Brown & Brown

Brown & Brown, Inc.
Brown & Brown
Company typePublic company
ISINUS1152361010
IndustryProperty & casualty insurance
Founded1939 (1939)[1]
HeadquartersDaytona Beach, Florida, U.S.
Key people
Revenue US$4.81 billion (2024)
US$993 million (2024)
Total assets US$17.6 billion (2024)
Total equity US$6.44 billion (2024)
OwnerJ. Hyatt Brown, 13.3%[2]
Number of employees
17,403 (2024)
Websitebbrown.com
Footnotes / references
[3]

Brown & Brown, Inc. is an American insurance brokerage firm headquartered in Daytona Beach, Florida. It is one of the largest independent insurance intermediaries in the United States, providing risk management solutions, insurance products, and services to businesses, governmental institutions, professional organizations, trade associations, and individuals.

As of 2023, Brown & Brown is ranked among the top 10 largest insurance brokerages globally by revenue.[4]

The company emphasizes a culture of integrity, innovation, superior capabilities and discipline.[5]

History

Brown & Brown was founded in 1939 as a small insurance agency in Daytona Beach, Florida, by J. Adrian Brown, partnering with his cousin Charles "Cov" Owen.[6] Originally named Brown & Owen, the firm quickly expanded its customer base in central Florida.[7] J. Adrian's son, J. Hyatt Brown, joined the agency in 1959, bought the company and became CEO in 1961, and played a key role in its growth and modernization.[8][6]

In 1980, Brown & Brown restructured to adopt a decentralized model, aiming to boost revenue and profit margins by giving more authority to local teams. This approach encouraged an entrepreneurial culture across the company.[9]

In 1983, the firm changed its name to Brown & Brown, Inc. to reflect its focus on national expansion.

In 1993, the company merged with Poe & Associates.[6] Also in 1993, the company went public, listing on the New York Stock Exchange under the ticker symbol BRO.[10] The use of public stock for acquisitions enabled a deliberate expansion strategy focused on acquiring middle-market insurance brokers nationwide.[6]

J. Hyatt Brown retired as CEO in 2009, but remains with the company as chairman. He was succeeded as CEO by his son J. Powell Brown.[6] Subsequently, the company has pursued aggressive acquisition strategies and organic growth. It surpassed $1 billion in revenue in 2012.[6] It joined the S&P 500 index in 2021.[11]

In 2021, new headquarters were completed at Daytona Beach, Florida, featuring an 11-story building on 13 acres facing the Halifax River.[12]

Services

Brown & Brown operates through two major business segments:[6]

  • Retail: Offers property and casualty insurance and employee benefits products to commercial, public, and individual customers.
  • Arrowhead Intermediaries: A purpose-built platform with three distinct divisions, each serving the evolving needs of insurance carriers, brokers and customers worldwide:
  • Programs
  • Wholesale
  • Specialty divisions

The company serves customers in all 50 U.S. states and in select international markets.[13]

Acquisitions

Brown & Brown has grown significantly through strategic acquisitions. Notable acquisitions include:

  • Hays Companies (2018) – A major employee benefits and risk management firm based in Minneapolis.[14]
  • CoverHound and CyberPolicy (2021) – Digital platforms offering small business and personal lines insurance.[15]
  • Orchid Underwriters and CrossCover Insurance Services (2023) – Expanding the company's E&S (excess and surplus) capabilities.[16]
  • Global Risk Partners (GRP) (2022) – A major U.K.-based insurance intermediary, marking significant expansion into the European market.[17]
  • O’Leary Insurances (2021) - An a comprehensive insurance broking service based in Ireland. The acquisition marked Brown & Brown’s strategic entry into the EU market.[18]
  • McNamara Company (2024) - offering a range of insurance solutions for businesses, families, and individuals.[19]
  • Accession Risk Management Group, including Risk Strategies (2025) - a private American insurance brokerage and risk management advisor.[20] This acquisition expands Brown & Brown’s presence in property & casualty, employee benefits, and middle-market broker services.[20]

Recognition

  • Great Place to Work certified.[21]
  • Ranked No. 7 of the World’s 10 Largest Insurance Brokers.[22]

Publications

  • Global Impact Report, published annually, and covers the ESG (Environmental, Social, Governance) priorities of the company, including covering teammates, communities, environment, and governance.[23]
  • Annual reports[23]
  • News releases and press announcements, including acquisitions, dividend announcements, earnings results, and strategic moves

See also

References

  1. ^ "History - Brown & Brown". Archived from the original on 2013-08-19. Retrieved 2013-03-31.
  2. ^ 2021 Proxy Statement
  3. ^ "US SEC Filing: Brown & Brown, Inc. Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 13, 2025. Retrieved February 14, 2025.
  4. ^ "Top 20 Global Insurance Brokers 2023". Business Insurance. 1 August 2023.
  5. ^ "Brown & Brown Insurance, LLC". West Des Moines Chamber of Commerce. Retrieved 2025-08-13.
  6. ^ a b c d e f g "Brown & Brown". Insurance Business Mag. Retrieved 2025-08-02.
  7. ^ Clayton Park (2018-10-22). "Brown & Brown to make biggest-ever acquisition". The Daytona Beach News Journal.
  8. ^ "J. Hyatt Brown". Forbes. 2025-08-02.
  9. ^ "What Drove the Early Growth of Brown & Brown?". SWOT Analysis. Retrieved 2025-08-13.
  10. ^ "Brown & Brown, Inc. Company History". Funding Universe. Retrieved 2 August 2025.
  11. ^ "Match Group, Ceridian HCM and Brown & Brown Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600". S&P Global Indices. 7 September 2021.
  12. ^ "Brown & Brown Insurance Home Campus Building". Barton Malow. Retrieved 2025-08-13.
  13. ^ "Brown & Brown Business Segments". Brown & Brown Insurance. Retrieved 2 August 2025.
  14. ^ "Brown & Brown Completes Acquisition of Hays Companies". BusinessWire. 23 October 2018.
  15. ^ "Brown & Brown, Inc. Acquires CoverHound and CyberPolicy to Accelerate Digital Insurance Distribution". Yahoo Finance. 2020-11-09.
  16. ^ "Brown & Brown Acquires Orchid, CrossCover". Insurance Journal. 2022-05-04.
  17. ^ "Brown & Brown completes Global Risk Partners acquisition". Reinsurance News. 2022-07-07.
  18. ^ Linda Daly (2025-04-20). "We were a big player in the Irish market —but we needed more". The Times.
  19. ^ Terry Gangcuangco (2024-06-10). "Brown & Brown acquires McNamara Company's assets". Insurance Business.
  20. ^ a b Arasu Kannagi Basil (2025-06-10). "Brown & Brown signs nearly $10 billion deal for rival broker Accession". Reuters.
  21. ^ "Brown & Brown, Inc". Great Place to Work. Updated October 2024.
  22. ^ "2024 broker profiles: World's 10 largest insurance brokers". Business Insurance. 2025-06-26.
  23. ^ a b "2024 Annual Report & 2025 Global Impact Report". Retrieved 2025-08-13.
  • Official website
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