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Not content to rest on its laurels, national insurance brokerage Brown & Brown is looking to grow its annual revenues to an ambitious $4 billion.
Speaking to the company’s shareholders during a recent annual meeting, Brown & Brown CEO J. Powell Brown shared the company’s “intermediate revenue goal,” but declined to say if there is a definitive timetable for the objective.
“There’s no timeframe,” Brown told shareholders.
“We’re going to get there when we want to and when we think it makes sense for the company.”
Presently, Brown & Brown is America’s sixth-largest insurance brokerage; its rapid growth in recent years has been attributed to its series of acquisitions of other brokerages and related businesses.
Daytona Beach News-Journal reported that Brown & Brown last year made 23 acquisitions, which added $323 million in annual revenues – the highest amount added in the company’s history. Last year also marked Brown & Brown’s largest acquisition, Hays Companies, which was purchased for $705 million.
Thanks to those acquisitions, Brown & Brown’s workforce increased from about 9,500+ last year to over 10,000 currently.
“We’re on our way to 20,000 as we grow our company again,” Brown remarked.
The company is planning to open 600 more jobs when it moves to its new headquarters in downtown Daytona Beach, FL.
In addition to growing its ranks, Brown & Brown has also more than doubled its annual net income over the past seven years. In 2018, the company generated $344 million in profit, compared to $164 million in 2011.
While Brown & Brown is still planning to make more acquisitions in the near future, chief executive Brown said that the company will only make purchases if the acquisition target is a good fit and the numbers post-transaction make sense.
“We are focused on investing in the right businesses,” he explained. “We’re focused on our customers and getting the right teammates to work with [them].”
