Company:Brown & Brown
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| Brown & Brown Insurance | |
| Type | Public company |
| ISIN | US1152361010 |
| Industry | Property & casualty insurance |
| Founded | 1939[1] |
| Headquarters | Daytona Beach, Florida, U.S. |
Key people | |
| Revenue |  US$3.051 billion (2021)[2] |
| US$587.1 million (2021)[2] | |
| Total assets | US$9.79 billion (2021)[2] |
| Total equity | US$4.19 billion (2021)[2] |
| Owner | J. Hyatt Brown, 13.3%[3] |
Number of employees | 14,500 (2021)[2] |
| Website | bbinsurance |
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.
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 the nation's top 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 is expected to strengthen Brown & Brown’s footprint in Florida. Subject to certain requirements, this deal is scheduled to conclude in early January 2024.[9]
References
- ↑ "History - Brown & Brown Insurance". https://www.bbinsurance.com/about-us/history/.
- ↑ 2.0 2.1 2.2 2.3 2.4 "US SEC Filing: Brown & Brown, Inc. Proxy". U.S. Securities and Exchange Commission. February 22, 2022. https://sec.report/Document/0001206774-22-000816/.
- ↑ 2021 Proxy Statement
- ↑ "BI Top 100". https://www.businessinsurance.com/article/20210101/STORY/912338838/Business-Insurance-2020-Data-&-Rankings-BI-Top-100.
- ↑ "Daytona area's Hyatt Brown, Jim France make Forbes billionaires list". The Daytona Beach News-Journal. https://www.news-journalonline.com/story/business/2021/04/13/two-daytona-beach-make-forbes-2021-billionaires-list/7155307002/?fbclid=IwAR0Vu6SkwhLymU4quPO_JfkYfouo_PA4DmAoB2jSkGOBhiArFSP7zpYA7L0.
- ↑ "Brown & Brown completes acquisition of Orchid & CrossCover - Reinsurance News" (in en). 2022-04-01. https://www.reinsurancene.ws/brown-brown-completes-acquisition-of-orchid-crosscover/.
- ↑ di Palma, Giulia (11 March 2022). "Brown & Brown's acquisition of Global Risk Partners" (in en). https://globallegalchronicle.com/uk/2022/03/11/brown-browns-acquisition-of-global-risk-partners/.
- ↑ Pangilinan, Mika. "Brown & Brown announces latest acquisition" (in en). https://www.insurancebusinessmag.com/us/news/ma/brown-and-brown-announces-latest-acquisition-409177.aspx.
- ↑ akram, wasim (28 December 2023). "Brown & Brown Set to Acquire Caton-Hosey Insurance". ibmot. https://ibmot.com/brown-and-brown-acquire-caton-hosey-insurance/.
External links
- Official Website
- Insurance Brokerage
- Business data for Brown & Brown, Inc.:
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