BROWN & BROWN Business Summary

Brown & Brown, Inc. (BRO) is a leading global insurance brokerage that generates revenue primarily through commissions from insurance carriers and fee-based services for risk management, employee benefits, and claims administration. As of early 2026, the company has streamlined its operations into two primary reportable segments: Retail and Specialty Distribution. The Retail segment provides a comprehensive suite of property, casualty, and employee benefits products to commercial, public, and individual clients, while the Specialty Distribution segment—bolstered by the significant 2025 acquisition of Risk Strategies—focuses on wholesale brokerage, professional liability, and niche program management. Brown & Brown maintains a highly competitive position as a top-tier global broker, trailing only industry giants such as Marsh McLennan, Aon, and Arthur J. Gallagher & Co. in terms of market share and revenue, while distinguishing itself through a decentralized sales culture and a disciplined, high-velocity M&A strategy that has integrated over 700 acquisitions since 1993. Originally founded in 1939 by J. Adrian Brown and Charles Owen Donegan in Daytona Beach, Florida, the company is defined by a multi-generational leadership pedigree. J. Powell Brown, who has served as President and CEO since 2009, continues the family legacy alongside his father, J. Hyatt Brown, who remains the influential Chair of the Board. The current executive team includes R. Andrew Watts as Executive Vice President and CFO, Stephen P. Hearn as COO and President of the Retail segment, and Dorothea Henderson, who was appointed Chief Information Technology Officer (CITO) in February 2026 to lead the firm’s AI and data initiatives. The board is further strengthened by seasoned independent directors such as Joia M. Johnson (formerly of Hanesbrands) and Paul J. Krump (formerly of Chubb), ensuring robust corporate governance as the firm expands its international footprint across more than 16 countries.