Brown & Brown Inc (NYSE: BRO) is a Florida-based insurance intermediary that markets and sells insurance products and services, primarily in the property, casualty, and employee benefits areas. Revenue comes from commissions and fees earned as an agent or broker without assuming underwriting risk, supplemented by ancillary income from captive insurance operations and a write-your-own flood insurance carrier, Wright National Flood Insurance Company, operating under the National Flood Insurance Program. The company operates through two reportable segments: Retail, which serves commercial, public, quasi-public, professional, and individual customers across 44 U.S. states plus seven international locations, and Specialty Distribution, which includes programs businesses operating as managing general underwriters under the Arrowhead Programs name, wholesale brokerage, and specialty businesses under Arrowhead Specialty. As of December 31, 2025, Brown & Brown employed 14,531 teammates in the Retail segment and 7,905 in the Specialty Distribution segment. No single Retail customer exceeded 0.6% of that segment's commissions and fees in FY2025, while the largest Specialty Distribution customer represented approximately 7.2% of that segment's commissions and fees.

Revenue model

Commissions and fees earned as an insurance agent and broker, without assuming underwriting risk on the majority of business. Ancillary revenues come from captive insurance structures, protected cell and segregated account companies, a quota share captive, an excess of loss layer captive, and flood insurance policies written under FEMA's National Flood Insurance Program through WNFIC (FY2025, per 10-K filed 2026-02-12).

Products and services

Property and casualty insurance brokerage, employee benefits, specialty and excess and surplus lines, managing general underwriting programs (Arrowhead Programs), wholesale brokerage, affinity and administrative services, captive risk management (Oxford Risk Management Group), reinsurance, travel and accident insurance, warranty services, life and health benefits, and automobile and recreational vehicle dealer financial and insurance products (F&I services).

Customers and end markets

Commercial enterprises, public and quasi-public entities, professional customers, and individual consumers served through the Retail segment. Specialty Distribution customers include insurance carriers, wholesale brokers, affinity groups, independent agents, and niche industry groups. No Retail customer exceeded 0.6% of Retail segment commissions and fees in FY2025. Largest Specialty Distribution customer was approximately 7.2% of that segment's commissions and fees (FY2025).

Value-chain role

Insurance intermediary, operating primarily as agent and broker between insurance buyers and carriers. Also acts as managing general underwriter through Arrowhead Programs, and operates ancillary captive and reinsurance structures that provide underwriting capacity.

Geographic exposure

Primary operations in the United States across 44 states. International presence in Bermuda, Belgium, Canada, Cayman Islands, France, Germany, Hong Kong, India, Italy, Malaysia, the Netherlands, Republic of Ireland, Singapore, United Arab Emirates, and the United Kingdom (as of December 31, 2025).

Competitors

Insurance companies that directly sell to individuals and small enterprises without third-party agents, Internet and startup technology companies offering direct placement of personal lines or small business insurance

Source: SEC 10-K, filed 2026-02-12

Industry: Insurance Agents, Brokers & Service Peers: Hagerty Inc Arthur J. Gallagher & Co. Baldwin Insurance Group, Inc Goosehead Insurance Inc Hippo Holdings Inc Marsh & McLennan Companies Inc Ryan Specialty Holdings Inc SelectQuote Inc