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.
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| Brown & Brown Insurance | |
| Company 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) |
| US$587.1 million (2021) | |
| Total assets | US$9.79 billion (2021) |
| Total equity | US$4.19 billion (2021) |
| Owner | J. Hyatt Brown, 13.3%[2] |
Number of employees | ≈ 12,023 (December 2021) |
| Website | bbinsurance |
| Footnotes / references [3] | |
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
editBrown & 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
editIn 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]
References
edit- ^ "History - Brown & Brown Insurance". Archived from the original on 2013-08-19. Retrieved 2013-03-31.
- ^ 2021 Proxy Statement
- ^ "US SEC Filing: Brown & Brown, Inc. Proxy". U.S. Securities and Exchange Commission. February 23, 2022. Retrieved April 24, 2024.
- ^ "BI Top 100". Business Insurance. Retrieved 2023-11-18.
- ^ "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.
- ^ "Brown & Brown completes acquisition of Orchid & CrossCover - Reinsurance News". ReinsuranceNe.ws. 2022-04-01. Retrieved 2022-04-03.
- ^ di Palma, Giulia (11 March 2022). "Brown & Brown's acquisition of Global Risk Partners". Global Legal Chronicle. Retrieved 2022-06-17.
- ^ Pangilinan, Mika. "Brown & Brown announces latest acquisition". www.insurancebusinessmag.com. Retrieved 2022-06-10.
- ^ akram, wasim (28 December 2023). "Brown & Brown Set to Acquire Caton-Hosey Insurance". ibmot. ibmot. Retrieved 28 December 2023.
- ^ "Brown & Brown Adds Caton-Hosey Agency in Florida". www.insurancejournal.com. Retrieved 2024-04-18.
External links
edit- Official Website
- Business data for Brown & Brown, Inc.: