Brown & Brown
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The retail segment grew organically by almost 18% after shrinking by 2.6% a year ago. -
Brokers’ first-quarter performance was highly positive, but the real rewards are still to come.
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The industry may be entering an above-average organic growth stage as Brown & Brown reports a 19-year-high retail organic growth.
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The broker says it expects rates to increase through the remainder of the year, but that the pace of gains was ‘moderating’.
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In February, Brown & Brown consolidated various wholesale broking businesses under the banner of Bridge Specialty Group.
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The company says that other executives will take on his management duties during his period of absence.
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The broker says potential litigation over Covid-19 and boardroom diversity are two key areas of concern for underwriters.
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The executive takes over from Anthony Strianese, who will become chairman for the segment.
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Despite the strong organic growth of 4.7%, the results beneath the surface suggest that pandemic challenges remain.
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Overall net income was up by 21% on the year, to $481mn, as top line revenue increased by 9.2%, or $221mn, to $2.61bn.
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Inside P&C’s research team examines some of the areas that will be closely watched during the results season.
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The Irish broker was founded in 1961 and has around 200 employees writing both commercial and personal insurance.
