8-KLeadership Changes

BROWN & BROWN, INC. 8-K Report, Executive Changes (Jun 15, 2023)

Filed June 15, 2023For Securities:BRO

Summary

Brown & Brown, Inc. (BRO) announced a strategic expansion of its Board of Directors on June 13, 2023. The size of the Board has been increased from 12 to 14 members with the immediate appointment of two new directors: Paul J. Krump and Bronislaw E. Masojada. Both appointees bring extensive experience from leadership roles in major global insurance companies, including Chubb Limited and Hiscox Group, respectively. These appointments are significant as they add considerable industry expertise to Brown & Brown's governance. Mr. Krump, formerly Vice Chairman at Chubb, and Mr. Masojada, former CEO of Hiscox and former Deputy Chairman of Lloyd's of London, are expected to contribute to the company's strategic direction and oversight. The new directors have also been assigned to key board committees, with both joining the Audit Committee, and Mr. Krump also joining the Acquisition Committee, while Mr. Masojada will serve on the Compensation Committee. Their terms will expire at the 2024 Annual Meeting of Shareholders.

Key Highlights

  • 1Brown & Brown, Inc. increased its Board of Directors size from 12 to 14 members.
  • 2Paul J. Krump and Bronislaw E. Masojada were appointed as new directors, effective June 13, 2023.
  • 3Paul J. Krump brings extensive experience from Chubb Limited, including his role as Vice Chairman, Global Underwriting and Claims.
  • 4Bronislaw E. Masojada brings significant leadership experience as former CEO of Hiscox Group and former Deputy Chairman of Lloyd's of London.
  • 5Both new directors have been appointed to the Board's Audit Committee.
  • 6Mr. Krump was appointed to the Acquisition Committee, and Mr. Masojada was appointed to the Compensation Committee.
  • 7The new directors will receive standard compensation for non-employee directors and their terms expire at the 2024 Annual Meeting of Shareholders.

Frequently Asked Questions

The company has expanded its Board of Directors to add significant industry expertise and experience. The appointment of Paul J. Krump and Bronislaw E. Masojada brings seasoned leadership from prominent global insurance companies, which is intended to further strengthen the company's governance and strategic oversight.

Paul J. Krump has a distinguished career at Chubb Limited, where he most recently served as Vice Chairman, Global Underwriting and Claims. Bronislaw E. Masojada is a veteran insurance executive, having served as CEO of Hiscox Group and previously as Deputy Chairman of Lloyd's of London. Both have extensive experience in underwriting, claims, and executive leadership within the insurance sector.

Both Mr. Krump and Mr. Masojada have been appointed to the Board's Audit Committee. Additionally, Mr. Krump will serve on the Acquisition Committee, and Mr. Masojada will serve on the Compensation Committee.

The filing indicates that the new directors will be compensated in accordance with the standard compensation provided to non-employee directors. There are no disclosed arrangements or understandings regarding their selection, nor are there any material direct or indirect interests in transactions with the Company that are required to be reported.