Brown & Brown

The transaction is Brown & Brown’s third this month and tenth deal in 2020.

Insurance CEOs say a narrative of economic disruption helped to achieve double-digit rate rises in lines such as commercial property and D&O.

Private equity interest has also returned “full steam”, the executive said.

Yesterday, the broker reported Q2 results that included positive data points and provided further evidence that more acute revenue pressures appear not to have materialized.

The broker highlighted “material” exposure declines and lower new business volume, but higher P&C rates across the board.

Brown & Brown’s Q1 conference call suggested that Covid-19 is more than just a recession for brokers.

The broker posted outstanding results for the second consecutive quarter as the industry faces an “out-of-sample” recessionary environment.

J Powell Brown says the pandemic will likely hit the broker’s employee benefits and workers’ comp business most acutely.

Brokers fired on all cylinders as the group outpaced historical averages on all key performance metrics, largely driven by P&C operations, but the sailing has not been equally smooth for everyone.

Brown & Brown's Q4 earnings release included improved organic growth of 5.2% that exceeded analyst expectations and the company’s own guidance of 2.9% telegraphed in Q3.

The MGA will become part of Brown & Brown subsidiary Hull & Company.

After two quarters of pouring cold water on price firming, brokers have changed their framing of the market in Q3.