Brown & Brown

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The Brown & Brown CEO will cycle 470 miles in seven days through the Alps, climbing 66,000 feet, with his brothers.

Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.

Still, the slowdown doesn't mean that a good business won't trade at high multiples, and the marketplace remains competitive for high-quality acquisitions, executives noted.

The Inside P&C news team runs you through the earnings results for the day.

Krump retired from Chubb in January of this year, while Masojada retired from Hiscox in 2021.

The US retailer’s acquisition of the UK MGA and broking group will be mutually beneficial, according to executives.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The transaction is expected to close in the fourth quarter, subject to regulatory approvals. Financial details were not disclosed.

Though strong growth continues, the future is less clear as driving forces potentially run out of steam.

D&O (Inside P&C Daily lead story): There is hope that public D&O rates could stabilize in the second half of the year following a tough end to 2022 and an ongoing slump in Q1. Significant discounts granted in 2022 are unlikely to be repeated, and there are ongoing concerns around both economic and social inflation, sources said. In the meantime, rates remain pressured from ample capacity and muted demand as established providers and incumbents drawn to the hard market of past years compete for relatively stagnant demand. The collapse of SVB, while a shock, wasn’t the inflection point for D&O that some might have expected.

“In a business that’s $2bn+ of revenue, the impact of Florida today vs 15 years ago is much different,” president and CEO J Powell Brown said on a conference call.