Brown & Brown: Mid-Market Broking
Former EVP Operations & Chief Global Broking Officer at Aon Risk Solutions
inpractise.com/articles/brown-and-brown-mid-market-broking
Why is this interview interesting?
- How competitive dynamics in the market are shifting due to technology
- How mid-market players compete
BROWN & BROWN INC
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.
Former EVP Operations & Chief Global Broking Officer at Aon Risk Solutions
This executive has 40 years of strategic experience and expertise in the property and casualty (P&C) space. He is currently responsible for managing NFP’s P&C operations and resources across the company. He previously served as Aon’s Global Chief Broking Officer and Executive Vice President in the company’s construction and infrastructure practice. Prior to that, he spent 25 years as Allied North America’s President and Chief Operation Officer.
Interview Transcript
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