IFNY Annual Luncheon Draws 350; Hyatt Brown Honored
More than 350 insurance leaders joined in the Insurance Federation of New York’s (IFNY) 100th Annual Free Enterprise Award Luncheon to honor J. Hyatt Brown, Chairman, Brown & Brown, as he received the Federation’s 2014 Free Enterprise Award. The honoree’s son, J. Powell Brown, President and CEO of Brown & Brown, IFNY President Nick Pearson and IFNY Director Doug Hayden, presented the Federation’s top honor to Mr. Brown at Cipriani, Wall Street. The Free Enterprise Award’s distinguished recipients are business leaders who have advanced their industry, espousing the principles of free enterprise for which IFNY has stood for since 1913. Recent past recipients of this prestigious award include Robert Benmosche, former President and CEO of AIG, and Evan Greenberg, Chairman and CEO of ACE Limited.
In presenting the award, Mr. Pearson noted that “Mr. Brown exemplifies the spirit of entrepreneurship that has advanced American business and the insurance sector in particular. The Insurance Federation of New York congratulates him upon his receipt of our highest award.” In accepting the award, Mr. Brown recounted the simple beginnings of the company and its growth into one of the largest global insurance producers in the world in the space of 30 years. The event’s featured speaker was Benjamin Lawsky, Superintendent of the New York Department of Financial Services.
The Luncheon was also an opportunity for the 2014 IFNY Intern Program participants to be recognized for their achievement and share their experience with the attendees. The IFNY Intern Program reaches out into the community and gives highly motivated teens, from challenging backgrounds, an in- depth opportunity to learn about the insurance industry in all its facets and to consider a career in insurance. The Program has been generously supported by IFNY members for the past three summers.
Background of Hyatt Brown
This year’s awardee, Mr. Brown, was elected by the IFNY to receive the award based upon his accomplishment and service. He is currently Chairman of the Board of Brown & Brown. The company is a publicly owned corporation with its stock traded on the New York Stock Exchange under the symbol BRO (NYSE:BRO). From 1961 to 2007, Hyatt served as Chief Executive Officer and President. In that capacity he was the driving force behind the expansion of Brown & Brown that grew the once modest, local insurance company into a national business that has become the sixth largest insurance intermediary/brokerage in the country and the world. Today, under the leadership of Hyatt’s son Powell Brown, who became CEO in 2007, the company now has over 7,000 employees and over 200 offices in 41 states and three foreign offices including London. In New York alone Brown & Brown has opened 18 offices throughout the state since 2001. In January of this year, Brown & Brown made its largest acquisition to date by acquiring both The Wright Insurance Group headquartered in Uniondale, New York and Wright Flood headquartered in St. Petersburg, Florida.
Mr. Brown is a graduate of the University of Florida, 1959 B.S.B.A. At the University, he was named a Florida Blue Key Leadership Honorary and is a member of the University Hall of Fame. After his formal education, Mr. Brown received both Chartered Property Casualty Underwriter (CPCU) and Chartered Life Underwriter (CLU) designations.
Mr. Brown is currently serving on the board for International Speedway Corporation in Daytona and Verisk Analytics, Inc. in Jersey City. He is a retired director of Suntrust, Bell South Corporation and NextEra Energy. In the insurance industry, he has served as Vice Chairman of Florida Residential Property and Casualty Joint Underwriting Association and Chairman of The Council of Insurance Agents & Brokers in Washington. He is a Trustee of Stetson University.
Mr. Brown has been active in legislative services as well as civic and education-al activities. He was elected to the Florida House of Representatives in 1972 and served as Speaker of the House from 1978 to 1980. In the educational arena, Mr. Brown was on the Board of Regents for the State of Florida from 1982-1989, and served as Chairman of the Board of Trustees at Stetson University. During his active involvement with civic organizations, he served on the Salvation Army Advisory Council, the YMCA Advisory Board, and the Civic League of the Halifax Area. He is a Member of The Florida Council of 100, Past Chairman of Community Action Agency, Past President of Daytona Beach Area Chamber of Commerce, Past President of Futures, Inc., and Past Trustee of Florida Chamber Foundation.
In August 1979, Time Magazine named Mr. Brown as one of the Nation’s 50 young leaders. In 1977 and 1978, he received the Most Effective Member of the House – Allen Morris Award and the Most Valuable Member of the House – St. Petersburg Times Award. In 1998, he was awarded Humanitarian of the Year – Memorial Health Systems. In 2000, he was awarded the Distinguished Alumnus Award from the University of Florida. Investor’s Business Daily named him as one of their “Top 10 Leaders & Success CEOs for 2001” and A.M. Best named him to their list of “People to Watch in 2002” as one of the people likely to affect the course of the insurance industry in the years ahead. He was inducted into the Junior Achievement Mid-Florida Business Hall of Fame on November 18, 2004 in recognition of his outstanding accomplishments in the insurance industry.
From a modest family-owned local insurance company, the vision and work ethic established by Hyatt Brown has seen this publicly-owned company, Brown & Brown, with a customer first business strategy and strong financial controls, achieve fourteen consecutive years of double digit bottom line growth.
The Insurance Federation of New York
Since 1913, the Insurance Federation of New York has been a force for communicating ideas among all sectors of the insurance industry, bringing public and private interests together for the benefit of all. The Insurance Federation of New York’s prestigious Free Enterprise Award—presented to some of history’s legendary entrepreneurs— continues to salute risk takers and leaders whose creativity and initiative has enabled the expansion of business throughout New York, across the country and around the world. In the insurance industry, it is the commitment and vision of these leaders that has created and refined the risk transfer mechanism to spur economic growth and contribute to personal financial security for countless millions.
Today, the Insurance Federation of New York’s annual calendar of events brings together the “best and brightest” to ensure that industry intelligence is shared and that support for best practices in insurance business, law and regulation earns the under- standing of leaders across the spectrum. This shared goal draws business executives, legislators and regulators to our Annual Luncheon, our “Breakfast with…” programs, professional seminars, and other events. We also note the establishment of the IFNY Intern Summer Program. Federation members have given most generously of their time and finances to support this program that reaches out into the community and gives highly motivated teens, from challenging backgrounds, an in-depth opportunity to learn about the insurance industry in all its facets and to consider a career in insurance.
The Insurance Federation of New York is a not-for-profit New York corporation that does not engage in lobbying activities and is open to all.
The IFNY Board of Directors includes the following distinguished professionals: Immediate Past Chairman, Cecilia Norat, Cecilia Norat Consulting LLC; Chairman, Lance Albright, Senior Vice President, QBE; President, Nick Pearson, Partner, Edwards Wildman Palmer LLP; Vice Presidents, Michael Fusco, SVP & Chief Actuary, Argo Group; Douglas Hayden, EVP Wright Insurance Group; Financial VP, Stephen Boon, Jr., President, Harold L. Lee & Sons, Inc.; VP and Managing Director, Steve Acunto, CEO, CINN Group, Inc. Directors also include: Kermitt Brooks, Managing Director & Associate General Counsel, AXA US; Roger Moak, Arbitrator; Jonathan Bing, partner Wilson, Elser, LLP; James March, Vice President and Senior Assistant General Counsel, Zurich North America; Howard Mills, Chief Advisor, Insurance Industry Group, Deloitte LLP; Kevin Rampe, General Counsel, ACE North America; Francine L. Semaya, Esq., Legal and Insurance Regulatory Consultant; Edward Notarpole, Vice President Liberty Mutual Insurance
Group; Senator Manfred Ohrenstein, Senior Partner, Ohrenstein & Brown, LLP; Elizabeth Heck, President, GNY Companies; Amy Feller, Chubb Group of Insurance Companies; Raul Rivera, Chairman, President and CEO, National Benefit Life Insurance Company; Maura Clancy, Clancy & Clancy Brokerage; David Walsh, CEO Amalgamated Life Insurance Company; James Corcoran, James P. Corcoran, Esq.; Salvatore Curiale; Donald Gabay, Stroock, Stroock & Lavan LLP; William Savino, Partner, Rivkin Radler LLP; Richard Hershman, Senior Managing Director, FTI Consulting, Inc.; and John Hill, II, President & COO, Magna Carta Companies.