Brown & Brown, Inc.

Brown & Brown, Inc. is an American insurance brokerage and services firm that markets and sells insurance products primarily in the property, casualty, and employee benefits areas, generating $5.90 billion in total revenue in fiscal 2025. Headquartered in Daytona Beach, Florida, the company operates through 468 domestic locations across 47 states and 246 international locations across 15 countries, employing approximately 22,888 people.

This is a story about an insurance distribution franchise that has used acquisitions as its primary growth engine for three decades — 717 deals since 1993 — and is now navigating the integration of its largest-ever transaction. The $9.6 billion acquisition of Accession Risk Management Group, closed in August 2025, transformed the balance sheet, doubled goodwill to over $15 billion, and pushed total debt above $7.6 billion, all while the insurance pricing cycle shows signs of softening and organic revenue growth has decelerated from double digits to near zero. The file turns on a single question: whether the Accession integration and deleveraging can proceed smoothly enough to preserve the compounding model that has made Brown & Brown one of the best-performing insurance broker stocks of the last generation.