Brown & Brown
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Inside P&C’s news team runs you through the key highlights of the week. -
The firm’s contingent commissions were negatively impacted by $15mn while the captives division estimates $11.5mn of Ian-related losses.
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Q3’s consolidated organic growth number marked the lowest organic expansion for the company since the last quarter of 2020, when it reported a 4.7% figure.
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As the super-cycle slows and the economic landscape becomes more uncertain, brokers will face pressure, though a cooling labor market may aid margins.
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The company also shifted former CEO Carlsen to EVP for National Programs; tapped Bowie as president and CUO.
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While brokers continue to report positive earnings, the possibility of a downturn shouldn’t be discounted.
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In a Q2 earnings call, J Powell Brown described the impact on the broker if issues in Florida “were to all go to hell in a handbasket”.
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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 broker’s second-quarter adjusted diluted earnings per share rose by 6.3% to $0.51 per share, above analysts' average expectation of $0.48 per share.
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Brokers may face pressure as the pricing cycle turns and estimates fail to keep up.
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Rate rises in the commercial lines market have decelerated in most insurance markets, but executives expect increases to remain above loss costs for some time.
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Brown & Brown CFO R Andy Watts has emphasized to Wall Street analysts that the mid-market broker is “not out of the M&A market”.
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