Brown & Brown is one of the largest insurance brokers in the U.S. The company acts as an intermediary — it does not underwrite risk itself — but places insurance products on behalf of customers, earning commissions and fees. Brown & Brown serves commercial mid-market companies, public entities, and individual consumers across property & casualty, workers' compensation, employee benefits, professional liability, cyber, and specialty lines. The company operates through two segments: Retail (~59% of commissions and fees), which places insurance through local producers who build direct relationships with end customers; and Specialty Distribution (~41%), which includes Programs (managing specialty insurance programs for niche markets as an MGU), Wholesale Brokerage (placing E&S lines through independent agents), and Specialty (affinity, captives, reinsurance, and life & health). Brown & Brown also operates Wright National Flood Insurance Company, a write-your-own flood carrier under FEMA's NFIP. Revenue is driven by exposure units, insurance pricing, and net new business wins. A distinctive element is contingent commissions — bonuses paid by carriers when loss ratios on placed business are favorable — which represented over $250M of revenue in FY25 and tend to move inversely with insurance rates, providing a natural hedge. The business is asset-light with strong cash conversion. M&A is a core growth driver; Brown & Brown completed 43 acquisitions in FY25, including Accession (parent of One80 Intermediaries and Risk Strategies), the largest deal in the company's history, adding ~$1.8B of annual revenue.