The CEO of insurance broker Brown & Brown says cultural fit is the driving force behind insurance-agency acquisitions, and those that make price their priority don't become partners of the firm.
“Typically, when we talk to somebody, we see if there is a cultural fit and then we try to figure out how to get to the price or not, as opposed to they throw all the bones on the table and they pick somebody,” said President and CEO J. Powell Brown, referring to agencies that lay out all the offers they get only to pick the higest bidder.
Speaking during the Raymond James 34th Institutional Investors Conference earlier this week, Brown added, “When you throw all the bones on the table up front, we're skeptical about that.”
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