Daytona Beach is looking to revitalize it’s downtown area, and it looks like insurance giant Brown & Brown, Inc. plans to be the catalyst. Last month the company unveiled plans to build a 10-story, $25 million riverfront headquarters on Beach Street. The new building will be home to 600 additional employees that Brown & Brown plans to hire, which will be an economic surge to East Volusia County.
The building is expected to be at 354 North Beach Street and is a 10.5 acre lot that was formerly a Buick dealership. The company is seeking funding from the government in the way of financial incentives such can tax credits in exchange for creating the agreed upon number of jobs. The building is expected to be completed by 2020.
Many think this will kick-start the long awaited revitalization of Downtown Daytona Beach. Similar to Downtown DeLand, the area has several “ma & pop” shops and restaurants along Beach Street that is adjacent to the Halifax River. Popular landmarks in the area include the News-Journal Center and City Island, the home of the Daytona Beach Public Library and Jackie Robinson Ballpark.
Brown & Brown is the sixth largest insurance agency in the country and the seventh largest in the world based on annual revenue. It is one of four locally-based public companies and its stock shares are traded on the New York Stock Exchange under the symbol BRO. Here are a few other key facts about Brown & Brown.
Year founded: 1939
Number of employees companywide: 8,600+
Number of employees in Daytona Beach: 353
Number of offices nationally: 240+ in 43 states
Locations in Daytona Beach: 2
Number of offices in other countries: 4
First year annual revenues topped $1 billion: 2011
2016 revenues: $1.76 billion (record high)
2017 revenues year-to-date (through first two quarters): $931.4 million
Number of acquisitions so far this year: 7
Year it became a public company: 1993
Stock symbol on the New York Stock Exchange: BRO
Chairman: J. Hyatt Brown
CEO: J. Powell Brown (Hyatt’s eldest son)