Brown & Brown
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Success in the soft market will be had when careful preparation meets opportunity. -
The CEO noted that 45% of Everest’s US casualty book did not renew this quarter.
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Rate pressure on wind and quake partially offset overall Q3 programs growth.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The London-based executive will relocate to Daytona Beach, Florida.
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The broker is understood to manage Brown & Brown’s account at Howden.
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The business is beginning to integrate following a $9.8bn acquisition.
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The executive has been serving as COO since February.
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The move includes One80 Intermediaries, formerly part of Risk Strategies.
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Not everyone will emerge unscathed as brokers navigate the slow-growth environment.
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The Risk Strategies parent company had also been the subject of bids from Marsh and Howden.
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Brown & Brown fell 10% and Ryan Specialty 8% as investors digest the deteriorating outlook.
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The broker posted a 6.5% drop in organic growth YoY.
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Some E&S business is flowing back to the admitted market but so far it is “anecdotal”.
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This is its second significant wholesale acquisition this year following the $54mn takeover of NBS.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Weatherbys Hamilton provides private client, bloodstock and farm coverage.
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The broker is targeting run-rate synergies of $150mn by the end of 2028.
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The $10bn acquisition of Risk Strategies is the biggest broker deal relative to size we have seen.
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The acquirer will carry out a ~$4bn equity placement to help finance the transaction.
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Sources said that negotiations are proceeding well with a path to do a cash deal.
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Q1 was the ninth consecutive quarter of below-average deal volume.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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It will be tough to pull off prior goals despite management assurances.
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The firm acquired total assets of $65mn and assumed liabilities of $11mn.
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Q1 rates in most lines were consistent with prior quarters but slightly down on 2024.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The UK broker is still in talks with Mubadala about a standalone investment in the business.
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Sources said Brown & Brown has an advantage as it entered the process several weeks ago.
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Sources said the Evercore-run Risk Strategies process has drawn the interest of Brown & Brown.
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This publication revealed the appointment earlier today.
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He will have to step down from his non-executive role on the board to take the job.
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It was the broker’s second-largest deal in Q4 after it completed the takeover of Dutch brokerage Quintes.
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The Nationwide subsidiary is a $750mn-premium wholesale brokerage that serves about 10,000 local agents.
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Company-specific strategies will play a vital role in sustaining growth in the current market.
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Brown also said California needs a Marshall Plan-like strategy after the wildfires’ devastation.
