The CEO of insurance broker Brown & Brown says cultural fit is the driving force behind insurance-agency acquisitions, and those that make price their priority don't become partners of the firm.
“Typically, when we talk to somebody, we see if there is a cultural fit and then we try to figure out how to get to the price or not, as opposed to they throw all the bones on the table and they pick somebody,” said President and CEO J. Powell Brown, referring to agencies that lay out all the offers they get only to pick the higest bidder.
Speaking during the Raymond James 34th Institutional Investors Conference earlier this week, Brown added, “When you throw all the bones on the table up front, we're skeptical about that.”
Brown says his brokerage seeks producers it thinks highly of, with expertise or markets Brown & Brown lacks.
The brokerage is seeking partners: people who will continue to lead the agency and have the leadership and talent to perform.
“We just want to get the best people on our team,” said Brown.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
