Brown & Brown has appointed Stephen P. Hearn as the company’s new executive vice-president and chief operating officer (COO).
Hearn, who joined the company’s board of directors in August 2024, resigned from the board to join the operating committee.
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In his new capacity, Hearn will leverage his 35 years of experience in the insurance industry to support Brown & Brown’s growth strategy.
His focus will be on scaling operations, driving “innovation” and nurturing talent within the company.
Hearn’s background includes his most recent tenure at the Ardonagh Group, where he held multiple leadership positions.
He served as the CEO of Ardonagh Specialty Holdings, Ardonagh Capital Solutions Holdings and Inver Re, the Ardonagh Group’s reinsurance broking unit, as well as Corant Global and Ed Broking Group.
Additionally, Hearn was a director of Ardonagh International from May 2023 to July 2024.
He also worked at Willis Group Holdings and its associated businesses from 2008 to 2015, including as president and deputy CEO of Willis Group, CEO of Willis Re, chairman and CEO of Willis Global, and CEO of Willis.
Brown & Brown president and CEO Powell Brown said: “Steve has been a good friend of the firm, and of mine, for more than 20 years. We have worked and traded together, and we are so pleased to welcome him to the team. He has made great contributions to Brown & Brown during his time on the board.
“As we work towards our next interim revenue goal of $8bn, we believe the timing is right to have Steve join the organisation to help drive operational excellence and scale, while we continue to further our position as a leading global provider of insurance solutions.”
In the fourth quarter of 2024 (Q4 2024), Brown & Brown reported net income attributable to the company of $210m, a decrease from $269m in Q4 2023.
However, for the full year of 2024, the company’s net income stood at $993m, up from $871m in the prior year.
