Brown & Brown — Business Overview
What does Brown & Brown do?
Brown & Brown is one of the largest insurance brokers in the United States, acting as a middleman between customers who need insurance and the insurance carriers that provide it. Rather than taking on the risk of insuring people and businesses itself (which is what an insurance company does), Brown & Brown earns commissions and fees by placing policies and advising clients. As of December 31, 2025, the company employed 22,888 people across 468 domestic locations and 246 international locations.
The company operates through two reportable segments, each serving distinct parts of the insurance market:
| Segment | What It Does | 2025 Revenue | % of Total |
|---|---|---|---|
| Retail | Sells a broad range of insurance — property, casualty, employee benefits, personal lines — directly to businesses, governments, and individuals; also provides auto/RV dealer warranty services | $3.39 billion | 58.7% |
| Specialty Distribution | Serves hard-to-place or niche risks through programs (as a managing general underwriter), wholesale brokerage, and specialty services like captives, reinsurance, and affinity products | $2.38 billion | 41.3% |
Total commissions and fees reached $5.76 billion in 2025, up from $4.71 billion in 2024 and $4.20 billion in 2023.
How does Brown & Brown make money?
Brown & Brown earns the vast majority of its revenue through commissions and fees rather than by underwriting insurance risk itself. When a client purchases an insurance policy, Brown & Brown receives a commission from the insurance carrier — typically a percentage of the premium — or charges a fee directly to the client. This model means the company generally does not suffer losses when insurance claims occur, which provides more stable, recurring revenue tied to renewals.
A smaller portion of revenue comes from ancillary underwriting activities. The company does participate in certain insurance risk through captive structures (special entities set up to retain some insurance risk), reinsurance vehicles, and its flood insurance carrier, Wright National Flood Insurance Company, which writes policies under the federal National Flood Insurance Program. These activities generate incremental revenue but are not the core of the business model.
What market does Brown & Brown operate in?
Brown & Brown operates in the insurance distribution industry — a large and largely recurring-revenue market tied to the overall size of the insurance economy. Insurance brokers sit between buyers (businesses, governments, individuals) and sellers (insurance carriers), and earn commissions as long as policies are renewed each year. This creates a naturally sticky revenue base.
The market has several secular tailwinds. Increasing complexity of risks — including cyber threats, natural catastrophes, and specialized liability — makes professional broker advice more valuable. Hard insurance market conditions (periods when carriers raise prices or restrict coverage) tend to benefit brokers because premiums, and therefore commissions, rise. Conversely, direct digital distribution through the internet is a competing force, though Brown & Brown notes this risk is largely limited to simple personal lines or small-business policies, which make up a small portion of their business.
Who are Brown & Brown's main competitors?
The insurance intermediary business is described in the filing as highly competitive and fragmented, with competition based on innovation, knowledge, coverage expertise, service quality, and price. Brown & Brown competes with firms that have "substantially greater resources and market presence" — a reference to the largest global brokers such as Marsh McLennan, Aon, Willis Towers Watson, and Arthur J. Gallagher, all of which are significantly larger by revenue. At the same time, Brown & Brown is itself among the larger players in the U.S. market, which gives it scale advantages over smaller regional brokers.
Brown & Brown's claimed competitive advantages center on its decentralized, entrepreneurial operating model and strong ownership culture. Nearly 20% of the company is owned by employees ("teammates"), and over 60% of U.S. employees participate in the stock purchase plan — a structure the company argues aligns employee incentives with clients and shareholders. The company also competes with insurance carriers that sell directly (bypassing brokers), particularly for simple personal lines, as well as insurtech startups offering digital placement platforms.
Where does Brown & Brown operate?
Brown & Brown is primarily a U.S. business, with domestic operations generating the large majority of revenue. The company has physical locations in 47 states across 468 domestic sites. International operations generated $843 million in 2025 revenue, representing roughly 14.6% of total commissions and fees — up from $665 million in 2024 and $527 million in 2023, indicating growing international scale.
Internationally, the company has a meaningful presence across multiple regions, with the United Kingdom being the most prominent market. The Retail segment operates internationally in Bermuda, Canada, Cayman Islands, India, the Netherlands, Republic of Ireland, and the United Kingdom. The Specialty Distribution segment extends further, with additional offices in Belgium, France, Germany, Hong Kong, Italy, Malaysia, Singapore, and the United Arab Emirates. The filing does not flag specific geopolitical risks tied to individual countries, though the Hong Kong presence does carry a reference to the People's Republic of China's Special Administrative Region designation.