Brown & Brown

For nearly four years, Patel served as executive chairman at Perennial Climate following a three-year stint as CEO of Softbank-backed Brightstar Corp.

Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.

Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.

Inside P&C’s news team runs you through the key highlights of the week.

The transaction marks another step in the broker’s acquisition spree this year, including the $1.85bn GRP deal – closed on July 1 – and the $487mn takeover of MGA Orchid.

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.

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.

As the super-cycle slows and the economic landscape becomes more uncertain, brokers will face pressure, though a cooling labor market may aid margins.

The company also shifted former CEO Carlsen to EVP for National Programs; tapped Bowie as president and CUO.

While brokers continue to report positive earnings, the possibility of a downturn shouldn’t be discounted.

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”.