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DAYTONA BEACH, Fla. - Insurance brokerage firm Brown & Brown, Inc. (NYSE:BRO) announced Wednesday that Chief Operating Officer Steve Hearn will lead all operations outside of North America across both the Retail and Specialty Distribution segments, effective immediately.
The company said Hearn brings extensive experience and deep relationships in the global market to the role, which will oversee Brown & Brown’s international business activities.
"Tapping him to lead operations beyond our North American footprint will enable our ability to leverage robust global capabilities, drive continued growth, further invest in the global marketplace and strengthen our position as an industry leader worldwide," said Powell Brown, president and chief executive officer, in the press release.
Brown & Brown describes itself as a leading insurance brokerage firm that has been delivering insurance solutions since 1939. The company currently maintains more than 700 locations globally with approximately 23,000 professionals.
The appointment comes as part of the company’s efforts to strengthen its international presence. The announcement did not specify which particular markets outside North America would be strategic priorities under Hearn’s leadership.
The company’s press release noted that Hearn will continue to provide leadership for Brown & Brown’s teammates, customers, carrier partners and shareholders around the world.
In other recent news, Brown & Brown, Inc. has made several significant announcements. The company reported a reorganization of its business segments following the acquisition of RSC Topco, Inc., with plans to consolidate its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment starting in the third quarter of 2025. This reorganization comes on the heels of Brown & Brown’s acquisition of Accession Risk Management Group for approximately $9.83 billion, marking one of the largest private equity exits in the insurance brokerage sector. Additionally, Steve Hearn has been appointed to lead the company’s operations outside North America, leveraging his extensive experience to drive global growth. The company also welcomed Joia M. Johnson, a former Hanesbrands executive, to its board of directors. In analyst news, Wells Fargo downgraded Brown & Brown from Overweight to Equal Weight, citing weaker-than-expected organic growth of 3.6% in the second quarter, which fell below the industry average. These developments reflect Brown & Brown’s ongoing strategic adjustments and market positioning efforts.
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