Acquisitions often overpriced: Brown & Brown CEO

Brown & Brown CEO Powell Brown said the company may build on
its near-$550mn cash pile, arguing in an earnings call that
takeovers are often too expensive "to make sense".
In response to a question about the broker's cash balance
from Morgan Stanley analyst Kai Pan during an analysts' call on
18 April, Brown declined to name an optimum working capital
figure.
The executive said that if acquisitions were "very, very
expensive going forward for a protracted period of time,...