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Brown & Brown (BRO) Unit Adds Insurance House to Portfolio
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Brown & Brown, Inc. (BRO - Free Report) announced that Hull & Company, LLC’s subsidiary has acquired the commercial MGA operations of Insurance House. Hull & Company is a wholesale insurance subsidiary of Brown & Brown.
Founded in 1964, Insurance House, with expected annual revenues of $3 million for 2016, is a managing general agent and wholesale insurance broker. The company offers commercial and personal lines insurance products to retail broker partners. The company has deepened its focus on the specialty personal lines business and the technology business affiliate and has thus agreed to be acquired by the insurance broker. The acquired operations will remain in Atlanta and Silver Spring under the umbrella of the Brown & Brown Wholesale Division.
Brown & Brown remains focused on enriching its portfolio by adding companies that complement its operations. This marks the first addition to Brown and Brown this year. The company’s strategic buyouts are well supported by its strong liquidity position.
The insurance broker did not witness any earnings momentum over the last 60 days. Nonetheless, banking on its operational strength, shares of Brown & Brown increased 18.24% in the last three months, outperforming the Zacks categorized Insurance Broker industry’s 1.21%.
The Zacks Consensus Estimate for the fourth quarter is currently pegged at 41 cents per share, which translates into a year-over-year increase of 6.26%. Notably, Brown & Brown surpassed expectation in each of the last four quarters. Though the company’s favorable Zacks Rank #3 (Hold) increases the predictive power an earnings beat, an Earnings ESP of 0.00% makes prediction difficult. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Acquisitions are a well-accepted strategy among insurers for ramping up growth. Recently, Arthur J. Gallagher & Co. (AJG - Free Report) acquired Complete Financial Balance Pty Ltd in Australia. Last month, Allied World Assurance Company Holdings, AG (AWH - Free Report) announced that it will be acquired by Fairfax Financial Holdings Limited (FRFHF - Free Report) .
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017? Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>
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Brown & Brown (BRO) Unit Adds Insurance House to Portfolio
Brown & Brown, Inc. (BRO - Free Report) announced that Hull & Company, LLC’s subsidiary has acquired the commercial MGA operations of Insurance House. Hull & Company is a wholesale insurance subsidiary of Brown & Brown.
Founded in 1964, Insurance House, with expected annual revenues of $3 million for 2016, is a managing general agent and wholesale insurance broker. The company offers commercial and personal lines insurance products to retail broker partners. The company has deepened its focus on the specialty personal lines business and the technology business affiliate and has thus agreed to be acquired by the insurance broker. The acquired operations will remain in Atlanta and Silver Spring under the umbrella of the Brown & Brown Wholesale Division.
Brown & Brown remains focused on enriching its portfolio by adding companies that complement its operations. This marks the first addition to Brown and Brown this year. The company’s strategic buyouts are well supported by its strong liquidity position.
The insurance broker did not witness any earnings momentum over the last 60 days. Nonetheless, banking on its operational strength, shares of Brown & Brown increased 18.24% in the last three months, outperforming the Zacks categorized Insurance Broker industry’s 1.21%.
The Zacks Consensus Estimate for the fourth quarter is currently pegged at 41 cents per share, which translates into a year-over-year increase of 6.26%. Notably, Brown & Brown surpassed expectation in each of the last four quarters. Though the company’s favorable Zacks Rank #3 (Hold) increases the predictive power an earnings beat, an Earnings ESP of 0.00% makes prediction difficult. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Acquisitions are a well-accepted strategy among insurers for ramping up growth. Recently, Arthur J. Gallagher & Co. (AJG - Free Report) acquired Complete Financial Balance Pty Ltd in Australia. Last month, Allied World Assurance Company Holdings, AG (AWH - Free Report) announced that it will be acquired by Fairfax Financial Holdings Limited (FRFHF - Free Report) .
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017? Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>