Next-gen returns to Brown family business
Powell Brown, the next-gen member at insurance group Brown & Brown, has returned to the helm of the family business following almost three months of medical leave.
On 25 April, 40-year-old Powell was reinstated as president and chief executive of the Daytona Beach, Florida-based group, which is the seventh largest insurance provider in the US.
His father Hyatt, who had taken up Powell’s positions during his absence, will go back to his role as chairman of the business, the group said at its annual shareholders meeting.
Brown & Brown did not disclose the reason for Powell’s medical leave of absence.
“I've asked Hyatt to run this meeting as he has in the past and I will not be involved because I have not been involved for the last 90 days. But I would leave you with the fact that I will be very involved forthcoming,” Powell told shareholders and employees.
The news also came on the back of an announcement of a quarterly cash dividend of 8.5 cents per share for the first quarter of 2012.
Brown & Brown had revenues of $1.01 billion (€764 million) in 2011, up from around $975 million the year before.
Hyatt’s other son Barrett also sits on the company’s board. The family is estimated to hold around 25% of the group’s shares.
