Reinsurance News
Brown & Brown
Brown & Brown’s net income rises by 33% to $234m for Q3’24
29th October 2024
Brown & Brown, the insurance brokerage, in its unaudited results for Q3 2024 has reported net income of $234 million, an increase of $58 million, or 33% from the previous year’s $176 million. Simultaneously, revenues for Q3 2024 under U.S. generally accepted accounting principles (GAAP) were reported at $1.2 billion, increasing ... Read the full article
Brown & Brown acquires Minnesota-based The Canopy Group
4th October 2024
Insurance brokerage firm, Brown & Brown has announced one of its subsidiaries has acquired the assets of The Canopy Group, a multiline insurance agency focusing primarily on personal lines and commercial property and casualty for small businesses. Situated in Le Sueur, Minnesota, The Canopy Group caters to the needs of over ... Read the full article
Brown & Brown adds Neal and Abate to its senior leadership & retail segment teams
25th September 2024
Brown & Brown, Inc., the insurance brokerage firm, has appointed Mike Neal and Mark Abate to its senior leadership team and the retail segment senior leadership team. Neal will serve as the Executive Vice President within Brown & Brown’s Retail segment and President of Brown & Brown Dealer Services, the firm’s ... Read the full article
Brown & Brown adds insurance veteran Stephen P. Hearn to board of directors
12th August 2024
Insurance brokerage firm, Brown & Brown has announced the appointment of Stephen P. Hearn to its board of directors. H. Palmer Proctor, Jr., Brown & Brown’s lead independent director and chair of the Nominating/Corporate Governance Committee of Brown & Brown’s board of directors, said: “Steve has established himself as a fixture ... Read the full article
Brown & Brown to acquire Quintes from Aquiline Capital Partners
29th July 2024
Brown & Brown, Inc. has entered into an agreement to acquire Quintes Holding B.V. (Quintes) from Aquiline Capital Partners, with the deal expected to finalise in the fourth quarter of 2024. Founded in 2012 by Gijsbert van de Nieuwegiessen, Quintes is one of the largest independent insurance brokers in the Netherlands, ... Read the full article
Brown & Brown’s net income climbs to $257m in Q2 results
23rd July 2024
Brown & Brown, the insurance brokerage, has reported its results for the second quarter of 2024, which includes a net income of $257 million, representing a substantial increase from the previous year's $190 million. At the same time, revenues for Q2 2024 under U.S. generally accepted accounting principles (GAAP) sat at ... Read the full article
Davies secures £1.5 billion refinancing to support growth initiatives
5th July 2024
Davies, a provider of specialised professional services and technology solutions for insurance and highly regulated markets, has announced a successful £1.5 billion refinancing of its senior debt facilities. This move significantly lowers its interest expenses, extends debt maturity dates, and secures additional credit lines to support its future growth initiatives. The agreement ... Read the full article
Global trends & promising outlook for MGA & MGU revenues in 2023: Insuramore
14th June 2024
Managing General Agents (MGAs), Managing General Underwriters (MGUs), and cover-holder groups have amassed approximately USD 23.9 billion in revenues worldwide in 2023, according to a recent report by industry analysis firm Insuramore. The bulk of this revenue, ranging between 70% and 75%, stemmed from direct commercial P&C insurance, while the remaining ... Read the full article
Atlantic structures first tax insurance policy for section 45Q carbon credits
21st May 2024
Atlantic Global Risk announces the placement of the first tax liability insurance policy for a significant transaction in the carbon capture and sequestration (CCS) sector. Following the enactment of the Inflation Reduction Act, the owner of a large Midwest facility saw an opportunity to leverage the financial incentives in Section 45Q ... Read the full article
Brown & Brown’s net income climbs to $293m in Q1
23rd April 2024
Insurance brokerage firm, Brown & Brown has posted their results for the first quarter of 2024, which included net income of $293 million, increasing $57 million from the prior year period. Revenues for Q124 under US generally accepted accounting principles (GAAP) were $1,258 million, representing an increase of $142 million, or ... Read the full article
Brown & Brown makes senior appointments
9th April 2024
Brown & Brown, Inc., an insurance brokerage firm, has appointed David Putz as Executive Vice President, Arrowhead General Insurance Agency, and Niels Seebeck as the President of Arrowhead’s Risk Managers Program. Putz's remit as EVP of Arrowhead General Insurance Agency within Brown & Brown’s Programs segment, will include leading four businesses ... Read the full article
Brown & Brown adds former Zurich CTO Savio to board of directors
24th January 2024
Insurance brokerage firm, Brown & Brown, has appointed Kathleen A. Savio, former chief transformation officer of Zurich Insurance Group, to Brown & Brown’s board of directors. Savio retired from Zurich Insurance Group, effective December 31, 2023m and served as chief transformation officer (CTO) since January 2021. From January 2018 to December 2020, ... Read the full article
Brown & Brown sees FY 2023 total revenues climb 19.1% to $4.26bn
23rd January 2024
Brown & Brown, Inc. has disclosed that total revenues for the full year 2023 reached $4.26 billion, increasing $683.7 million, or 19.1%, compared with 2022. Brown & Brown also reported in its full year results that commissions and fees increased by 17.9%, and Organic Revenue increased by 10.2%. Meanwhile, income before income ... Read the full article
Bridge Specialty to acquire Singapore-based insurance broker Acorn
16th January 2024
Brown & Brown Europe’s wholesale and specialty brokerage group, Bridge Specialty International, has agreed to acquire Singapore-based insurance broker Acorn International Network Pte Ltd. Licensed by the Monetary Authority of Singapore, Acorn is led by founder and CEO David Ong, who holds over 45 years of experience in the industry, including ... Read the full article
Brown & Brown to acquire the assets of Caton-Hosey Insurance
28th December 2023
Brown & Brown, Inc., the insurance brokerage firm, has agreed to acquire the assets of Caton-Hosey Insurance. The Caton-Hosey team will continue operating from their office in Port Orange, Florida under the leadership of Rex, Barbara Caton, and John Hosey. As confirmed by both J. Scott Penny, Chief Acquisitions Officer, and ... Read the full article
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