Brown & Brown Inc. (BRO) shares soared 17.63% in after-hours on Monday, January 24, 2022, and closed the daily trading at $76.00. Even in the regular trading session of Monday, BRO’s stock gained 2.34%. BRO shares have risen 35.37% over the last 12 months, and they have moved down 3.64% in the past week. Over the past three months, the stock has lost 2.83%, while over the past six months, it has gained 18.77%.
Let’s have a brief look at its recent news and developments.
BRO latest development
On January 24, 2022, Brown & Brown, Inc. (BRO) announced its unaudited financial results for the fourth quarter and full year of 2021.
Q4 2021 financial highlights
- BRO reported total revenue of $738.5 million for the fourth quarter of 2021 compared to $642.1 million for the fourth quarter of the prior year.
- Total expenses were $597.7 million in Q4 2021 compared to $511.2 million in Q4 2020.
- It earned a net income of $101.7 million or net income per share of $0.36 in Q4 2021 compared to $97.3 million or net income per share of $0.34 in Q4 2020.
FY 2021 financial highlights
- Full-year 2021 revenue was $3,051.4 million compared to $ 2020.
- Total expenses were $2.3 billion in FY 2021 compared to $1.9 billion in FY 2020.
- Net income was $587.1 million or net income per basic share of $2.08 in FY 2021 compared to net income of $480.5 million or net income per basic share of $1.70 in FY 2020.
BRO Dividend Declaration
On January 20, 2022, the Board of directors of Brown & Brown, Inc. (BRO) declared a regular quarterly cash dividend of $0.1025 per share. The dividend is payable on February 16, 2022, to shareholders of record on February 4, 2022.
BRO leadership changes
On January 18, 2022, Brown & Brown, Inc. (BRO), appointed two individuals to the senior leadership team.
Mary Raveling was appointed as the president, property & casualty in the Brown & Brown Retail segment, based out of Minneapolis. Mary joined Brown & Brown as part of the Hays Companies acquisition in 2018.
The company appointed Tom Kussurelis as the chief operating officer for the National Programs segment. Tom joined Brown & Brown in 2015 after decades in the insurance industry both with carriers and agencies in underwriting, sales, program management, innovation, and enterprise risk management.
Acquisition of HARCO
On January 03, 2022, Brown & Brown Lone Star Insurance Services, Inc., a subsidiary of Brown & Brown, Inc., (BRO) acquired substantially all of the assets of HARCO.
HARCO is a full-service, independent retail insurance agency serving businesses and individuals throughout Texas with roots dating back to 1969.
The recent financial results surpassed Q4 earnings and revenue estimates due to which its stock price went up on Monday. We can expect it to further surge in the coming trading sessions on Tuesday.