Brown & Brown, Inc. 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. The company primarily acts as an agent or broker and does not assume underwriting risk although it also operates ancillary insurance operations such as reinsurance companies stand alone captives series captive insurance companies protected cell companies segregated account companies quota share captive excess of loss layer captive and a write your own flood insurance carrier Wright National Flood Insurance Company. These operations provide additional underwriting capacity generate incremental revenues and enable participation in certain underwriting results. The company conducts activities from 468 domestic locations in 47 states and 246 international locations across Belgium Bermuda Canada Cayman Islands France Germany Hong Kong India Italy Malaysia Netherlands Republic of Ireland Singapore United Arab Emirates and the United Kingdom. The firm also provides risk management services loss control surveys claims processing and consulting to help clients mitigate exposure and improve safety.

The company generates revenue mainly through commissions and fees earned from placing insurance policies and providing related services to clients. Its core offerings include property casualty coverage employee benefits personal insurance specialty programs wholesale brokerage placement and specialty solutions such as captive administration reinsurance travel accident warranty and life and health benefits. In addition the company earns fees from non insurance warranty services and products offered through its automobile and recreational vehicle dealer services F&I businesses. In addition to core brokerage commissions the company earns income from fee based services such as policy administration consulting and technology solutions. Revenue is derived from a diverse customer base that includes commercial enterprises public and quasi governmental entities professional firms and individual consumers. The majority of commissions and fees come from the United States while international operations contributed 843 million dollars in 2025 665 million in 2024 and 527 million in 2023. The company’s revenue mix reflects its broad product platform with property casualty accounting for the largest share followed by employee benefits and personal lines.

The company operates through the following segments: Retail and Specialty Distribution.

• Retail segment provides a broad range of insurance products and services to commercial public and quasi public professional and individual insured customers and offers non insurance services and products through its automobile dealer services F&I businesses. Significant lines of coverage and capabilities include property casualty employee benefits personal insurance property group health homeowners casualty voluntary benefits automobile workers compensation pharmacy benefits personal excess liability surety independent retirement flood and excess liability aviation international benefits flood and excess flood private equity mergers and acquisitions employer stop loss specialized coverages executive liability long term care group excess cyber risk multinational property casualty capabilities employee benefits capabilities specialties analytics benefit design and delivery dealer services modeling financial strategy and analytics specialty risk solutions risk services regulatory and legislative strategy tribal nations alternative risk captives technology services total rewards and compensation specialty risk solutions population health and well being strategic non medical solutions private equity mergers and acquisitions. The segment employs 14 531 employees and maintains physical locations in 44 states plus Bermuda Canada Cayman Islands India the Netherlands Republic of Ireland and the United Kingdom. No single customer accounts for a material portion of the segment’s revenue with the largest customer representing 0.6 percent of Retail segment commissions and fees. The Retail segment emphasizes building long term relationships with clients through local offices and personalized service.

• Specialty Distribution segment consists of programs wholesale brokerage and specialty businesses that provide a diverse trading platform for insurance carriers and expanded access and niche solutions for brokers and customers navigating complex and hard to place risks. The programs business operating under the name Arrowhead Programs develops underwrites and manages insurance program business often designed for niche underserved markets and distributes these coverages to retail agencies including Brown & Brown retail offices affinity groups wholesale entities and direct to consumers. It offers program management expertise across six broad categories including professional programs personal lines commercial lines public entity programs specialty programs and other lines. The wholesale brokerage business operating under the name Bridge Specialty Group offers capabilities across multiple lines including brokerage binding and underwriting and provides access to admitted excess and surplus lines carriers and Lloyd’s markets through independent agents and brokers including Brown & Brown retail agents. The specialty business operating under the name Arrowhead Specialty provides solutions across affinity and administrative services captives reinsurance travel accident warranty and life and health including Oxford Risk Management Group a captive risk management business. The segment employs 7 905 employees and has physical locations in the United States Belgium Canada France Germany Hong Kong Italy Malaysia Netherlands Singapore United Arab Emirates and the United Kingdom. The largest customer in this segment represented approximately 7.2 percent of the segment’s total commissions and fees. Specialty Distribution serves as a conduit for carriers seeking to enter specialized markets while offering brokers access to unique products that are not widely available.

Brown & Brown, Inc. operates in a highly competitive insurance intermediary market where success depends on innovation product knowledge service quality and pricing. It faces competition from large national and international brokerage firms that have greater resources and broader market reach. Insurance carriers that sell directly to consumers also compete by avoiding commission payments to agents and brokers. Additionally internet based startups and technology firms provide direct placement options for personal lines and small business insurance. The company counters these challenges with its own technology platforms a decentralized organizational structure a focus on customer service and a culture of meritocracy that encourages employee ownership and performance. Its scale and geographic footprint allow the company to serve large national accounts while maintaining local market knowledge through its network of offices. Continuous investment in technology and data analytics supports efficient underwriting and improved client outcomes.

The company serves a diverse customer base that includes commercial enterprises public and quasi governmental entities professional firms and individual consumers. In the Retail segment the largest customer represents less than one percent of segment revenue while in the Specialty Distribution segment the largest customer accounts for approximately seven percent of segment revenue. No customer is material to the overall company's revenues. The company’s customers span a variety of sectors including construction healthcare education manufacturing and professional services.