Brown & Riding Company Profile

Background

Founded in 1980, Brown & Riding (B&R) is a leading national wholesale insurance brokerage firm headquartered in Los Angeles, California. The company is dedicated to delivering superior outcomes for clients by setting the standard of excellence in the wholesale insurance brokerage industry. B&R operates with a clear mission: to remain a fiercely independent firm that continuously raises the bar for service and professionalism.

Key Strategic Focus

B&R specializes in providing a comprehensive array of property, casualty, and management and professional liability products and services within the excess and surplus lines marketplace. The firm's structure is organized by expertise rather than geography, ensuring clients benefit from the collective knowledge and relationships of the entire organization. Key areas of specialization include:

Construction: Offering tailored solutions for complex construction risks, including project-specific and wrap-up programs.

Environmental: Addressing the unique challenges associated with environmental liabilities.

Transportation: Providing coverage for a wide range of transportation-related exposures.

Healthcare: Delivering specialized insurance products for healthcare providers and organizations.

Technology: Crafting policies that meet the evolving needs of the technology sector.

Workers' Compensation: Developing strategies to manage and mitigate workers' compensation risks.

This strategic focus allows B&R to effectively serve a diverse client base across various industries.

Financials and Funding

B&R is a privately held company, 100% owned and managed by key employees, with over 50 shareholders. Brokers own approximately 60% of the company, with the remaining shares held by key individuals in executive leadership roles. This ownership structure underscores the firm's commitment to independence and aligns the interests of employees with the company's long-term success.

Technological Platform and Innovation

B&R distinguishes itself through several proprietary technologies and quality standards:

ISO 9001 Quality Certification: In 2003, B&R became the first wholesale insurance brokerage in the U.S. to implement a Quality Management System certified to ISO 9001. This certification ensures high service standards and consistency across the organization.

Secure Client Portal: The company offers a state-of-the-art, 24/7 secure client portal that provides fully transparent marketing on submissions, enhancing client engagement and service efficiency.

Leadership Team

Chris Brown, Chairman: Joined B&R in 1985 as the first marketing representative in Southern California. Elected president in 1990 and named chairman in 2007. He leads the national Construction Practice Group and focuses on developing current and future leaders within the firm's specialty practice areas.

Jeff Rodriguez, President and CEO: Joined B&R as Chief Operating Officer in 2005, became president in 2007, and CEO in 2010. He has overseen strategic acquisitions and significant organic growth, expanding the company's national footprint. Rodriguez holds a bachelor's degree in economics, an MBA, and numerous insurance certifications.

Mike Boseman, Chief Operating Officer: Joined B&R's brokerage division in 2007, transitioned to operations in 2015, and became COO in 2017. He is responsible for strategic operations, client and carrier development, and enhancing the company's information technology services. Boseman holds a BBA in Finance from the University of Texas at Austin and an MBA from Pepperdine University.

Harold Nam, Chief Financial Officer: Joined B&R as a staff accountant in 2008 and was named CFO in 2021. He has played a pivotal role in the firm's accounting transitions and growth from a regional specialty broker to a national wholesale brokerage firm.

Cristi Carrington, Chief Distribution Officer: With over 25 years in the insurance industry, Carrington manages B&R's carrier relationships and has developed specialized programs, including Habitational, DIC, MPL, and All Risk programs. She serves on WSIA's Board of Directors and is Vice President of the Surplus Line Association of Washington Board of Directors.

Competitor Profile

Market Insights and Dynamics

The wholesale insurance brokerage industry is characterized by a competitive landscape with several key players. B&R's commitment to independence and specialization positions it uniquely within this market.

Competitor Analysis

Brown & Brown, Inc.: Founded in 1939, Brown & Brown is a publicly traded insurance brokerage firm headquartered in Daytona Beach, Florida. It operates over 450 locations worldwide and is one of the largest independent insurance brokerages in the U.S.

Strategic Collaborations and Partnerships

B&R has developed key specialty practice areas, including construction, energy and environmental, transportation, healthcare, technology, and more, to address the unique needs and requirements retailers face with their insureds.

Operational Insights

B&R's organizational structure, centered around expertise rather than geography, allows for a collaborative approach that leverages the collective knowledge of the entire firm. This model enhances the firm's ability to handle larger, more complex deals and provides clients with coordinated placement and service across multiple specialist coverage lines.

Strategic Opportunities and Future Directions

B&R plans to further expand its offerings by building out its specialties and expertise. The company also intends to continue selectively developing its current offices, with any additional geographical growth being strategic and responsive to customer needs.