Reinsurance News
Brown & Brown
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
Brown & Brown’s Absence Service appoints new President & COO
20th December 2023
Brown & Brown, Inc., global insurance brokerage firm’s subsidiary Brown & Brown Absence Services Group, has made two key executive appointments, naming Gina Schreiber as President and Sean Sullivan as Chief Operating Officer (COO). The two appointments signify a pivotal moment in the company's growth strategy, and both will continue to ... Read the full article
Brown & Brown to sell four TPA businesses to Davies Group
1st November 2023
Insurance brokerage firm, Brown & Brown has entered into an agreement with Davies Group Ltd., that includes the sale of four third-party administrator (TPA) businesses and a long-term strategic commercial relationship. The transaction is expected to close in December of 2023, and is subject to certain closing conditions. The announcement was made ... Read the full article
Brown & Brown revenues up 15.1% in Q3’23
24th October 2023
US broker firm Brown & Brown has reported revenues of $1,067.7 million for the third quarter of 2023, representing an increase of $140.1 million, or 15.1%, when compared with the same period last year. Notably, organic revenue increased 9.6% from last year, income before income taxes was $242.3 million, increasing 11.1% ... Read the full article
Brown & Brown announces acquisition of Pacific Underwriters
18th October 2023
Insurance brokerage Brown & Brown, through one of its subsidiaries, has acquired Washington-based Pacific Underwriters. With roots dating back to 1941, Pacific Underwriters acts as a program manager on behalf of certain public utility insurance risk pools in the State of Washington and also offers insurance solutions for dental practitioners in ... Read the full article
Brown & Brown completes acquisition of Kentro
10th October 2023
Insurance broker, Brown & Brown, Inc. has completed its previously announced acquisition of Kentro Capital Limited into the operations of Brown & Brown Europe. London-domiciled Kentro is an insurance industry brokering group managing over £500 million of gross written premiums since its founding in 2008. Kentro companies, Nexus, Xenia, Millstream, Capstone Brokers and ... Read the full article
Arrowhead General Insurance appoints Mark Kaufman as Chief Actuary
28th September 2023
Arrowhead General Insurance Agency, Inc. has announced the appointment of Mark Kaufman as its Chief Actuary for the National Programs Division of Brown & Brown, Inc. Jimmy Curcio, Chief Strategy & Analytics Officer for the division, commented on the appointment, “Our core value proposition as an MGA is to deliver our ... Read the full article
Brown & Brown set to acquire MGA Occam Underwriting Limited
20th September 2023
Brown & Brown Europe, part of Brown & Brown Inc., has agreed to acquire 100% of the share capital of Occam Underwriting Limited, a London-based MGA and Lloyd’s Coverholder. Occam has been majority-owned by Hudson Structured Capital Management Ltd. (carrying out its re/insurance business as HSCM Bermuda) since 2021, after making ... Read the full article
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