Daytona Beach-based Brown & Brown announced Friday a realignment of its Retail Division in order to boost efficiency, further the firm’s national capabilities and increase opportunities for additional organic growth through a decentralized operating model.
While continuing to operate as one entity, Brown & Brown will have six discrete regions under the guidance of its president and CEO, J. Powell Brown. Current Retail Division Senior Vice Presidents Richard A. Knudson Jr., Thomas K. Huval, Anthony M. Grippa, Steve Denton and P. Barrett Brown will join Charles H. Lydecker as regional presidents to oversee the newly created regions.
"Brown & Brown started 75 years ago as a retail insurance agency in Daytona Beach," Powell Brown said. "With the Retail Division representing more than half of Brown & Brown's annualized revenue, it remains at the core of our identity and our overall business strategy.”
Brown & Brown believes the restructure will be more responsive in providing customer solutions and more effective in advancing sales in the face of sustained rate pressure in the property and casualty insurance markets. In addition, the new structure will concentrate Brown & Brown's efforts on certain focus areas across all Retail Division Profit Centers.
“After lengthy and thoughtful discussions with Charlie Lydecker, we believe this evolution is the best strategy to adapt and change with market conditions in order to provide our customers with the best insurance products and services in the most agile and effective way possible," Brown said.
Brown & Brown is ranked by Business Insurance magazine as the nation’s sixth largest independent insurance intermediary.
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