The company that was to become Brown & Brown Insurance was founded in Daytona Beach in 1939 by two cousins, J. Adrian Brown and Charles Covington Owen.
Brown & Brown, Inc. was founded in Daytona Beach, Florida in 1939 by cousins, J. Adrian Brown & Charles Covington Owen.
Founded in Daytona Beach, Florida, in 1939, Brown & Brown is a true success story and a testament to vision and core values.
Brown & Brown Insurance had its humble beginnings in Daytona Beach, Florida in 1939, founded by cousins J. Adrian Brown and Charles Covington Owen.
Two Companies' Beginnings: 1939--93
1939: Brown & Brown is established.
Poe & Associates, Inc. was founded by William F. Poe in 1956 as a one-man operation in Tampa, Florida.
1956: Poe & Associates is established.
He returned to help run the family business in 1959, immediately demonstrating his understanding of the interaction between relationships and sales.
In 1969, Jordan created the company's first standardized policy for small businessmen.
The company made an initial public offering of stock in 1973 and began branching outside of Florida.
1973: Poe & Associates makes its first public offering of stock.
Brown & Brown, Inc. opened an office in Orlando, Florida in 1981.
Becher + Carlson remained independent until American Re-Insurance Company, one of the top providers of property and casualty reinsurance, acquired the company in December 1989.
Revenues had jumped from $83 million combined for the two separate companies in 1992 to $95.6 million after the merger, making Poe & Brown the 19th largest insurance broker in the world.
In April 1993, the United States Securities and Exchange Commission approved the merger with Poe & Associates, which ultimately became Brown & Brown, Inc.
Brown & Brown maintains dual corporate headquarters in Tampa, Florida, and Daytona Beach, Florida--the result of a 1993 merger between Poe and Associates and Brown & Brown.
In those 12 years before merging with Poe & Associates in 1993, he increased Brown & Brown's annual revenues from less than $2 million to more than $33 million.
By the time it merged with Brown & Brown in 1993, Poe & Associates was selling its policies through a network of 130 independent insurance agents and was generating $50 million in annual revenues.
Poe & Brown is Formed Through Merger in 1993
When the merger was finalized in 1993, Poe & Brown, Inc. became the largest insurance brokerage firm based in the Southeast.
William Poe Leaves Company in 1994
But by 1995, unlike other brokers, Poe & Brown was poised to expand.
Revenues reached $118.7 million in 1996, with a net income of $16.5 million.
In 1997 Poe & Brown introduced a liability package for small to medium-sized architectural and engineering firms, rolling it out initially in Illinois, Massachusetts, New Jersey, Ohio, and Texas.
Later in 1998, Hartford and Poe & Brown introduced the Short Line Railroad Protector Plan, offering package coverage for rail lines designated as Class III. These so-called 'short lines'--ranging in length from 25 to 300 miles--included tourist, excursion, and dinner trains.
Bolstered by contributions from its acquisitions, Poe & Brown saw its revenues increase to $153.8 million in 1998 and its profits soar by 23.5 percent, reaching $23.1 million.
The new Brown & Brown continued its aggressive expansion program in 1999, acquiring 10 more independent insurance agencies and brokerages.
1999: Company name changed from Poe & Brown to Brown & Brown.
Brown & Brown previously operated in Flint after the Reidman Agency was purchased in 2000.
Brown & Brown continued to offer new products and make further acquisitions in the year 2000.
The most important of the several firms that Brown & Brown acquired in 2000 was the Reidman Corporation, based in Rochester, New York.
Brown & Brown of Connecticut entered the insurance market of Connecticut in 2001 with the acquisition of Abrahms Group Benefits.
Brown & Brown's acquisition spree continued into 2001, as Brown & Brown added to its already dominant presence in Florida, as well as buying The Harris Agency of Manassas, Virginia, which added the Washington, D.C., metropolitan area.
Following American Re’s decision to divest itself of the company in 2003, key employees purchased it with the intention of leveraging its strengths and capabilities to develop into a world-class brokerage and alternative risk firm.
Beecher Carlson was acquired by Brown & Brown, Inc. on July 1, 2013, becoming one of its large account risk management and consulting divisions.
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Beecher Carlson Holdings-