Brown & Brown

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.

Brown & Brown, Inc.
Brown & Brown Insurance
TypePublic company
ISINUS1152361010
IndustryProperty & casualty insurance
Founded1939 (1939)[1]
HeadquartersDaytona Beach, Florida, U.S.[2]
Key people
  • J. Powell Brown
  • (Director, President, & CEO)
  • R. Andrew Watts
  • (Executive Vice President & CFO)
RevenueIncrease US$3.051 billion (2021)[3]
Increase US$587.1 million (2021)[3]
Total assetsIncrease US$9.79 billion (2021)[3]
Total equityIncrease US$4.19 billion (2021)[3]
OwnerJ. Hyatt Brown, 13.3%[4]
Number of employees
14,500 (2021)[3]
Websitebbinsurance.com

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.[5]

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.[6]

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.[7]

In June of 2022, Brown & Brown acquired Profits Creation, a vehicle dealer supplier, for an undisclosed sum.[8] Brown & Brown extended their reach in the United Kingdom when they acquired Global Risk Partners in 2022. [9]

References
  1. "History - Brown & Brown Insurance". Archived from the original on 2013-08-19. Retrieved 2013-03-31.
  2. "Brown & Brown Insurance – Investor Relations". investor.bbinsurance.com/.
  3. "US SEC Filing: Brown & Brown, Inc. Proxy". U.S. Securities and Exchange Commission. February 22, 2022. Retrieved July 14, 2022.
  4. 2021 Proxy Statement
  5. "BI Top 100".
  6. "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.
  7. "Brown & Brown completes acquisition of Orchid & CrossCover - Reinsurance News". ReinsuranceNe.ws. 2022-04-01. Retrieved 2022-04-03.
  8. di Palma, Giulia (11 March 2022). "Brown & Brown's acquisition of Global Risk Partners". Global Legal Chronicle. Retrieved 2022-06-17.
  9. Pangilinan, Mika. "Brown & Brown announces latest acquisition". www.insurancebusinessmag.com. Retrieved 2022-06-10.
  • Business data for Brown & Brown, Inc.:
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