Profile: Brown & Brown Inc (BRO)
23 Apr 2018
Brown & Brown, Inc., incorporated on January 2, 1959, is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services, primarily in the property, casualty and employee benefits areas. It provides its customers with non-investment insurance contracts, as well as other targeted, customized risk management products and services. The Company operates through four segments: the Retail segment, the National Programs segment, the Wholesale Brokerage segment and the Services segment.
The Retail Segment
The Retail Segment provides a range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers. The categories of insurance it sells include property insurance relating to physical damage to property and resultant interruption of business or extra expense caused by fire, windstorm or other perils; casualty insurance relating to legal liabilities, professional liability, including directors and officers, cyber-liability, workers' compensation, commercial and private passenger automobile coverages, and fidelity and surety bonds. It also sells and services group and individual life, accident, disability, health, hospitalization, medical, dental and other ancillary insurance products. In connection with the selling and marketing of insurance coverages, it provides a range of related services to its customers, such as risk management and loss control surveys and analysis, consultation in connection with placing insurance coverages and claims processing.
The National Programs Segment
The National Programs Segment, which acts as a managing general agent (MGA), provides professional liability and related package products for certain professionals, a range of insurance products for individuals, flood coverage, and targeted products and services designated for specific industries, trade groups, governmental entities and market niches, all of which are delivered through nationwide networks of independent agents, including Brown & Brown retail agents. As of December 31, 2016, Its National Programs Segment worked with over 40 carrier partners, offering over 50 programs, which can be grouped into five categories: Professional Programs, Arrowhead Insurance Programs, Commercial Programs, Public Entity-Related Programs and the National Flood Program.
The Company's Professional Programs provide professional liability and related package insurance products. Its Professional Programs negotiates policy forms and coverage options with their specific insurance carriers. Professional Programs affiliate with professional groups, including dentists, oral surgeons, hygienists, lawyers, certified public accountants (CPAs), optometrists, opticians, ophthalmologists, insurance agents, financial advisors, registered representatives, securities broker-dealers, benefit administrators, real estate brokers, real estate title agents and escrow agents. In addition, Professional Programs encompasses supplementary insurance-related products to include weddings, events, medical facilities and cyber-liability.
The Company's Allied Protector Plan (APP) specializes in customized professional liability and business insurance programs for individual practitioners and businesses in the healthcare industry. The APP program offers liability insurance coverage for, among others, dental hygienists and dental assistants, home health agencies, physical therapy clinics, and medical directors. The CPA Protector Plan is a specialty insurance program offering professional liability insurance solutions and risk management services to CPA practitioners and their firms nationwide.
The Professional Protector Plan (PPP) for Dentists provides dental professionals insurance products, including professional and general liability, property, employment practices liability, workers' compensation, claims and risk management. Its CalSurance and CITA Insurance Services offer professional liability programs designed for insurance agents, financial advisors, registered representatives, securities broker-dealers, benefit administrators, real estate brokers and real estate title agents. A component of CalSurance is Lancer Claims Services, which provides specialty claims administration for insurance companies underwriting CalSurance product lines. The Lawyer's Protector Plan (LPP) provides professional liability insurance with a focus on law firms with fewer than 20 attorneys. The LPP program handles all aspects of insurance operations, including underwriting, distribution management, policy issuance and claims.
The Optometric Protector Plan (OPP) provides professional liability, general liability, property, workers' compensation insurance and risk management programs for eye care professionals across the nation. The TitlePac provides professional liability products and services designed for real estate title agents and escrow agents. The Wedding Protector Plan and Protector Plan for Events provide an online wedding/private event cancellation and postponement insurance policy that offers financial protection if certain unfortunate or unforeseen events should occur during the period leading up to and including the wedding/event date. Liability and liquor liability is available as an option.
The Company's Arrowhead Program is an MGA, General Agent (GA), and Program Administrator (PA) to the property and casualty insurance industry. Its Arrowhead acts as a virtual insurer providing outsourced product development, marketing, underwriting, actuarial, compliance and claims and other administrative services to insurance carrier partners. Its All Risk is a program writing all risks meaning that any risk that the contract does not specifically omit is automatically covered. The coverages usually include commercial earthquake, wind, fire and flood. The All Risk program writes insurance on both a primary and excess, shared and layered programs. The Architects and Engineering operating as Arrowhead Design Insurance (ADI), is a writer of professional liability insurance for architects, engineers and environmental consultants. The Earthquake and DIC is a Differences-in-Conditions (DIC) Program, writing notably earthquake and flood insurance coverages to commercial property owners. The Earthquake and DIC program writes insurance on both a primary and excess layer basis.
The Marine program is a national program manager and wholesale producer of marine insurance products, including yachts and high performance boats, small boats, commercial marine and marine artisan contractors. Its Tribal program provides solutions across various lines of business to sovereign Indian nations. The Manufactured Housing program packages policies for manufactured home communities, including mobile home parks, manufactured home dealers and recreational vehicle (RV) parks. The Forestry program is a logging equipment specialist for mobile equipment to the logging industry in the Southeast United States. Its Affinity programs are provided for package coverage to booksellers and security alarm installers.
The Residential Earthquake program specializes in mono-line residential earthquake coverage for California home and condominium owners. The Wheels program provides private passenger automobile and motorcycle coverage for a range of drivers. Arrowhead's auto program offers two personal auto coverage types: one traditional non-standard auto product offering minimum state required liability limits and another targeting full coverage, multi-vehicle risks. The auto product is written in several states, including California, Georgia, Michigan, and Alabama, South Carolina and Tennessee. The Workers' Compensation program provides workers' compensation insurance coverage primarily for California-based insureds. Arrowhead's workers' compensation program targets industry segments, such as agriculture, contractors, food services, horticulture and manufacturing.
The Company's Commercial Programs market products and services to specific industries, trade groups and markets. Most of these products and services are marketed and sold through independent agents, including certain of its retail offices. Its AFC Insurance, Inc. (AFC) (Humanity Plus Program) is a Program Administrator specializing in property and casualty products for a range of for-profit and non-profit human and social service organizations. Eligible risks include addiction treatment centers, adult day care centers, group homes, services for the developmentally disabled and more. AFC's program offers all lines of coverage across the nation. AFC also has a separate program for independent pizza/deli restaurants.
The Company's American Specialty Insurance & Risk Services, Inc. provides insurance and risk management services for customers in professional sports, motor sports, amateur sports, and the entertainment industry. Its Bellingham Underwriters Inc. is focused on the commercial transportation industry and those that are in the business of supporting it. The trucking program is designed to handle all coverages a trucker on the road might need. Other programs include specialty auto, repair services, forest products and commercial ambulance. Its Florida Intracoastal Underwriters, Limited Company (FIU) is a MGA that specializes in providing insurance coverage for coastal and inland high-value condominiums and apartments. FIU has developed a specialty insurance facility to support the underwriting activities associated with these risks.
The Parcel Insurance Plan is a specialty insurance agency providing insurance coverage to commercial and private shippers for small packages and parcels with various insured values. Its Proctor Financial, Inc. (Proctor) provides insurance programs and compliance solutions for financial institutions that service mortgage loans. Proctor's products include lender-placed hazard and flood insurance, full insurance outsourcing, mortgage impairment, and blanket equity insurance. Proctor acts as a wholesaler and writes surplus lines property business for its financial institution customers. Proctor receives payments for insurance compliance tracking, as well as commissions on lender-placed insurance.
The Railroad Protector Plan (RRPP) provides insurance products for contractors, manufacturers and wholesalers supporting the railroad industry (not the railroads themselves). The insurance coverages include general liability, property, inland marine, commercial auto, and umbrella. The Towing Operators Protector Plan (TOPP) provides insurance coverage, including general liability, commercial auto, garage keeper's legal liability, property and motor truck cargo coverage. Its Wright Specialty Insurance Agency, LLC provides insurance products for specialty programs, such as food, grocery, K-12 education, and franchise programs that are offered throughout the United States.
The Company's Wright Risk Management Company, LLC is a program administrator for the New York Schools Insurance Reciprocal and the New York Municipal Insurance Reciprocal offering property and casualty insurance products, risk management consulting, third-party administration and related services designed for cities, counties, municipalities, schools, special taxing districts and other public entities in the State of New York. The Wright Insurance Group, LLC (Wright) operates a flood insurance carrier, WNFIC, which is a Wright subsidiary. WNFIC's entire business consists of policies written pursuant to the NFIP, the program administered by FEMA and excess flood insurance policies.
The Wholesale Brokerage Segment
The Wholesale Brokerage Segment markets and sells excess and surplus commercial insurance products and services to retail insurance agencies (including Brown & Brown retail offices). The Wholesale Brokerage Segment offices represent the various United States and the United Kingdom surplus lines insurance companies. The Wholesale Brokerage Segment also represents admitted insurance companies for purposes of affording access to such companies for smaller agencies that otherwise do not have access to large insurance company representation. Excess and surplus insurance products encompass insurance coverages, including personal lines, homeowners, yachts, jewelry, commercial property and casualty, commercial automobile, garage, restaurant, builder's risk and inland marine lines.
The Services Segment
The Services Segment provides insurance-related services, including third-party claims administration and medical utilization management services in both the workers' compensation and all-lines liability arenas, as well as Medicare Set-aside services, Social Security disability and Medicare benefits advocacy services and claims adjusting services. The Advocator Group and SSAD assist individuals throughout the United States seeking to establish eligibility for coverage under the federal Social Security Disability program and provide health plan selection and enrollment assistance for Medicare beneficiaries. The Advocator Group works closely with employer sponsored group life, disability and health plan participants to assist disabled employees in receiving the education, advocacy and benefit coordination assistance. In addition, The Advocator Group also provides second injury fund recovery services to the workers' compensation insurance market.
The Company's American Claims Management (ACM) provides third-party administration (TPA) services to both the commercial and personal property and casualty insurance markets on a nationwide basis, and provides claims adjusting, administration, subrogation, litigation and data management services to insurance companies, self-insureds, public municipalities, insurance brokers and corporate entities. ACM services also include managed care, claim investigations, field adjusting and audit services. Its ICA provides claims management solutions for both personal and commercial lines of insurance. ICA is a national service provider for daily claims, vendor management, TPA operations and staff augmentation. ICA offers training and educational opportunities to independent adjusters nationwide in ICA's regional training facilities. Additional claims services offered by ICA include first notice of loss, fast track, field appraisals, quality control and consulting.
The Company's NuQuest provides a range of Medicare Secondary Payer (MSP) statutory compliance services, from Medicare Set-aside Allocation through Professional Administration to over 250 insurance carriers, third-party administrators, self-insured employers, attorneys, brokers and related claims professionals nationwide. Specialty services include medical projections, life care plans, Medicare Set-aside analysis, allocation and administration. Its Preferred Governmental Claims Solutions (PGCS) provides TPA services for government entities and self-funded or fully insured workers' compensation and liability plans and trusts. PGCS' services include claims administration and a dedicated subrogation recovery department. Its USIS provides TPA services for insurance entities and self-funded or fully insured workers' compensation and liability plans. USIS's services include claims administration, cost containment consulting, services for secondary disability and subrogation recoveries, and risk management services, such as loss control. USIS's services also include certified and non-certified medical management programs, access to medical networks, case management, and utilization review services.
Brown & Brown Inc
220 S Ridgewood Ave
DAYTONA BEACH FL 32114-4318
Company Web Links
- BRIEF-Brown & Brown Reports Q1 EPS $0.32
- BRIEF-Brown & Brown Completes 2-For-1 Stock Split
- BRIEF-Brown & Brown Announces Asset Acquisition Of Kerxton Insurance And Fitness Underwriters
- BRIEF-Brown & Brown Inc Announces 2-For-1 Stock Split
- BRIEF-Brown & Brown, Inc. Announces The Asset Acquisition Of Yourpfo Consulting, LLC