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

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

  1. ↑ "History - Brown & Brown Insurance". Archived from the original on 2013-08-19. Retrieved 2013-03-31.
  2. 1 2 3 4 5 "US SEC Filing: Brown & Brown, Inc. Proxy". U.S. Securities and Exchange Commission. February 22, 2022. Retrieved July 14, 2022.
  3. ↑ 2021 Proxy Statement
  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.
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