative total shareholder returns. The returns of each company were weighted according to their respective stock market capitalizations as of December 31, 2018. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Post‑September 30, 2024 Deal | 2024 | A single acquisition completed after September 30, 2024 with total consideration exceeding $50M and a maximum purchase price of $74M, though specific asset details were not disclosed. |
Q3 2024 Batch | 2024 | A suite of 22 acquisitions (seven insurance intermediaries, 11 asset-related deals, and four books of business) completed during the nine months ended September 30, 2024 for a total consideration of $187M, featuring earn‑out provisions and detailed purchase price allocations. |
Q2 2024 Batch | 2024 | A package of 18 acquisitions (five insurance intermediaries, eight asset purchases, and five books of business) executed for a total consideration of $147M, including cash, other payables, and earn‑out liabilities with strategic asset alignments. |
Q1 2024 Batch | 2024 | A portfolio of 6 acquisitions (two insurance intermediaries, three asset‑related deals, and one book of business) with an aggregate cost of $87M, including goodwill and intangible asset allocations and provisional earn‑out estimates. |
Kentro Capital Limited | 2023 | Acquired in October 2023 for approximately $423.2M (primarily $404.8M in cash plus shares), this deal enhanced Brown & Brown’s MGA and retail agency capabilities, expanding its U.K., U.S., and Continental Europe presence with strategic program and product additions. |
Q3 2023 Batch | 2023 | Comprising 21 acquisitions (twelve insurance intermediaries, five asset purchases, and four books of business) with $176.8M in cash paid, this batch included adjustments for deferred tax and earn‑out liabilities to align with strategic expansion goals. |
Q2 2023 Batch | 2023 | A group of 13 acquisitions (eight insurance intermediaries, three asset purchases, and two books of business) executed for $127.2M in cash, featuring significant earn‑out provisions and adjustments during the measurement period to optimize purchase price allocation. |
Q1 2023 Batch | 2023 | Consisting of 7 acquisitions (five insurance intermediaries, one asset deal, and one book of business) with net cash payments of $44.7M, this batch incorporated purchase price adjustments primarily affecting goodwill while targeting an annual revenue contribution of about $11M. |
Smithwick & Mariners Insurance, Inc. | 2022 | Completed on September 1, 2022 in the Retail segment for $23.2M in cash plus additional earn‑out components, this acquisition added $25.8M in net assets to support organic segment growth. |
VistaNational Insurance Group, Inc. | 2022 | Acquired on September 1, 2022 for $26.7M in cash along with earn‑out and other payable elements, yielding net assets of $28.6M and expanding the firm’s operational reach. |
BdB Holdings Limited | 2022 | Completed on August 1, 2022 in the Wholesale Brokerage segment for $75.3M in cash plus recorded earn‑out payable (up to a maximum of $36.3M), this deal brought in $86.7M in net assets and strategically fit into Brown & Brown’s expansion in stable, English‑speaking markets. |
First Insurance Solutions Ltd. | 2022 | Acquired on July 8, 2022 to bolster the Retail segment, this deal involved $13.0M in cash and an earn‑out payable of $8.3M, resulting in net assets of $22.7M. |
GRP (Jersey) Holdco Limited | 2022 | Finalized on July 1, 2022, this acquisition for approximately $1.96B (including £1,539.4M in cash and a stock component) significantly expanded operations into the U.K. and Ireland with asset acquisitions totaling $2,653.3M, subject to regulatory approvals by the FCA. |
Orchid Intermediate Holdings, L.P. | 2022 | Acquired on March 31, 2022 for $476.2M in cash plus earn‑out liabilities (with a maximum potential of $20M), this National Programs deal delivered $487M in net assets and a substantial allocation to goodwill and customer accounts, partially funded by a $350M credit facility drawdown. |
No recent press releases or 8-K filings found for BRO.