One of the first things I do when analyzing a company is go through the latest annual report. What immediately stood out to me were the covers in which Brown & Brown presented their annual reports (see picture down below).

Almost every cover consists of a cheetah, sometimes with its prey. The cheetah is a symbol of Brown & Brown’s culture: “Constantly doing what’s best for our customer, requires constant persistence and vision. The cheetah, which represents vision, swiftness, strength, and agility, embodies our company culture and has served as a symbol for Brown & Brown since the 1980s.”

Besides making use of this animal in a smart way, Brown & Brown supports cheetah conservation and the work of ‘The Cheetah Conservation Fund’.

This cheetah approach has repaid the company well. Brown & Brown’s stock price has risen from $0.30 in 1986 to around $80 at the moment of writing this report. That translates to an increase of over 26,000%, or a 260-bagger.

Now, what kind of company is Brown & Brown actually? Brown & Brown is an American-based insurance company active in retail, programs, and wholesale brokerage. It doesn’t solely operate in the United States but has evolved to become a global insurance company with operations in Hong Kong, France, Italy, Malaysia, and Germany, among others. Because the company has lost 1/3rd of its market cap lately, it seems like a perfect moment to analyze the business. 

Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

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