Welcome to our dedicated page for Brown & Brown news (Ticker: BRO), a resource for investors and traders seeking the latest updates and insights on Brown & Brown stock.
Brown & Brown, Inc. reports developments from a diversified insurance agency, wholesale brokerage and insurance programs organization serving commercial, public-sector, professional and individual customers. Recurring updates cover Retail and Specialty Distribution activity, organic revenue trends, adjusted earnings measures, Organic Revenue with Contingents, dividends and share repurchase actions.
Company announcements also include acquisition activity within insurance distribution and dealer services, including asset purchases that expand product channels for vehicle, recreational vehicle, boat and motorcycle dealerships. Governance and operating updates address legal, compliance, enterprise risk management, technology, data and artificial intelligence initiatives across the organization.
Brown & Brown (NYSE:BRO) reported strong Q3 2024 financial results with total revenues of $1.2 billion, up 11.0% year-over-year. The company achieved organic revenue growth of 9.5% and increased diluted net income per share by 30.6% to $0.81. Key highlights include:
- Income before taxes increased 31.0% to $317 million
- EBITDAC-Adjusted rose 11.9% to $414 million
- Net income grew 33.0% to $234 million
- Diluted Net Income Per Share-Adjusted increased 12.3% to $0.91
Brown & Brown (BRO) has achieved two significant workplace recognitions: Great Place To Work® Certification for the sixth consecutive year and inclusion in the 2024 Fortune Best Workplaces for Women™ list for the fourth consecutive year. The certification reflects strong employee satisfaction, with 94% of teammates rating it as a Great Place To Work and 96% feeling welcome upon joining. The women's workplace recognition was based on surveys from nearly 600,000 women at certified companies.
The company has also been recognized on Fortune's 2024 Best Workplaces for Millennials and Best Workplaces in Financial Services & Insurance lists, along with receiving the 2023-2024 Platinum Level Bell Seal for Workplace Mental Health from Mental Health America.
Brown & Brown (NYSE: BRO) announced a 15% increase in its regular quarterly cash dividend to $0.15 per share, up from the previous $0.13 per share. The dividend will be paid on November 13, 2024, to shareholders of record as of November 6, 2024. This marks the company's 31st consecutive annual dividend increase, demonstrating a consistent track record of growing shareholder returns.
Brown & Brown, Inc. (NYSE:BRO) has announced the acquisition of The Canopy Group, a multiline insurance agency based in Le Sueur, Minnesota. The Canopy Group specializes in personal lines and commercial property and casualty insurance for small businesses, serving over 16,000 customers throughout Minnesota.
Paul Borchert and Jeff McDonald, principals of The Canopy Group, will continue to lead operations from their Minnesota offices. Rich Knudson, senior vice president of Brown & Brown's Retail segment, expressed excitement about incorporating The Canopy Group's dynamic approach to serving personal lines customers into Brown & Brown's operations.
The acquisition aims to expand Brown & Brown's personal lines business and small business commercial offerings, leveraging The Canopy Group's reputation in the Minnesota market. The deal is expected to benefit existing customers through access to additional markets and services.
Brown & Brown, Inc. (NYSE: BRO) has announced the dates for its 2024 third-quarter earnings release and conference call. The company will release its earnings on Monday, October 28, 2024, after the market closes. The following day, Tuesday, October 29, 2024, at 8:00 a.m. EDT, J. Powell Brown, president and CEO, and R. Andrew Watts, executive vice president and CFO, will host an investor update conference call.
Investors can listen to the live broadcast on Brown & Brown's website at www.bbinsurance.com under the 'Investor Relations' section and 'Calendar of Events'. For those unable to attend the live webcast, an audio recording will be available on the company's website for 14 days following the broadcast.
Brown & Brown (NYSE: BRO) has announced key appointments to its senior leadership team. Mike Neal and Mark Abate have been added to both the company's senior leadership team and the Retail segment senior leadership team. Mike Neal, an executive vice president within Brown & Brown's Retail segment, brings over 30 years of industry experience and leads Brown & Brown Dealer Services. Mark Abate, with more than 35 years in employee benefits, specializes in health and welfare strategies and oversees the Southborough, Massachusetts office and certain pharmacy and audit solutions operations.
Powell Brown, president and CEO, expressed excitement about the appointments, highlighting the extensive experience both individuals bring to support the company's mission. Barrett Brown, executive vice president and president of the Retail segment, emphasized that Neal and Abate's expertise will help broaden capabilities and develop innovative solutions to enhance customer experience while supporting the Retail business's growth.
Brown & Brown has been recognized on the 2024 Fortune Best Workplaces in Financial Services & Insurance™ list for the fifth consecutive year. This prestigious honor, awarded by Great Place To Work® and Fortune, highlights the company's commitment to fostering a unique culture that prioritizes team members, customers, and communities.
J. Powell Brown, president and CEO, emphasizes the company's focus on inclusivity and providing opportunities for success. Julie Turpin, chief people officer, attributes this recognition to their 16,000+ talented teammates and the company's dedication to nurturing talent in the evolving insurance landscape.
The selection process involved analyzing survey responses from over 194,000 employees in the industry. Brown & Brown has also been recognized for its commitment to women, millennials, and mental health in the workplace. The company continues to hire and invites professionals to explore career opportunities on their website.
Brown & Brown, Inc. (NYSE: BRO) has announced the appointment of Stephen P. Hearn to its board of directors. Hearn, a veteran with 35 years of experience in the insurance industry, brings a wealth of expertise to the company. J. Powell Brown, CEO of Brown & Brown, praised Hearn's visionary leadership and proven track record in leveraging technology and talent for long-term growth in the international insurance space.
Hearn's impressive career includes leadership roles at The Ardonagh Group, where he served as CEO of various divisions from 2021 to 2024. He also held significant positions at Corant Global, Ed Broking Group , and Willis Group Holdings plc. Currently, Hearn serves as the chairman of Placing Platform (PPL) and as a non-executive director of Atrium Underwriters .
Brown & Brown, Inc. (NYSE:BRO) has announced an agreement to acquire Quintes Holding B.V., one of the largest independent insurance brokers in the Netherlands. The transaction is expected to close in Q4 2024, subject to regulatory approvals. Quintes, founded in 2012, serves approximately 200,000 customers across broking, MGA, and pension business divisions. With 700 professionals across 18 locations, Quintes will continue to be led by its founder and CEO, Gijsbert van de Nieuwegiessen, who will report to Mike Bruce, CEO of Brown & Brown (Europe)
This acquisition will expand Brown & Brown's international footprint and enhance its global capabilities. The move aligns with Brown & Brown's decentralized business model and is expected to drive continued growth. For Quintes customers, the acquisition promises access to additional capabilities, services, and solutions, as well as the market strength of a global network.
Brown & Brown, Inc. (NYSE:BRO) reported strong second quarter 2024 results, with total revenues reaching $1.2 billion, a 12.5% increase year-over-year. The company achieved 10.0% Organic Revenue growth and diluted net income per share of $0.90. Adjusted diluted net income per share rose to $0.93, a 17.7% increase. Key highlights include:
- Commissions and fees increased by 11.4%
- Income before income taxes grew 36.2% to $346 million
- EBITDAC - Adjusted rose 17.3% to $420 million
- Net income attributable to the company increased 35.3% to $257 million
For the six months ended June 30, 2024, Brown & Brown reported total revenues of $2.4 billion, a 12.6% increase, with 9.3% Organic Revenue growth.