Brown & Brown

The transaction marks another step in the broker’s acquisition spree this year, including the $1.85bn GRP deal – closed on July 1 – and the $487mn takeover of MGA Orchid.

Inside P&C’s news team runs you through the key highlights of the week.

The firm’s contingent commissions were negatively impacted by $15mn while the captives division estimates $11.5mn of Ian-related losses.

Q3’s consolidated organic growth number marked the lowest organic expansion for the company since the last quarter of 2020, when it reported a 4.7% figure.

As the super-cycle slows and the economic landscape becomes more uncertain, brokers will face pressure, though a cooling labor market may aid margins.

The company also shifted former CEO Carlsen to EVP for National Programs; tapped Bowie as president and CUO.

While brokers continue to report positive earnings, the possibility of a downturn shouldn’t be discounted.

In a Q2 earnings call, J Powell Brown described the impact on the broker if issues in Florida “were to all go to hell in a handbasket”.

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

The broker’s second-quarter adjusted diluted earnings per share rose by 6.3% to $0.51 per share, above analysts' average expectation of $0.48 per share.

Brokers may face pressure as the pricing cycle turns and estimates fail to keep up.

Rate rises in the commercial lines market have decelerated in most insurance markets, but executives expect increases to remain above loss costs for some time.