Brown & Brown (BRO) FY2025 results: revenue $5.9 billion, up 22.8% on the year

Brown & Brown is a Florida corporation and an insurance agency, wholesale brokerage, insurance programmes and service organisation, selling mainly in property, casualty and employee benefits. It works principally as an agent or broker, not as an insurer. At the end of 2025 it operated from 468 locations across 47 states in the United States and 246 locations abroad.

Where those overseas locations are

Belgium, Bermuda, Canada, the Cayman Islands, France, Germany, Hong Kong, India, Italy, Malaysia, the Netherlands, the Republic of Ireland, Singapore, the United Arab Emirates and the United Kingdom.

The exception to not carrying risk

Brown & Brown mostly does not assume underwriting risk, but the filing sets out where it does, and the list is specific: reinsurance companies and stand-alone captives that assume underwriting risk, series captive insurance companies, protected cell companies, segregated account companies, a quota share captive and an excess of loss layer captive. The company calls these collectively the Captives, and says they add underwriting capacity, generate additional revenue and let it share in certain underwriting results.

There is one further exception. The company operates a write-your-own flood insurance carrier, Wright National Flood Insurance Company. Its underwriting is policies written under the National Flood Insurance Program, administered by the Federal Emergency Management Agency, to which the premiums and the underwriting exposure are ceded, plus excess flood policies that are fully reinsured in the private market. So the flood carrier writes the business without ultimately retaining the risk.

Two segments, as of 2025

The segment structure changed during the year. Alongside the acquisition of RSC, the holding company for Accession Risk Management Group, in the third quarter of 2025, the company went from three segments to two, folding Programs and Wholesale Brokerage together into a new Specialty Distribution segment.

Retail sells a broad range of insurance products and services to commercial, public and quasi-public bodies, and to professional and individual customers, alongside non-insurance warranty services and products through its car and recreational vehicle dealer services businesses.

Specialty Distribution holds the programmes and wholesale brokerage work that were previously reported separately.

The filing notes that prior period segment figures have been restated onto the new basis so the comparison is like for like, and that the change has no effect on any previously reported consolidated statement.

From Brown & Brown's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.