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.
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The Insurance Insider US news team runs you through the earnings results for the day.
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But forecasts of slowing growth in recent years have been too pessimistic – and uncertainty remains.
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Some will play “pretend and extend”, but others will sell to strategics or take the steep climb to an IPO.
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The firm’s trajectory could, however, make it harder to meet guidance going forward.
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Casualty, general liability and excess will also see rate pressure.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Mike Neal and Mark Abate have been elevated to senior leadership roles.
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Hearn has held CEO positions with several other units of the Ardonagh Group.
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Quintes' revenues for 2025 are projected in the $110mn-$120mn range.
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Quintes will continue to be led by Gijsbert van de Nieuwegiessen, CEO and founder.
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Property rates are under pressure, with some accounts seeing rate decreases.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Accounts with poor performance records are expected to see flat to 20% rate increases for cat coverage, according to Floridian broker Brown & Brown’s Q3 Market Trends report.
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Cat rates meanwhile are seeing downward pressure from 'pricing fatigue’ and limit expansion.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The announcement was made in a securities filing Thursday morning.
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The charity supports mental health causes such as research and education.
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Insurance Insider US examines public brokers’ 2023 M&A.
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The broker’s Q4 programs reinsurance change led to a one-time $19mn charge that will allow it to reduce its PML exposure.
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Brown & Brown Q4 organic growth slows to 7.7% on programs deceleration
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The executive retired from Zurich effective 31 December, 2023, most recently serving as chief transformation officer, after beginning her career with Zurich in 1991.
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Founded in Volusia County, Florida in 1948, Caton Insurance merged with John Hosey agency in 1993 to create Caton-Hosey Insurance.
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The Insurance Insider US news team runs you through some of the key M&A intelligence from the past week.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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At least one carrier struck a note of caution during Q3 earnings about the ongoing rapid growth story in surplus lines.
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The Brown & Brown CEO noted that property cat remains "the most challenging" line, while workers' comp decreases have continued to slow.
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The Inside P&C news team runs you through the earnings results for the day.
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Mike Bruce was previously CEO for Global Risk Partners, acquired by Brown & Brown last year.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Brown & Brown CEO will cycle 470 miles in seven days through the Alps, climbing 66,000 feet, with his brothers.
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Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.
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Still, the slowdown doesn't mean that a good business won't trade at high multiples, and the marketplace remains competitive for high-quality acquisitions, executives noted.
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The Inside P&C news team runs you through the earnings results for the day.
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Krump retired from Chubb in January of this year, while Masojada retired from Hiscox in 2021.
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The US retailer’s acquisition of the UK MGA and broking group will be mutually beneficial, according to executives.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
