BROWN & BROWN, INC. (BRO)

Brown & Brown, Inc., a Florida corporation, is a diversified insurance agency, wholesale brokerage, insurance programs and service organization that markets and sells insurance products and services, primarily in the property, casualty and employee benefits areas. It mainly acts as an agent or broker and does not assume underwriting risk. It also runs ancillary insurance operations, including reinsurance companies, stand-alone captives, series captive insurance companies, protected cell companies, segregated account companies, a quota share captive and an excess of loss layer captive. These add underwriting capacity, generate incremental revenue and let the company participate in certain underwriting results. It also operates a write-your-own flood carrier, Wright National Flood Insurance Company, which writes National Flood Insurance Program policies (ceded to FEMA) and excess flood policies that are fully reinsured in the private market.

Following the third-quarter 2025 acquisition of RSC, the holding company for Accession Risk Management Group, the company realigned from three segments to two by combining Programs and Wholesale Brokerage into a new Specialty Distribution segment. The Retail segment offers property and casualty, employee benefits and personal insurance, along with risk management, loss control, claims processing and consulting services. It also provides non-insurance warranty services and products through its automobile and recreational vehicle dealer services (F&I) businesses. The Specialty Distribution segment includes the programs, wholesale brokerage and specialty businesses. The programs businesses, under the Arrowhead Programs name, act as managing general underwriters and offer professional, personal lines, commercial lines, public entity and specialty programs. The wholesale brokerage businesses, under the Bridge Specialty Group name, place excess and surplus lines and hard-to-place risks. The specialty businesses, under the Arrowhead Specialty name, comprise the acquired One80 Intermediaries businesses, including Oxford Risk Management Group, and cover affinity and administrative services, captives, reinsurance, travel/accident, warranty, and life and health.

Retail customers include commercial, public and quasi-public entities, professionals and individuals. No material part of Retail is attributable to a single customer, and the largest represented 0.6% of segment commissions and fees in 2025. Specialty Distribution serves insurance carriers, brokers, retail agencies (including Brown & Brown's own), affinity groups, wholesale entities and consumers, with niche solutions for complex and hard-to-place risks. Its largest customer represented about 7.2% of segment commissions and fees. Most operations are in the United States. International operations generated $843 million of revenue in 2025, $665 million in 2024 and $527 million in 2023.

As of December 31, 2025, the company operated from 468 domestic locations in 47 states and 246 international locations across Europe, Asia, the Middle East, Canada and the Caribbean, including the United Kingdom, Ireland, Bermuda, India and Singapore. It employed 22,888 people, including 14,531 in Retail and 7,905 in Specialty Distribution, and added nearly 5,794 teammates through 43 acquisitions in 2025. The company describes its culture as decentralized, with nearly 20% employee ownership. It competes in a highly competitive intermediary market on innovation, knowledge, service quality and price. Rivals include firms with greater resources, insurers that sell directly to individuals and small businesses, and internet and startup technology companies. The business is subject to agent, broker and third-party administrator licensing requirements that vary by state and country.