Brown & Brown

Last updated
Brown & Brown, Inc.
Brown & Brown Insurance
Company type Public company
ISIN US1152361010
IndustryProperty & casualty insurance
Founded1939;85 years ago (1939) [1]
Headquarters Daytona Beach, Florida, U.S.
Key people
  • J. Powell Brown
  • (Director, President, & CEO)
  • R. Andrew Watts
  • (Executive Vice President & CFO)
RevenueIncrease2.svg US$3.051 billion (2021)
Increase2.svg US$587.1 million (2021)
Total assets Increase2.svg US$9.79 billion (2021)
Total equity Increase2.svg US$4.19 billion (2021)
Owner J. Hyatt Brown, 13.3% [2]
Number of employees
 12,023 (December 2021)
Website bbinsurance.com
Footnotes /references
[3]

Brown & Brown, Inc. (Brown & Brown Insurance) is an insurance brokerage firm, specialising in risk management. Headquartered in Daytona Beach, Florida, Brown & Brown has 450+ locations worldwide.

Contents

In 2021 the company ranked as the fifth largest independent insurance brokerage in the U.S. and sixth largest in the world by Business Insurance magazine. [4]

History

Brown & Brown was co-founded by J. Adrian Brown in 1939. His son, J. Hyatt Brown, became CEO in 1961, a position he held until 2009. Under Hyatt, Brown & Brown expanded from a small local, family-owned insurance agency with a single office in Daytona Beach to one of the nation's largest insurance brokerages with offices nationwide. [5]

Acquisition

In March 2022, it was announced Brown & Brown had completed the acquisition two property-focused insurance companies - Florida-based Orchid Underwriters Agency and Texas-based CrossCover Insurance Services. [6]

In June of 2022, Brown & Brown acquired Profits Creation, a vehicle dealer supplier, for an undisclosed sum. [7] Brown & Brown extended their reach in the United Kingdom when they acquired Global Risk Partners in 2022. [8]


In December 2023, Brown & Brown announced an agreement to acquire Caton-Hosey Insurance. This transaction strengthened Brown & Brown’s footprint in Florida. [9] The deal went through on 2 January 2024. [10]

Related Research Articles

<span class="mw-page-title-main">Aon (company)</span> British multinational corporation

Aon plc is a British-American professional services and management consulting firm that offers a range of risk-mitigation products. Aon has approximately 50,000 employees across 120 countries.

<span class="mw-page-title-main">Alleghany Corporation</span> American investment company

Alleghany Corporation is an American investment holding company originally created by the railroad entrepreneurs Oris and Mantis Van Sweringen as a holding company for their railroad interests. It was incorporated in 1929 and reincorporated in Delaware in 1984. On March 21, 2022, Berkshire Hathaway made an $11.6 billion offer to acquire the company, which completed in October 2022.

<span class="mw-page-title-main">Swiss Re</span> Swiss reinsurance company

Swiss Re Ltd is a Swiss reinsurance company founded in 1863 and headquartered in Zürich, Switzerland. It is one of the world's largest reinsurers, as measured by gross premiums written. Swiss Re operates through around 80 offices in 29 countries and employs over 14,000 people. It was ranked 519th on the Forbes Global 2000 list and ranked 316th on the Fortune Global 500 in 2023. Swiss Re is listed on the SIX Swiss Exchange.

Chubb Limited is an American company incorporated in Zürich, Switzerland. It is the parent company of Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and is the largest publicly traded property and casualty insurance company in the world. Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance.

<span class="mw-page-title-main">Prudential Financial</span> American life insurance company

Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers throughout the United States and in over 40 other countries. In 2019, Prudential was the largest insurance provider in the United States with $815.1 billion in total assets.

<span class="mw-page-title-main">Truist Financial</span> Banking company in the U.S.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., offering consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of August 2023, it is the 9th largest bank with $514 billion in assets. As of January 2021, Truist Insurance Holdings is the seventh largest insurance broker in the world, with $2.27 billion in annual revenue.

Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.

Arthur J. Gallagher & Co. (AJG) is an American global insurance brokerage and risk management services firm headquartered in Rolling Meadows, Illinois. The firm was established in 1927 and is one of the largest insurance brokers in the world.

<span class="mw-page-title-main">W. R. Berkley Corporation</span> American insurance company

W. R. Berkley Corporation is a commercial lines property & casualty insurance holding company organized in Delaware and based in Greenwich, Connecticut.

<span class="mw-page-title-main">Tokio Marine HCC</span> International specialty insurance group

Tokio Marine HCC is an international insurance group with offices across the United States, the United Kingdom, Spain, and Ireland. The company is based in Houston, Texas, U.S.A., but has major offices in Atlanta, Barcelona, Boston, Chicago, Dallas, Detroit, Farmington (CT), Frederick (MD), Ireland, Leicester (UK), London, Los Angeles, Madrid, Mount Kisco (NY), and New York City.

<span class="mw-page-title-main">Marsh McLennan</span> Global professional services firm

Marsh & McLennan Companies, Inc., doing business as Marsh McLennan, is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting. Its four main operating companies are Marsh, Guy Carpenter, Mercer, and Oliver Wyman.

<span class="mw-page-title-main">Jardine Lloyd Thompson</span> British financial services company, a Marsh & McLennan Companies subsidiary

Jardine Lloyd Thompson Group plc, also known as JLT Group or simply JLT, was a British multinational corporation that had its headquarters in London, England. It provided insurance, reinsurance, employment benefits advice and brokerage services. It was a constituent of the FTSE 250 Index until it was acquired by Marsh McLennan in April 2019.

<span class="mw-page-title-main">Verisk Analytics</span> American data analytics and risk assessment firm

Verisk Analytics, Inc. is an American multinational data analytics and risk assessment firm based in Jersey City, New Jersey, with customers in insurance, natural resources, financial services, government, and risk management sectors. The company uses proprietary data sets and industry expertise to provide predictive analytics and decision support consultations in areas including fraud prevention, actuarial science, insurance coverage, fire protection, catastrophe and weather risk, and data management.

<span class="mw-page-title-main">Argo Group</span> Bermuda-based insurance underwriter

Argo Group International Holdings, Inc, or Argo Group (NYSE: ARGO), is a U.S.-based underwriter of specialty insurance products in the property and casualty market.

<span class="mw-page-title-main">J. Hyatt Brown</span> American businessman and politician

J. Hyatt Brown is an American billionaire businessman and politician in the state of Florida.

<span class="mw-page-title-main">Peter Zaffino</span> American executive

Peter Zaffino is an American insurance industry executive. He is the chairman and CEO of AIG.

<span class="mw-page-title-main">Arch Capital Group</span> Bermuda based insurance company

Arch Capital Group Ltd. is a Bermuda-based public limited company which writes insurance, reinsurance and mortgage insurance on a worldwide basis, with a focus on specialty lines, the segment of the insurance industry where the more difficult and unusual risks are written. It has operations in Bermuda, the United States, Canada, Europe, Australia and, in the case of mortgage insurance, Hong Kong.

<span class="mw-page-title-main">Acrisure</span> American insurance broker

Acrisure is a financial technology and insurance company headquartered in Grand Rapids, Michigan. The company was initially created to acquire insurance companies in the Midwestern United States and has since expanded nationally. In 2022, Business Insurance recognized Acrisure as the 6th largest insurance broker in the world.

<span class="mw-page-title-main">Risk Strategies</span> US insurance brokerage and risk management advisor

Risk Strategies is a private insurance brokerage and risk management advisor. The firm was founded 1997 in Boston, Massachusetts, by its current chairman, Mike Christian, as a specialty risk management consultancy. In 2015, private equity insurance sector investor Kelso & Company acquired Kohlberg & Company's majority stake in Risk Strategies. In 2022 it was ranked the 25th fastest-growing private company in Massachusetts.

<span class="mw-page-title-main">One80 Intermediaries</span>

One80 Intermediaries is a specialty insurance brokerage firm with offices in the US and Canada. The firm was founded in 2019 in Boston, Massachusetts.

References

  1. "History - Brown & Brown Insurance". Archived from the original on 2013-08-19. Retrieved 2013-03-31.
  2. 2021 Proxy Statement
  3. "US SEC Filing: Brown & Brown, Inc. Proxy". U.S. Securities and Exchange Commission. February 23, 2022. Retrieved April 24, 2024.
  4. "BI Top 100". Business Insurance. Retrieved 2023-11-18.
  5. "Daytona area's Hyatt Brown, Jim France make Forbes billionaires list". The Daytona Beach News-Journal. The Daytona Beach News-Journal. Retrieved 22 April 2021.
  6. "Brown & Brown completes acquisition of Orchid & CrossCover - Reinsurance News". ReinsuranceNe.ws. 2022-04-01. Retrieved 2022-04-03.
  7. di Palma, Giulia (11 March 2022). "Brown & Brown's acquisition of Global Risk Partners". Global Legal Chronicle. Retrieved 2022-06-17.
  8. Pangilinan, Mika. "Brown & Brown announces latest acquisition". www.insurancebusinessmag.com. Retrieved 2022-06-10.
  9. akram, wasim (28 December 2023). "Brown & Brown Set to Acquire Caton-Hosey Insurance". ibmot. ibmot. Retrieved 28 December 2023.
  10. "Brown & Brown Adds Caton-Hosey Agency in Florida". www.insurancejournal.com. Retrieved 2024-04-18.