Here are 1-3 brief analogies for Brown & Brown (BRO):

• JLL for insurance brokerage. (JLL is a global leader in commercial real estate services and brokerage.)
• Accenture for insurance advisory and solutions. (Accenture is a global professional services company providing consulting and solutions.)

• Commercial Insurance Services: Provides risk management and insurance solutions for businesses, covering property, liability, and other operational exposures.
• Employee Benefits Services: Delivers comprehensive health, life, disability, and other benefits programs for employers to offer their employees.
• Personal Lines Insurance Services: Offers insurance policies such as auto, home, and umbrella coverage to individuals and families.
• Wholesale Brokerage: Serves as an intermediary for retail agents, placing specialized and complex risks with insurance carriers.
• Program Business: Develops and manages industry-specific insurance programs for niche markets and specialized risks.

Brown & Brown (BRO)

Brown & Brown, Inc. operates as a diversified insurance brokerage firm. Due to the nature of an insurance brokerage business, the company primarily serves a vast and diverse client base rather than having a few identifiable "major customers" that account for a significant portion of its revenue. Its revenue is derived from commissions and fees earned on a large volume of insurance policies placed for numerous clients across various segments.

Therefore, it is more appropriate to describe the categories of customers that Brown & Brown serves:

• Commercial Businesses: This category encompasses a broad spectrum of enterprises, ranging from small and medium-sized businesses to large corporations across various industries. These clients seek a wide array of insurance products, including property and casualty, general liability, professional liability, workers' compensation, and employee benefits programs.
• Public Entities: Brown & Brown provides insurance and risk management services to various governmental and public sector organizations. This includes clients such as municipalities, counties, school boards, state agencies, and other public entities that require specialized coverage and risk management solutions.
• Individuals and Families: The company also serves individuals and families, including high-net-worth clients, by providing personal lines insurance. This includes policies such as homeowners, automobile, recreational vehicle, umbrella liability, and life insurance.

J. Powell Brown, President & Chief Executive Officer

J. Powell Brown joined Brown & Brown in 1995, progressing through various leadership positions across the company's business segments. He was named President in January 2007 and appointed to the board of directors in October 2007, subsequently becoming Chief Executive Officer in July 2009. He is the son of J. Hyatt Brown, the company's Chairman. He holds the professional designation of Chartered Property Casualty Underwriter (CPCU), is a graduate of the University of Florida, and earned an MBA from Duke University. Since January 2010, Mr. Brown has served on the Board of Directors for WestRock Company (formerly RockTenn Company), a publicly traded company.

R. Andrew Watts, Executive Vice President, Chief Financial Officer & Treasurer

R. Andrew Watts serves as the Executive Vice President, Chief Financial Officer, and Treasurer for Brown & Brown, Inc. Prior to this role, he also held the position of Executive Vice President and Chief Financial Officer for Brown & Brown of Colorado, Inc.

J. Scott Penny, Executive Vice President & Chief Acquisitions Officer

J. Scott Penny holds the position of Executive Vice President and Chief Acquisitions Officer at Brown & Brown, Inc. He also holds the professional designation of Certified Insurance Counselor (CIC).

Stephen P. Hearn, Executive Vice President, Chief Operating Officer & President – Retail Segment

Stephen P. Hearn is the Executive Vice President, Chief Operating Officer, and President of the Retail Segment for Brown & Brown, Inc. He was appointed to lead all operations outside of North America across both the Retail and Specialty Distribution Segments, effective September 3, 2025. His leadership aims to support strategic priorities including scaling operations, fostering innovation, and investing in team growth.

P. Barrett Brown, Executive Vice President

P. Barrett Brown serves as an Executive Vice President at Brown & Brown, Inc. He is also the brother of J. Powell Brown, the President and Chief Executive Officer of the company.

The key risks to Brown & Brown (BRO) include:

1. Softening Property and Casualty Insurance Pricing: The company faces risks from softer property and casualty insurance pricing, particularly in catastrophe (CAT) property rates, which have seen declines and are expected to continue falling if there are no significant catastrophe losses. This trend impacts revenue and earnings, with recent analyst downgrades citing these pricing conditions as a significant concern.
2. Acquisition Dependency and Associated Financial Leverage: Brown & Brown's long-term growth is heavily reliant on a continuous stream of acquisitions. This strategy brings inherent risks related to successfully identifying, integrating, and realizing value from acquired businesses. Furthermore, recent M&A activity has led to a significant surge in interest expense and increased leverage, heightening balance sheet risk.
3. Potential Financial Instability: The company's Altman Z-Score is reported to be in the "distress zone," suggesting a potential risk of financial instability if underlying issues are not addressed.

The addressable markets for Brown & Brown's main products and services, primarily insurance brokerage across various lines, are substantial both in the U.S. and globally.

Overall Insurance Brokerage Market

• Globally, the insurance brokerage market was valued at approximately USD 314 billion in 2024 and is projected to reach USD 757.8 billion by 2034.
• In the U.S., the insurance brokerage market size is estimated at USD 140.38 billion in 2025 and is forecast to reach USD 171.93 billion by 2030. Other estimates indicate the U.S. market size for Insurance Brokers & Agencies as $261.7 billion in 2025, and approximately USD 466.7 billion by 2025.

Employee Benefits Brokerage

Brown & Brown offers comprehensive employee benefits solutions as part of its Retail segment.

• The global employee benefit broker market size is calculated at USD 48.24 billion in 2025 and is forecasted to reach around USD 78.21 billion by 2034.
• In the U.S., the employee benefit broker market size was estimated at USD 10.97 billion in 2024 and is predicted to be worth around USD 18.93 billion by 2034.
• For North America, the employee benefit broker market size surpassed USD 14.62 billion in 2024.

Property & Casualty (P&C) Insurance Brokerage

Brown & Brown provides property & casualty insurance products to various businesses and individuals.

• The overall U.S. Property, Casualty and Direct Insurance market size is projected to be $1.0 trillion in 2025. Another source valued the U.S. property and casualty insurance market at USD 1.10 trillion in 2025 and projects it to reach USD 1.33 trillion by 2030.
• Globally, the property and casualty insurance market size was valued at USD 1.88 trillion in 2024 and is projected to grow to USD 2.57 trillion by 2032. For North America, this market was calculated at USD 1.27 trillion in 2024 and is expected to reach around USD 2.86 trillion by 2034.

Specialty Insurance

Brown & Brown's National Programs and Wholesale Brokerage segments, which are reorganizing into a Specialty Distribution segment, deal with specialty lines of insurance.

• The global specialty insurance market size stood at USD 134.6 billion in 2025 and is expected to expand to USD 215.8 billion by 2030. Another estimate puts the global specialty insurance market size at USD 139.74 billion in 2025, predicted to reach around USD 335.86 billion by 2034.
• North America accounted for a 39.4% revenue share of the global specialty insurance market in 2024. The U.S. is noted as a hub for specialty insurance providers, with a strong demand for products like cyber insurance, environmental insurance, and professional liability insurance; the market for specialty insurance in the U.S. is projected to grow to USD 2,745.1 billion by 2032 (from USD 1,457.84 billion in 2023).

Brown & Brown, Inc. (BRO) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Strategic Acquisitions and M&A Activity: A core component of Brown & Brown's growth strategy involves a robust pipeline of acquisitions. The company consistently pursues and integrates smaller insurance brokerage firms, expanding its market presence and diversifying its offerings. Recent examples include the integration of AssuredPartners, which added over 5,000 employees, and Accession, which significantly boosted the Specialty Distribution segment. Management anticipates continued acquisition activity through 2025 and into 2026.
2. Organic Revenue Growth: Brown & Brown continues to demonstrate solid organic revenue growth, driven by factors such as net new business, strong client retention rates, and the expansion of exposure units across its diverse segments, including Retail, Programs, and Wholesale.
3. Favorable Insurance Market Conditions and Pricing: While some segments like catastrophe property rates have experienced declines, moderating rate increases in many admitted insurance lines, particularly in auto and casualty, are expected to contribute to revenue expansion. Analysts have noted that premium rate increases continue to boost the company's revenue growth.
4. Growth in Investment Income and Profit-Sharing Contingent Commissions: The company benefits from increased investment income and profit-sharing contingent commissions, which have consistently contributed to its total revenue and margin expansion. These elements provide additional streams of revenue that bolster overall financial performance.

Share Repurchases

• Brown & Brown's board of directors authorized the purchase of up to an additional $1.25 billion of outstanding common stock on October 22, 2025, bringing the total approved repurchases to approximately $1.5 billion in aggregate.
• In 2024, the company repurchased shares to fund tax withholdings for non-cash stock-based compensation.

Share Issuance

• On June 10, 2025, Brown & Brown announced the pricing of a public offering of approximately 39.22 million shares of its common stock at $102.00 per share, aiming to raise $4 billion. The net proceeds, expected to be approximately $3.9 billion, are primarily intended to fund a portion of the acquisition of RSC Topco, the holding company for Accession Risk Management Group.

Outbound Investments

• Brown & Brown entered into an agreement on June 10, 2025, to acquire RSC Topco, the holding company for Accession Risk Management Group, for a gross purchase price of $9.825 billion. This transaction is expected to close in the third quarter of 2025. Accession had pro forma adjusted revenues of approximately $1.7 billion in 2024.
• In 2024, the company completed 32 acquisitions, including significant purchases such as Quintes Holding B.V. and The Canopy Group, which collectively contributed approximately $174 million in annual revenues.
• In 2022, Brown & Brown expanded its international presence through acquisitions of Global Risk Partners (GRP) and BdB, adding approximately 130 locations and 2,500 new teammates across England, Northern Ireland, Ireland, Italy, and Belgium. [cite: 28 in prior results]

Capital Expenditures

• Capital expenditures amounted to $82 million in 2024 and $69 million in 2023.
• These expenditures primarily focused on purchases of furniture and fixtures, leasehold improvements related to office moves, and investments in hardware and software for information technology.