Brown & Brown Insurance: Competition & Culture

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


Why is this company 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.


Executive Bio

Former VP of Business Development at Brown & Brown

This executive was over two decades experience in the insurance industry, eight of which were at Brown & Brown, where spent the majority of his time in the programmes division focusing on niche markets. His core responsibilities included onboarding & leading producers, negotiating with carriers, understanding capacity of markets, identifying new opportunities and how these could be served by the B&B value proposition.Read more

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