Reinsurance News
Brown & Brown
Brown & Brown completes acquisition of Orchid & CrossCover
1st April 2022
Brown & Brown has completed its purchase of Orchid Underwriters Agency and CrossCover Insurance Services. The deal was originally announced at the end of February, when the firm entered into an agreement to purchase the two firms. As we reported, following the acquisition by Brown & Brown, Orchid will continue to ... Read the full article
Orchid Insurance and Openly to work together
28th March 2022
Orchid Insurance will be working with platform company Openly. A statement from the former says that the relationship will enable it to deliver added capacity to its national network of retail agents and strategic distribution partners and broaden its range of high-net-worth customers who seek solutions for hard-to-place risks. Charlie Graham, head ... Read the full article
Brown & Brown to acquire Global Risk Partners
8th March 2022
Brown & Brown has agreed to buy the insurance operations of Global Risk Partners (GRP) for an undisclosed amount in a deal expected to close in Q3. GRP will operate within the Brown & Brown Retail segment and will continue to be led by Mike Bruce, global chief executive officer of ... Read the full article
Brown & Brown to acquire Orchid & CrossCover
28th February 2022
Global insurance brokerage Brown & Brown has entered into an agreement to acquire Orchid Underwriters Agency and CrossCover Insurance Services. Established in 1998, Orchid is a specialty underwriter of catastrophe-exposed property insurance for homeowners in coastal zones and for high net worth customers. The Orchid management team partnered with industry veteran, Scott ... Read the full article
Brown & Brown to acquire wholesale broker BdB’s general insurance operations
7th February 2022
Global insurance brokerage Brown & Brown has reached an agreement to acquire the general insurance operating entities of BdB Limited companies, a specialist wholesale broker. Announced today by J. Scott Penny, chief acquisitions officer of Brown & Brown and the management ownership team of BdB, the transaction is expected to close ... Read the full article
Brown & Brown releases Q4 and FY results
25th January 2022
Brown & Brown has released its unaudited financial results for Q4 2021, along with those for the entirety of the year. The company reported that its unaudited Q4 revenues were $738.5m, up 15% compared to Q4 2020. Net income, it reported, increased by 4.5% in this time. Over the year, revenues increased ... Read the full article
Brown & Brown announces new additions to senior leadership team
19th January 2022
Mary Raveling, Tom Kussurelis, and Anurag Batta are to join Brown & Brown’s senior leadership team. Raveling, currently the president for property and casualty in the retail segment; Kussurelis, COO for the National Programs segment; and Batta, COO of Bridge Specialty Group will all arrive on the senior leadership team with ... Read the full article
Brown & Brown’s Q3 revenue improves to $770mn
26th October 2021
Brown & Brown's revenues for the third quarter of 2021 were $770.3 million, a $96.3 million increase from the prior year quarter. Net income increased $12.4 million to $146.4 million while commissions and fees increased 14.6%; organic Revenue was up 8.5% from the prior year quarter. Income before income taxes for the third ... Read the full article
Brown & Brown agrees to acquire Berkshire Insurance Group
8th September 2021
Berkshire Hills Bancorp, and Brown & Brown Massachusetts have entered into a definitive agreement for the sale of the assets and operations of Berkshire Insurance Group, (BIG), a subsidiary of Berkshire Hills. The transaction is subject to customary conditions and is expected to be completed in the third quarter. BIG provides insurance ... Read the full article
Brown & Brown reports $129mn increase in revenues during Q2
27th July 2021
Brown & Brown has announced GAAP revenues for the second quarter of 2021 totalling $727.3 million, up $128.5 million from the prior year period. Net income was $139.3 million, increasing $42.5 million, or 43.9%. Compared to the second quarter of the prior year with commissions and fees increased by 21.3% and Organic ... Read the full article
Organic revenue growth boosts Brown & Brown’s Q1 income
27th April 2021
Insurance brokerage Brown & Brown has posted a 31.0% increase in net income for the first quarter of 2021, on the back of strong organic revenue growth, rate increases, and good business retention. Net income for the quarter was $199.7 million, representing an increase of $47.3 million over the same period ... Read the full article
Brown & Brown appoints Gray Nester as Chief Information Officer
22nd February 2021
Insurance brokerage Brown & Brown has appointed Gray Nester as Chief Information Officer, based in the firm's corporate headquarters located in Florida, effective immediately. With over 20 years of experience in Insurance Technology leadership, Nester has previously served as the CIO for Brown & Brown’s Retail Division. Prior to that, he was ... Read the full article
Brown & Brown names Stephen Boyd as EVP
29th January 2021
Insurance brokerage Brown & Brown has promoted Stephen Boyd to the position of Executive Vice President and President of the company’s Wholesale Brokerage Segment. Boyd most recently served as Brown & Brown’s Senior Vice President of Technology, Innovation, and Digital Strategy. He joined Arrowhead General Insurance Agency, the company’s subsidiary, in 1995 ... Read the full article
Brown & Brown Q4 revenue rises $63mn
26th January 2021
Insurance broker Brown & Brown has reported $642.1 million in revenues for the fourth quarter of 2020, up $63.1 million from the prior year quarter. Organic revenue for the quarter increased by 4.7% and net income was $97.3 million, up by $20.8 million. Revenues for the full year were $2.6 billion, a ... Read the full article
Brown & Brown acquires InsurTech CoverHound
10th November 2020
A subsidiary of Brown & Brown, Inc. has acquired substantially all of the assets of InsurTech firm CoverHound, a digital insurance marketplace for both individuals and small businesses. The deal has been announced by J. Scott Penny, Brown & Brown's Chief Acquisitions Officer and Keith Moore, Chief Executive Officer (CEO) of ... Read the full article