Latest Peachtree Special Risk Brokers News
Oct 13, 2021
October 13, 2021 Florida-based global insurance firm Brown & Brown is rebranding the 130 retail insurance agency locations it has acquired over the years under the Brown & Brown name. The move by Brown & Brown will retire the original retail names of the acquired agencies beginning in 2022. “Coming together as a single brand enables us to better serve our customers by simplifying and streamlining the use of our resources across the organization,” said P. Barrett Brown, president of the Retail segment and executive vice president of Brown & Brown. Barrett Brown “Our ability to collaborate across a unified Retail brand will aid us in accelerating growth that can be reinvested in additional product innovation, teammates, technology and resources,” added J. Powell Brown, president and chief executive officer of Brown & Brown. As part of this change, Brown & Brown said it will release a new logo for its Retail segment and launch a unified retail website and LinkedIn page in January. The rebranding of the retail agencies comes several months after the firm began rebranding its program division with its 29 managing general agencies and program administrator companies as National Programs. NP operates 65 different niche programs. Earlier this year, in February, Brown & Brown consolidated its 25 wholesale operations under one brand name, Bridge Specialty Group. The global firm had another strong year of merger and acquisition activity in 2020, closing 25 acquisitions with approximate $197 million of annual revenue. One of its 2020 acquisitions was the digital agency CoverHound, which the company said will retain its own name under the Brown & Brown umbrella. Brown & Brown reported $2.6 billion in total revenues ion 2020, of which $1.5 billion was from retail operations. National Programs brought in $611 million and wholesale brokerage, $353 million. The firm also has an insurance services division that reported $174 million in revenues. The firm was launched in 1939 when Adrian Brown, an agent for Metropolitan Life Insurance Co., partnered with his cousin, Charles “Cov” Owen to open an insurance agency in Daytona Beach, Florida. The agency was named Brown & Owen. In 1959, Adrian’s son, Hyatt, took leadership of the family business. In 1997, Brown & Brown became publicly traded on the New York Stock Exchange (NYSE: BRO). In 2009, J. Powell Brown became the third generation of the family to guide the company. It now operates in more than 300 offices throughout the United States, England, Canada, Grand Cayman, and Bermuda. Was this article valuable?
Peachtree Special Risk Brokers Team
9 Team Members
Peachtree Special Risk Brokers has 9 team members, including current Executive Vice President, Eric Johnston.