Brown & Brown
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The company says that other executives will take on his management duties during his period of absence. -
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.
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CoverHound has raised a total of $111mn since it was founded in 2010 from the likes of RRE, Route 66, Chubb and Hiscox.
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The broker beat analysts’ consensus of $0.43 per share, as compiled by SNL.
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Other recent acquisitions include the company's takeover of New England wholesaler Amity Insurance Agency in August.
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The former target’s managing partner last week pleaded guilty to fraud charges related to his daughter’s college entrance exams.
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The transaction is Brown & Brown’s third this month and tenth deal in 2020.
