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Florida insurance executive speaks

PULLMAN – J. Hyatt Brown, chairman and CEO of Brown & Brown, Inc.,will deliver the 15th annual Walton Lecture on Monday, September 10th at the Washington State University College of Business.

Presented by the Department of Finance, Insurance, and Real Estate, the lecture will be at 5 p.m. in Todd Hall Room 276. Brown will trace the development of his company while commenting on the brokerage business, the insurance industry, regulation, and current issues in his lecture entitled “The Evolution of the Property/Casualty Insurance Business.”
 
Brown has been CEO of Brown & Brown since 1993 and was named chairman of the board in 1994. He was president of the company from 1993 through 2002, and president and CEO of the predecessor company from 1961 through 1993.
 
In addition to long-term leadership positions with his company, He has been active with several insurance industry and business groups. He serves as chairman of the Council of Insurance Agents and Brokers and on the board of the Insurance Services Office.
 
He is past vice chairman of the Florida Residential Property and Casualty Joint Underwriting Association and a past trustee of the Florida Chamber Foundation.
 
Other companies have recognized Brown’s visionary leadership and have invited him to help guide their organizations. He serves on the Board of Directors of SunTrust Banks, International Speedway Corporation, BellSouth, and Rock-Tenn Company.
 
Brown has also played an active role in state politics and education. He was a member of the Florida House of Representatives from 1972-1980, and Speaker from 1978-1980.
 
He served on the Board of Regents of his alma mater, the University of Florida, from 1982-1989 and has earned the Chartered Property and Casualty Underwriter (CPCU) and Chartered Life Underwriter (CLU) professional designations.
 
Brown & Brown is based in Daytona Beach, Fla. Insurance brokers represent insurance purchasers in sales transactions. Brown & Brown has successfully targeted medium-sized business clients, and ranks among the 10 largest insurance marketing organizations.
 
The company generates about three-fourths of its revenues from property and casualty insurance sales and employee benefits. The balance of its revenue is earned through the sale of specialty coverages and by providing risk management services, employee benefit plan administration, and health care services.
 
In 2006, Brown & Brown had total assets of $1.8 billion and more than 4,500 employees. Revenue generation is an important measure for a marketing company. Between 1996 and 2006, the company’s average annual revenue growth exceeded 22 percent.
 
This year’s revenue target is $1 billion with net income exceeding $200 million. Brown & Brown is traded on the New York Stock Exchange.
 
The Walton Lecture is funded through an endowment from the Independent Insurance Agents and Brokers of Washington (IIABW). The endowment honors IIABW past-president Max Walton. The Walton Lecture has brought a number of influential representatives from the insurance industry to our campus.
 
 Some previous speakers include Safeco President and CEO, Mike McGavick; Washington Insurance Commissioner Mike Kreidler; and Stan W. McNaughton, president and CEO of PEMCO Insurance.

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