Brown & Brown, Inc.
- Open
- 68.01
- Day high
- 69.07
- Day low
- 67.45
- Prev close
- 68.94
- Volume
- 266K
- Mkt cap
- $22.9B
- P/E (TTM)
- 19.0
- EPS (TTM)
- $3.55
- P/B
- 1.8
- P/S
- 3.6
- Yield
- 0.96%
- Per share
- $0.65
- ▲Insiders net buying $164K over the last 3 months (2 open-market buys, 0 sales)
- 🏛Institutions mixed (13F)
Brown & Brown, Inc. (BRO) is a Financial Services company listed on NYSE. The stock is down 32% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4).
Brown & Brown, Inc. (BRO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 13 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BRO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 4, 2026 | $1.36 | $1.39 | +2.2% | $1.9B | +0.6% |
| Mar 4, 2026 | $0.91 | $0.93 | +2.2% | $1.7B | -13.2% |
| Jan 27, 2025 | $0.77 | $0.86 | +12.1% | $1.1B | -2.9% |
| Jul 22, 2024 | $0.88 | $0.93 | +5.7% | $1.2B | +2.9% |
| Jan 22, 2024 | $0.53 | $0.58 | +9.4% | $972M | -1.3% |
| Jul 24, 2023 | $0.59 | $0.68 | +15.3% | $1.0B | +5.0% |
| Jan 23, 2023 | $0.46 | $0.50 | +8.7% | $893M | -0.5% |
| Jul 25, 2022 | $0.49 | $0.51 | +4.1% | $840M | +4.5% |
| Jan 24, 2022 | $0.39 | $0.42 | +7.7% | $738M | -17.2% |
| Jan 25, 2021 | $0.29 | $0.32 | +10.3% | $640M | +11.5% |
| Jul 27, 2020 | $0.28 | $0.34 | +21.4% | $598M | +21.3% |
| Apr 27, 2020 | $0.46 | $0.51 | +10.9% | $697M | +10.6% |
BRO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 10, 2026 | JOHNSON JOIA Mdirector | Buy | 860 | $58.05 |
| May 6, 2026 | Hoepner Theodore Jdirector | Grant | 2,434 | — |
| May 6, 2026 | Reilly Wendelldirector | Grant | 2,434 | — |
| May 6, 2026 | PROCTOR H PALMER JRdirector | Buy | 2,000 | $57.10 |
| May 6, 2026 | Hunt James Sdirector | Grant | 2,434 | — |
| May 6, 2026 | Main Timothy R.M.director | Grant | 2,434 | — |
| May 6, 2026 | JOHNSON JOIA Mdirector | Grant | 2,434 | — |
| May 6, 2026 | Savio Kathleen A.director | Grant | 2,434 | — |
| May 6, 2026 | KRUMP PAUL Jdirector | Grant | 2,434 | — |
| May 6, 2026 | JENNINGS TONIdirector | Grant | 2,434 | — |
| May 6, 2026 | Masojada Bronislaw Edmunddirector | Grant | 2,434 | — |
| May 6, 2026 | PATEL JAYMIN Bdirector | Grant | 2,434 | — |
| May 6, 2026 | GELLERSTEDT LAWRENCE L IIIdirector | Grant | 2,434 | — |
| May 6, 2026 | PROCTOR H PALMER JRdirector | Grant | 2,434 | — |
| Mar 2, 2026 | Turpin Julieofficer: EVP/Chief People Officer | Grant | 11,704 | — |
Source: BRO SEC Form 4 filings, latest Jun 10, 2026. For informational purposes only — not investment advice.
See the full BRO insider & 13F page →Brown & Brown, Inc. company profile
Overview
Brown & Brown, Inc. (NYSE:BRO) is one of the largest independent insurance brokerage firms in the United States, founded in 1939 and headquartered in Daytona Beach, Florida. The company has grown from a small regional operation into a major player in the insurance intermediary space through decades of organic growth and strategic acquisitions. Today, Brown & Brown operates across the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands, serving as an intermediary between insurance buyers and insurance carriers. The company has been publicly traded since 1981 and has established itself as a consolidator in the fragmented insurance brokerage industry.
Business
Brown & Brown operates as an insurance broker and intermediary, which means it acts as a middleman between businesses and individuals who need insurance coverage and the insurance companies that provide that coverage. Unlike insurance companies that actually underwrite and bear the risk of claims, brokers like Brown & Brown earn commissions and fees for arranging insurance policies and providing related services. The company operates through four distinct business segments: 1. Retail segment (approximately 60% of revenue): This division serves as a traditional insurance broker, selling property and casualty insurance, employee benefits, and personal insurance products to commercial businesses, public entities, professionals, and individual customers. The retail segment also provides specialized services like loss control surveys, risk management consulting, and claims processing. This segment works directly with end customers to assess their insurance needs and find appropriate coverage. 2. National Programs segment (approximately 25% of revenue): This division focuses on developing and managing specialized insurance programs for specific industries or professions. For example, they create tailored insurance packages for dentists, lawyers, physicians, real estate professionals, and other specialized groups. This segment also provides Managing General Agent (MGA) services, which means they have authority from insurance carriers to underwrite policies and handle claims on behalf of those carriers. They also offer outsourced services like product development, marketing, underwriting, and claims administration to insurance companies. 3. Wholesale Brokerage segment (approximately 10% of revenue): This division operates in the excess and surplus (E&S) insurance market, which covers risks that are too unusual, large, or complex for standard insurance companies to handle. Wholesale brokers work with retail brokers and agents to place these hard-to-place risks with specialized insurance carriers. This segment is particularly important for unique or high-risk situations that fall outside normal insurance parameters. 4. Services segment (approximately 5% of revenue): This division provides third-party claims administration services, particularly in workers' compensation and liability insurance. They handle the processing and management of insurance claims on behalf of insurance companies or self-insured entities, including medical utilization management and disability advocacy services.
Revenue model
Brown & Brown generates revenue primarily through commissions and fees paid by insurance carriers when policies are sold or renewed. When the company successfully places an insurance policy for a client, the insurance carrier typically pays Brown & Brown a commission that ranges from 10-15% of the premium paid by the customer. This creates a recurring revenue stream since most insurance policies renew annually. The company also earns contingent commissions from insurance carriers based on the profitability and volume of business placed with those carriers. If Brown & Brown delivers profitable business to a carrier (meaning few claims relative to premiums collected), the carrier may pay additional bonuses. The company also generates fee income from consulting services, claims administration, and specialized advisory services. Several factors can positively impact Brown & Brown's margins and revenue growth. Rising insurance rates directly increase commissions since they're typically calculated as a percentage of premiums. Economic growth leads to more businesses needing insurance and existing businesses expanding their coverage needs. Regulatory changes that increase insurance requirements can drive demand for specialized coverage. The company's acquisition strategy allows it to expand into new markets and service lines, creating cross-selling opportunities. Conversely, several factors can pressure margins and growth. Declining insurance rates reduce commission income, particularly problematic in competitive market cycles. Economic downturns can lead businesses to reduce coverage or go out of business entirely. Increased competition from other brokers or direct-to-consumer insurance models can pressure commission rates. Regulatory changes that limit broker compensation or increase compliance costs can impact profitability. Additionally, catastrophic events can create volatility in contingent commissions, as seen with recent hurricanes affecting property insurance markets.
Competitive moat
Brown & Brown possesses a moderate but sustainable competitive moat built primarily on relationships, scale advantages, and specialized expertise. The insurance brokerage business is inherently relationship-driven, and Brown & Brown has cultivated deep, long-term relationships with both insurance carriers and clients over its 85-year history. These relationships create switching costs for clients, who rely on their brokers' expertise and established carrier relationships to navigate complex insurance markets. The company's scale advantages are significant in carrier negotiations. Large brokers like Brown & Brown can negotiate better commission rates and access to specialized insurance products that smaller brokers cannot obtain. Their size also allows them to invest in technology, specialized expertise, and geographic diversification that smaller competitors cannot match. The company's National Programs segment demonstrates particularly strong moat characteristics, as developing specialized insurance programs requires deep industry knowledge, carrier relationships, and regulatory expertise that takes years to build. However, the moat faces several challenges. The insurance brokerage industry has relatively low barriers to entry for basic commercial insurance, and new competitors regularly emerge. Technology disruption poses a long-term threat, as digital platforms could potentially disintermediate traditional brokers for simpler insurance products. Large corporations increasingly use direct relationships with carriers or captive insurance companies, bypassing brokers entirely. Additionally, regulatory changes could potentially limit broker compensation or increase transparency requirements that might commoditize brokerage services. The company's moat is strongest in complex, specialized insurance areas where relationships and expertise matter most, and weakest in commoditized commercial lines where price competition is intense. Overall, while not impregnable, Brown & Brown's moat should provide reasonable protection against competitive pressures in the medium term.
Risks & safety
Brown & Brown demonstrates a strong margin of safety with solid financial fundamentals and reasonable valuation metrics, though not at distressed levels that would indicate a deep value opportunity. • Liquidity and Solvency: The company maintains strong liquidity with $675 million in cash and short-term investments as of Q1 2025. Current ratio of 1.20 indicates adequate short-term liquidity. Debt-to-equity ratio of 0.59 represents moderate leverage that is manageable for a cash-generative business. • Cash Generation: Excellent free cash flow generation of $1.09 billion in 2024, representing strong cash conversion. The business model generates predictable cash flows from recurring commission income, providing financial stability. • Valuation Metrics: Trading at 26.6x P/E ratio and 17.9x EV/EBITDA, which represents a premium to historical averages but reasonable for a quality growth business. Price-to-book ratio of 5.16 reflects the asset-light nature of the brokerage business. • Other Considerations: The company has increased dividends for 30+ consecutive years, demonstrating commitment to shareholder returns. Revenue diversification across segments and geographies provides some protection against localized downturns. However, exposure to catastrophic events and insurance market cycles creates some earnings volatility.
Recent development
Over the past few years, Brown & Brown has pursued several key strategic initiatives focused on expanding capabilities and market reach. The company has significantly enhanced its employee benefits capabilities to serve larger accounts ranging from 200 to 20,000 employees, moving beyond its traditional small-to-medium business focus. This expansion allows the company to compete for larger, more sophisticated clients that require customized benefits solutions. The company has maintained an aggressive acquisition strategy, completing over 30 acquisitions in recent years with a focus on cultural alignment and strategic fit. Notable acquisitions include expanding international capabilities with purchases in the U.K. and strengthening specialized program capabilities. Management emphasizes that they seek acquisitions that enhance their collaborative approach and expand their ability to serve larger market segments. Technology investments have been a key focus, with the company investing in digital capabilities to improve client service and operational efficiency. They've enhanced their ability to provide data analytics and risk management consulting services, moving beyond traditional brokerage into value-added advisory services. The company has also expanded its National Programs segment significantly, developing new specialized insurance programs and strengthening relationships with insurance carriers. This segment has shown particularly strong growth, with organic growth rates exceeding 15% annually. The company has also enhanced its wholesale brokerage capabilities, particularly in the excess and surplus markets, which have grown as more risks move from standard to specialty insurance markets. Recent developments include preparation for potential expansion in the California E&S market following wildfire-related disruptions, and continued investment in lender-placed insurance programs with new customer relationships expected to drive growth in 2025.
BRO company profile · for informational purposes only — not investment advice.
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