BROWN & BROWN, INC.

Brown & Brown, Inc. (NYSE: BRO) operates as a diversified insurance agency, wholesale brokerage, insurance programs and service organization headquartered at www.bbrown.com. The company markets and sells insurance products and services primarily in the property, casualty and employee benefits areas, functioning primarily as an agent or broker while also operating ancillary insurance operations including reinsurance companies, captive insurance facilities, and Wright National Flood Insurance Company, a write-your-own flood insurance carrier.

As of December 31, 2025, Brown & Brown employed 22,888 individuals worldwide across 468 domestic locations in 47 states and 246 international locations spanning Belgium, Bermuda, Canada, Cayman Islands, France, Germany, Hong Kong, India, Italy, Malaysia, the Netherlands, Republic of Ireland, Singapore, United Arab Emirates and the United Kingdom. The company generated total commissions and fees of $5,763 million in 2025, with international operations contributing $843 million in revenues.

The company operates through two reportable segments. The Retail segment, representing 58.7 percent of commissions and fees, provides broad-based insurance products and services to commercial, public and quasi-public entities, professional and individual customers, and non-insurance warranty services through automobile and recreational vehicle dealer services businesses. The Specialty Distribution segment, accounting for 41.3 percent of commissions and fees, consists of programs businesses operating as managing general underwriters, wholesale brokerage operations, and specialty businesses offering solutions across affinity services, captives, reinsurance, travel and accident insurance, warranty services, and life and health benefits.

In the third quarter of 2025, Brown & Brown completed the acquisition of RSC Topco, Inc., the holding company for Accession Risk Management Group, Inc., which prompted a realignment from three to two reportable segments. The company's programs businesses operate under the Arrowhead Programs brand, offering specialized insurance products for niche markets including professional liability, personal lines, commercial lines, public entity programs and specialty coverages. Wholesale brokerage operations function under the Bridge Specialty Group brand, while specialty businesses operate as Arrowhead Specialty. Brown & Brown maintains a decentralized, meritocratic organizational culture with approximately twenty percent of the company owned by employees through various equity participation programs.