Brown & Brown Inc
bbrown.comWhat Do They Do?
Markets insurance coverage and related services to businesses, public entities, professionals and individuals, including specialty and hard-to-place insurance through agent and broker networks.
10-K for FY2025, filed Feb 12, 2026Brown & Brown, Inc., a Florida corporation, and its subsidiaries (collectively, “Brown & Brown” or the “Company”) is a diversified…View ↗
Our business is divided into two reportable segments: (i) the Retail segment, and (ii) the Specialty Distribution segment. The Retail…View ↗
Our wholesale brokerage businesses, operating under the name "Bridge Specialty Group," offer capabilities across multiple lines including…View ↗
How Do They Make Money?
Insurance carriers pay commissions when coverage takes effect, generally as a percentage of the insured’s premium; customers also pay negotiated fees for insurance-related services. Carriers may pay additional commissions tied to production or underwriting results, with profit-sharing payments primarily arriving in the first and second quarters of the following year.
10-K for FY2025, filed Feb 12, 2026Revenue RecognitionView ↗
Base commissions generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate…View ↗
The Company earns commissions paid by insurance carriers for the binding of insurance coverage. Commissions are earned at a point in time…View ↗
We also earn profit-sharing contingent commissions, which are commissions based primarily on underwriting results, but in select situations…View ↗
Other supplemental commissions include additional commissions over base commissions received from insurance carriers based on predetermined…View ↗
Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth…View ↗
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10-K for FY2025, filed Feb 12, 2026
FY2025 revenue by product or service (Fees and Commissions, Other) ↗
$5.9B
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10-K for FY2025, filed Feb 12, 2026
$5.9B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Core Commission Revenue
Sold outright
10-K for FY2025, filed Feb 12, 2026 |
68%
FY2022: 67%
|
Core Commission Revenue, FY2025
$3.9B Sources
|
Sold outright |
|
Fee Revenue
Sold outright
10-K for FY2025, filed Feb 12, 2026 |
22%
FY2022: 26%
|
Fee Revenue, FY2025
$1.3B Sources
|
Sold outright |
|
Other Supplemental Commissions Revenue
Sold outright
|
3.6%
FY2022: 4.5%
|
Other Supplemental Commissions Revenue, FY2025
$206M Sources
|
Sold outright |
|
Profit-Sharing Contingent Commission Revenue
Sold outright
|
4.4%
FY2022: 2.5%
|
Profit-Sharing Contingent Commission Revenue, FY2025
$255M Sources
|
Sold outright |
|
Earned premium
|
1.4%
FY2022: 0.7%
|
Earned premium, FY2025
$83M Sources
|
Who Are Their Customers?
Retail serves commercial, public and quasi-public entities, professionals and individuals. Specialty program products reach insureds directly, affinity groups, wholesale brokers or independent agents; wholesale brokerage mainly works through independent agents and brokers.
10-K for FY2025, filed Feb 12, 2026Our business is divided into two reportable segments: (i) the Retail segment, and (ii) the Specialty Distribution segment. The Retail…View ↗
The Retail segment provides a broad range of insurance products and services to commercial, public and quasi-public, professional and…View ↗
Our programs businesses, operating under the name "Arrowhead Programs," specialize in the development, underwriting and management of…View ↗
Our wholesale brokerage businesses, operating under the name "Bridge Specialty Group," offer capabilities across multiple lines including…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 18 cents of every revenue dollar as net income in FY2025 and turned 23 cents into free cash flow.
How Are They Changing?
10-Q for Q3 FY2026, filed Oct 26, 2026
Open tableView ↗
Growing. Revenue grew 93% in 4 years, from $3.1B in FY2021 to $5.9B in FY2025, about 18% a year.
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