Company Overview

Brown & Brown, Inc. markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. Founded in 1939 and headquartered in Daytona Beach, Florida, Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm dedicated to providing enhanced, customer-centric risk management solutions. With a global presence spanning over 500 locations and a team of more than 17,000 professionals, the company is committed to delivering scalable, innovative strategies for its customers at every stage of their growth journey.

Business Operations and Core Segments

Brown & Brown operates through four primary segments: Retail, Programs, Wholesale Brokerage, and Services.

- Retail Segment: This segment offers a wide array of insurance products and services, including property and casualty, employee benefits, personal insurance, and specialties insurance. It also provides risk management strategies, loss control surveys, analysis, consultancy, and claims processing services. The retail segment serves commercial, public and quasi-public entities, professional clients, and individual customers.

- Programs Segment: This segment focuses on providing professional liability and related package insurance products tailored for various professions such as dentistry, legal services, eyecare, financial services, and real estate title professionals. It also offers supplementary insurance products for events, medical facilities, and cyber liabilities.

- Wholesale Brokerage: This segment markets and sells excess and surplus commercial and personal lines insurance through independent agents and brokers, acting as a crucial intermediary for specialized insurance needs.

- Services Segment: This segment provides third-party claims administration and medical utilization management services in the workers' compensation and all-lines liability arenas. It also offers services like Medicare Set-aside, Social Security disability advocacy, Medicare benefits advocacy, and claims adjusting.

Financial Performance and Market Position

Brown & Brown has demonstrated consistent financial growth and a strong market position within the insurance brokerage industry.

- Market Capitalization: As of August 22, 2025, Brown & Brown's market capitalization stood at $31.88 Billion.

#### Recent Financial Highlights:

- Full Year 2024 Performance:

- Revenue: $4.71 Billion (a 12.06% increase from the previous year)

- Earnings: $981.00 Million (a 14.34% increase)

- Q1 2025 Results:

- Revenue: $1.4 Billion (an 11.6% increase year-over-year)

- Organic Growth: 6.5%

- Adjusted EBITDAC Margin: Improved by over 100 basis points to 38.1%

- Adjusted Earnings Per Share (EPS): Grew by over 13% to $1.29

- Q2 2025 Results:

- Revenue: $1.3 Billion (a 9.1% year-over-year increase)

- Commissions and Fees Increase: 8.2%

- Organic Revenue Growth: 3.6%

- Q3 2025 Results:

- Revenue: $1.2 Billion (an 11% increase from the year-ago quarter)

- Adjusted Earnings: Grew 12.3% year-over-year to $0.91 per share

- Commissions and Fees Increase: 10.1%

- Organic Revenue Growth: 9.5%

Dividend Information

Brown & Brown, Inc. (NYSE: BRO) has declared a regular quarterly cash dividend of $0.15 per share.

Strategic Acquisitions and Growth Initiatives

Brown & Brown is actively pursuing strategic growth through acquisitions and business restructuring, reinforcing its market leadership.

#### Merger & Acquisition Activity:

- The company has a robust M&A pipeline, having completed 13 acquisitions with an estimated annual revenue of $36 million.

#### Major Strategic Acquisition:

- Brown & Brown has announced the transformative acquisition of RSC Topco, Inc. (Accession Risk Management Group) for $9.825 billion, expected to close in Q3. This acquisition will integrate Accession's Risk Strategies division (focused on cyber risk) and One80 Intermediaries (a leader in program management) into Brown & Brown's operations. This move significantly enhances the company's position in the rapidly growing cyber risk market, a sector projected to grow 15% annually.

#### Business Restructuring:

- To foster growth in high-potential markets, Brown & Brown is merging its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment.

Financial Strength and Performance Metrics

- Cash Flow Generation: The company generated approximately $215 million in cash flow from operations, showing a significant increase year-over-year, indicative of strong cash management.

- Segment Performance: The Programs segment has shown impressive organic growth of 13.6%, driven by new business, strong client retention, and expansion of existing client exposures.

- Growth Trajectory: Brown & Brown has a proven track record of consistently exceeding Wall Street's earnings estimates for the past four quarters. Its strategic plan execution, strong organic growth rates, and effective margin management contribute to a positive outlook for continued performance.

Brown & Brown stands as a formidable player in the insurance brokerage industry, combining decades of experience with a clear strategic vision for future growth, leveraging both organic expansion and impactful strategic acquisitions.