Brown & Brown Inc. has realigned its of retail agency division into a more decentralized operating model with an eye toward increasing organic growth.
Brown & Brown’s retail agency division will continue to operate as one division but, effective immediately, it will have six regions under the direction of J. Powell Brown, president and chief executive officer.
As part of the new alignment, Richard A. Knudson Jr., Thomas K. Huval, Anthony M. Grippa, Steve Denton and P. Barrett Brown, all of whom currently serve as senior vice presidents in the retail division, will become regional presidents along with Charles H. Lydecker, who previously served as president of the retail division.
These regional presidents will have oversight responsibility for the newly-created regions.
In his new role as regional president, Lydecker will continue to report directly to Powell Brown and will retain primary responsibility for the retail division’s offices throughout Florida and the west coast of the United States. Lydecker will also continue his work in recruitment and development of sales producers throughout the retail division.
The retail division writes business in all 50 states and includes about 3,700 employees in 34 states, the Cayman Islands and Bermuda.
The retail division represents 51 percent of Brown & Brown’s revenues. Total company revenue for 2014 was $1,575.8 million, compared with total revenue for 2013 of $1,363.2 million, an increase of 15.6 percent. Retail-generated organic revenues increased by 3.5 percent in 2014.
Noting that Brown & Brown started 75 years ago as a retail insurance agency in Daytona Beach, CEO Powell Brown said the retail agency operation remains at the core of the firm’s “identity and our overall business strategy.”
In addition to operating retail agencies, Brown & Brown has divisions offering wholesale insurance (15 percent of revenue), claims and other customer services (9 percent of revenue) and national insurance programs (25 percent of revenue).
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