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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’s extensive experience and deep relationships in the global market will be leveraged to drive continued growth and strengthen its worldwide position.
"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 a press release statement.
Brown & Brown currently maintains a global presence spanning over 700 locations with more than 23,000 professionals. The company has been delivering insurance solutions and specialization since 1939.
The leadership change comes as part of the company’s strategy to enhance its international presence. Hearn will continue his role as Chief Operating Officer while taking on these additional responsibilities.
Brown & Brown did not specify any particular markets or regions outside North America that would be prioritized under Hearn’s expanded leadership role.
In other recent news, Brown & Brown, Inc. has announced a significant reorganization of its business segments following the acquisition of RSC Topco, Inc., the parent company of Accession Risk Management Group. This reorganization will see the consolidation of its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment, effective from July 1, 2025. Additionally, Brown & Brown has completed the acquisition of Accession for approximately $9.83 billion, marking one of the largest private equity exits in the insurance brokerage sector. In a related development, Brown & Brown has also acquired the assets of Tire Shield, Inc., aiming to expand its dealer services. Meanwhile, Wells Fargo has downgraded Brown & Brown’s stock rating from Overweight to Equal Weight, citing weaker-than-expected organic growth of 3.6% in Q2, which fell short of the industry average. The company has also welcomed Joia M. Johnson, a former executive from Hanesbrands, to its board of directors. These developments reflect Brown & Brown’s ongoing strategic efforts to enhance its market position and governance.
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