Insurance broker targets $4 billion annual revenue

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. “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.