BBInsurance-2017-Annual-Report

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10 Brown & Brown, Inc. Embracing innovation and technology Our Proctor Financial business had the foresight to invest in technology, infrastructure, and IT security with the goal to strengthen customer partnerships and enhance the borrower experience. Their IT security and governance team protects data and systems to preserve confidentiality, integrity, and accessibility. They also created a compliant tracking tool to prevent borrower harm, respond nimbly to the evolving servicing regulations, and allow for transparent vendor management. These investments along with our investments in teammates and operations have positioned Proctor to be a leading provider of lender-placed insurance solutions. Pictured here are teammates from the Troy, Michigan location of Proctor Financial
Review of Operations National Programs The National Programs Segment required dedication and seamless execution in 2017, delivering organic revenue growth (1) of 6.1%. The rapid succession of natural disasters that occurred in 2017 was unlike anything we have ever experienced and resulted in one of the worst years for insured losses. Our claims teams worked tirelessly around the clock to assist customers who suffered losses due to floods. Our teammates were compassionate, understanding, helpful, and available to our customers during their time of need. As individuals and as a Company, we were driven to provide excellent service and execute under extreme circumstances. The onboarding of our new core commercial program gives us additional capabilities in terms of classes of covered business and geographic coverage for both small and mid-sized commercial customers. Core commercial has already had a positive impact on revenue, and we expect it to continue to be a platform for additional growth. We made a significant investment in technology to ensure we were at the front of the pack when products emerge that will benefit our industry and our customers. Our National Programs Segment is heavily involved with insurance technology innovators, referred to collectively as InsurTech, and we are excited about the possibilities and opportunities. We dedicated a great deal of time to exploring and refining who we are as a Segment to successfully articulate the breadth and depth of our capabilities. What became clear from this process was that our teammates and technology are pioneering the most innovative risk solutions to profoundly simplify the insurance experience. In 2018 and beyond, we are focused on continuing our quest to remain the most successful program administrator in the industry. We will diligently strive to attract and retain top talent; to attract and maintain strong carrier and distribution partnerships; to lead, embrace, and adopt technology; and to be specialty-niche oriented. 11 Segment Total Revenues DOLLARS IN MILLIONS Contribution to Total Revenues Contribution to Total EBITDAC (1) 2017 Annual Report 25.5% 29.7% 2013 2014 2015 2016 2017 301.4 404.2 428.7 448.5 479.8 (1) Organic revenue growth rate and EBITDAC are non-GAAP financial measures and are referenced to provide additional meaningful methods of evaluating our operating performance from period to period on a basis that may not be otherwise on a GAAP basis. For other information concerning organic revenue growth rate and EBITDAC and to reconciliations to the most closely comparable GAAP measures, refer to pages 23 and 83-84 of this Annual Report, respectively.
Page 1 and 2: 2017 Annual Report Performing with
Page 3 and 4: In 2017, Brown & Brown was highly f
Page 5 and 6: 53 Our teammates are our most impor
Page 7 and 8: A culture built on discipline and c
Page 9 and 10: 97 Dedicated to the people and comm
Page 11: Review of Operations Retail The Ret
Page 15 and 16: Review of Operations Wholesale Brok
Page 17 and 18: Review of Operations Services In th
Page 19 and 20: is simple. We invest in current and
Page 21 and 22: Board of Directors Left to right: S
Page 23 and 24: 2017 Financial Review 22 Management
Page 25 and 26: Fee revenues relate to fees negotia
Page 27 and 28: information about insurance policie
Page 29 and 30: Results of Operations for The Years
Page 31 and 32: profit, (iv) increased cost of heal
Page 33 and 34: Results of Operations - Segment Inf
Page 35 and 36: The reconciliation of total commiss
Page 37 and 38: The Retail Segment’s total revenu
Page 39 and 40: The National Programs Segment’s t
Page 41 and 42: The Wholesale Brokerage Segment’s
Page 43 and 44: The Services Segment’s total reve
Page 45 and 46: Credit Agreement extends the applic
Page 47 and 48: Consolidated Balance Statements She
Page 49 and 50: Consolidated Statements of Sharehol
Page 51 and 52: Notes to Consolidated Financial Sta
Page 53 and 54: Installment billing Prior to the ad
Page 55 and 56: Investments Certificates of deposit
Page 57 and 58: Fair Value of Financial Instruments
Page 59 and 60: The following table summarizes the
Page 61 and 62: The following table summarizes the
Page 63 and 64:
The following table summarizes the
Page 65 and 66:
Of the $36.2 million of estimated a
Page 67 and 68:
The following table shows the inves
Page 69 and 70:
Note 8 Long-Term Debt Long-term deb
Page 71 and 72:
Note 9 Income Taxes On December 22,
Page 73 and 74:
The Company is subject to taxation
Page 75 and 76:
Non-employee members of the Board o
Page 77 and 78:
Incentive Stock Option Plan On Apri
Page 79 and 80:
Note 13 Commitments and Contingenci
Page 81 and 82:
Summarized financial information co
Page 83 and 84:
Note 17 Statutory Financial Informa
Page 85 and 86:
GAAP Reconciliation Income Before I
Page 87 and 88:
Report of Independent Registered Pu
Page 89 and 90:
Management’s Report on Internal C
Page 91 and 92:
Shareholder Information Corporate O
Page 93 and 94:
Year Ended December 31, 2014 2013 2
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