Brown & BrownBRO

Why is Brown & Brown interesting?

Brown & Brown is a family-owned insurance broker catering to middle market customers. The business has increased revenue every year since 1993 (the year it went public) with the exception of 2009 when revenues fell 1%. Brown & Brown uses its free cash to acquire new agencies, and its success in reinvesting nearly all of its free cash flow in this manner has led to a consistent market-beating compounder.

About 35% of the stock is in the hands of the Brown family, management and employees providing strong alignment with shareholders. The firm also boasts an industry leading cash flow conversion ratio, converting ~25% of revenue to free cash flow.

Written in 2020

Brown & Brown Insurance: Competition & Culture

BROBrown & Brown

Executive Bio

Former VP of Business Development at Brown & Brown

Why is this interview interesting?

Topics discussed include:

Shifting competitive dynamics in the mid-market market due to technology
Trends in coverage & premiums
Growth opportunities for major players in the market
B&B culture and how they manage decentralisation
Pros and cons of sales oriented culture at B&B

Interview Transcript

Disclaimer: This interview is for informational purposes only and should not be relied upon as a basis for investment decisions. In Practise is an independent publisher and all opinions expressed by guests are solely their own opinions and do not reflect the opinion of In Practise.

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Brown & BrownBRO

Why is Brown & Brown interesting?

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