The company said it entered into a Service Agreement with Stephen P. Hearn on February 23, 2025, under which he will become Executive Vice President and Chief Operating Officer effective March 3, 2025. Hearn resigned from the board effective February 23, 2025.

1. 01

   The company said it entered into a Service Agreement with Stephen P. Hearn on February 23, 2025, under which he will become Executive Vice President and Chief Operating Officer effective March 3, 2025. Hearn resigned from the board effective February 23, 2025.

2. 02

   Brown & Brown said Hearn's annual salary is £588,800, and his target cash incentive for 2025 is £1,213,000 (pro-rated for time employed in 2025). It also expects to grant long-term equity incentives of £1,213,000 upon approval by the Compensation Committee.

3. 03

   The company said Hearn began his insurance career in 1989 and worked at The Ardonagh Group from November 2021 to July 2024. It said he has no family relationship with any other executive officer or director of the company.

4. 04

   The company said the Compensation Committee adopted the 2025 annual cash incentive for certain executive officers on February 24, 2025. The incentive is based on organic revenue growth (40%), adjusted EBITDAC margin (40%) and personal objectives (20%), with payouts ranging from 0% to 200% of target.

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