Brown & Brown, Inc. is a provider of insurance and reinsurance products and services to general business, corporate, governmental and quasi-governmental, institutional, professional, trade association and individual clients. Its headquarters are in Daytona Beach, Florida.
The company is currently ranked as the sixth largest independent insurance intermediary organization in the U.S. and eighth largest in the world based on the July 2018 ranking by Business Insurance magazine.
Brown & Brown is also one of the selected companies that comprise S&P 400 stock market index. In September 2007, Brown & Brown was ranked #10 on Forbes’s “The 100 Best Mid-Cap Stocks in America” list in 2007.
The company has reach from coast to coast, with several offices in California. And they are rapidly extending this reach with mergers and acquisitions this year.
J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. announced that The Advocator Group, LLC, a wholly owned subsidiary of Brown & Brown, Inc., has acquired MEDVAL, LLC.
MEDVAL provides a suite of MSP-compliant services, which services incorporate front-line claims negotiation and comprehensive settlement solutions. MEDVAL has annual revenues of approximately $10,000,000.
The MEDVAL team will continue to operate from their offices in California, Pennsylvania and Maryland, as MEDVAL, LLC, under the leadership of Jon Gunter and the experienced MEDVAL team. MEDVAL leadership will report to Julie Turpin, Chief Executive Officer of The Advocator Group.
And it announced this month that Brown & Brown Insurance Services of California, Inc. has acquired substantially all of the assets of Austin & Austin Insurance Services, to serve the insurance needs of real estate professionals in the Bay Area of California. The firm specializes in providing errors and omissions insurance coverage to real estate brokers throughout California and has annual revenues of approximately $2 million.
Brown & Brown revenues for the fourth quarter of 2018 were $508.7 million, increasing $34.4 million, or 7.3%, compared to the fourth quarter of the prior year, with commissions and fees increasing by 7.2%.