Brown & Brown, Inc. is a diversified insurance agency, wholesale brokerage, insurance programs, and service organization. The company markets and sells insurance products and services, primarily in the property, casualty, and employee benefits areas. Brown & Brown operates as an agent or broker and does not assume underwriting risks, with limited exceptions. The company is compensated primarily by commissions paid by insurance companies and fees paid by customers. The company has a large geographic footprint with operations in the United States and internationally.

• Employees: 16,152 (as of December 31, 2023)
• Geographic Footprint: 46 states and 177 international locations
• Headquarters: Daytona Beach, Florida
• Founded: 1939
• Number of locations/facilities: 322 domestic locations and 177 international locations
• Revenue: $4.257 billion (FY2023)
• Market Capitalization: $16.289 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Wright National Flood Insurance Company

• CEO: J. Powell Brown
• CFO: R. Andrew Watts
• Board Chair: J. Hyatt Brown
• Other Key Executives: P. Barrett Brown (Executive Vice President; President - Retail Segment), Stephen M. Boyd (Executive Vice President; President - Wholesale Brokerage Segment), Julie L. Turpin (Executive Vice President, Chief People Officer), K. Gray Nester II (Executive Vice President, Chief Information Officer), J. Scott Penny (Executive Vice President; Chief Acquisitions Officer), Chris L. Walker (Executive Vice President; President - National Programs Segment)

J. Hyatt Brown served as CEO from 1993 to 2009. J. Powell Brown has been CEO since 2009. R. Andrew Watts joined the company in 2014 as Executive Vice President and Treasurer and was appointed CFO in 2014.

• Annual Revenue: $4.257 billion (FY2023)
• Net Income: $870.5 million
• Market Cap: $16.289 billion (as of June 30, 2023)
• Total Assets: $14.883 billion
• Number of Employees: 16,152 (as of December 31, 2023)
• Key Financial Highlights: Revenue increased by 19.1% year-over-year. Net income increased by 29.6% year-over-year.

Brown & Brown provides a range of insurance products and services:

• Property & Casualty: Includes property, casualty, workers' compensation, surety, aviation, private equity/mergers & acquisitions, executive liability, cyber risk, and multinational coverages.
• Employee Benefits: Includes group health, voluntary benefits, pharmacy benefits, independent retirement, international benefits, employer stop loss, and long term care.
• Personal Insurance: Includes homeowners, automobile, personal excess liability, flood and excess liability, specialized coverages, and group excess.
• Other Services: Includes third-party claims administration, comprehensive medical utilization management, Medicare Set-aside services, Social Security disability, and Medicare benefits advocacy services.

Brown & Brown operates through four reportable segments:

• Retail Segment: Provides insurance products and services to commercial, public, quasi-public, professional, and individual customers, as well as non-insurance warranty services and products. In 2023, this segment generated 58.0% of total commissions and fees.
• National Programs Segment: Acts as a managing general underwriter (MGU), providing professional liability and related package products, a range of insurance products for individuals, flood coverage, and targeted products and services. In 2023, this segment generated 25.3% of total commissions and fees.
• Wholesale Brokerage Segment: Markets and sells excess and surplus commercial and personal lines insurance through independent agents and brokers. In 2023, this segment generated 12.8% of total commissions and fees.
• Services Segment: Provides insurance-related services, including third-party claims administration and comprehensive medical utilization management services. In 2023, this segment generated 3.9% of total commissions and fees.

Note: As of 2024, the company will operate under three segments: Retail, Programs, and Wholesale, with historical results recast to align with the new structure.

Brown & Brown's strategy focuses on organic growth, strategic acquisitions, and maintaining a strong, decentralized sales and service culture. Key initiatives include:

• Acquisitions: The company actively seeks to acquire other insurance intermediaries and service organizations.
• Organic Growth: The company focuses on net new business and retention of existing customers.
• Technology: The company is investing in technology to improve its services and efficiency.
• Culture: The company emphasizes a strong, decentralized sales and service culture with a focus on teamwork and meritocracy.

Brown & Brown operates in the highly competitive insurance intermediary industry. Key trends affecting the business include:

• Market Position: The company is a diversified insurance agency, wholesale brokerage, insurance programs and service organization.
• Key Competitors: The company competes with numerous firms, including insurance companies, technology companies, and financial services companies.
• Industry Trends: The insurance industry is experiencing disintermediation, increased competition, and a shift away from traditional insurance markets.

• Inability to Hire, Retain and Develop Qualified Employees: The company's success depends on its ability to attract, retain, and develop skilled personnel.
• Cybersecurity Attacks: The company relies on information technology and is vulnerable to cybersecurity breaches.
• Acquisition-Related Risks: The company's growth strategy includes acquisitions, which may not be successful or advantageous.
• International Operations: The company's international operations are subject to additional risks and require more management time and expense.
• Regulatory Changes: The company is subject to extensive regulation, which may increase compliance costs and restrict operations.