Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

NOTE 12 Segment Information

In conjunction with the acquisition of Accession in the third quarter of 2025, the Company aligned its business from three to two segments. As a result of the segment reorganization, the Company consolidated its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment. As a result, beginning in the third quarter of 2025, the Company reports its financial results in the following two reportable segments: (i) the Retail segment, which provides a broad range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers, and non-insurance risk-mitigating products through our F&I businesses; and (ii) the Specialty Distributions segment, which consists of our programs, wholesale brokerage and specialty businesses. Our programs businesses which act as MGUs, provide targeted products and services designated for specific industries, trade groups, governmental entities and market niches, which are delivered to the insured directly, to affinity groups, through wholesale brokers or through a global network of independent agents, including Brown & Brown retail agents. Our wholesale brokerage businesses underwrite and place excess and surplus commercial and personal lines insurance, typically for specialized or hard-to-place types of risks, primarily through a global network of independent agents and brokers, including Brown & Brown retail agents. Our specialty business offers solutions across affinity and administrative services, captives, reinsurance, travel/accident, warranty, and life & health.

The balances presented for periods prior to September 30, 2025 have been recast to align with the two-segment structure.

Brown & Brown conducts most of its operations within the U.S., International retail operations include businesses based in Bermuda, Canada, Cayman Islands, the Netherlands, Republic of Ireland and the United Kingdom; specialty distribution operations are in Belgium, Canada, France, Germany, Hong Kong, Italy, Malaysia, the Netherlands, Singapore, United Arab Emirates and the United Kingdom. These international operations earned $196 million and $155 million of total revenues for the three months ended September 30, 2025 and 2024, respectively. These international operations earned $638 million and $486 million of total revenues for the nine months ended September 30, 2025 and 2024, respectively.

The Company's chief operating decision maker ("CODM"), the president and chief executive officer, regularly receives segment information on total revenue, organic revenue growth, income before income taxes and earnings before interest, income taxes, depreciation, amortization and change in estimated acquisition earn-out payables ("EBITDAC"). The metrics are used to review operating trends, to perform analytical comparisons between periods and to monitor budget to actual variances. The Company's CODM does not use segment assets to make resource allocation decisions; and therefore, segment assets have not been presented.

Summarized financial information concerning the Company’s reportable segments is shown in the following tables.

	Three months ended September 30, 2025
(in millions)	Retail			Specialty Distribution		Total
Total segment revenues	$	883		$	681	$	1,564
Reconciliation of revenues
Other (1)							42
Total consolidated revenues						$	1,606
Less: (2)
Employee compensation and benefits		493			252
Other operating expenses		153			132
(Gain)/loss on disposal		—			—
Depreciation and amortization		74			32
Interest expense		(11	)		9
Change in estimated acquisition earn-out payables		10			1
Segment Income before income taxes	$	164		$	255	$	419
Reconciliation of income before income taxes
Other (1)							(108	)
Consolidated Income before income taxes						$	311

	Three months ended September 30, 2024
(in millions)	Retail			Specialty Distribution			Total
Total segment revenues	$	641		$	524		$	1,165
Reconciliation of revenues
Other (1)								21
Total consolidated revenues							$	1,186
Less: (2)
Employee compensation and benefits		364			193
Other operating expenses		107			95
(Gain)/loss on disposal		(1	)		—
Depreciation and amortization		35			21
Interest expense		18			10
Change in estimated acquisition earn-out payables		(2	)		(5	)
Segment Income before income taxes	$	120		$	210		$	330
Reconciliation of income before income taxes
Other (1)								(13	)
Consolidated Income before income taxes							$	317

(1) "Other" includes any income and expenses not allocated to reportable segments and corporate-related items.

(2) Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

	Nine months ended September 30, 2025
(in millions)	Retail		Specialty Distribution		Total
Total segment revenues	$	2,487	$	1,731	$	4,218
Reconciliation of revenues
Other (1)						77
Total consolidated revenues					$	4,295
Less: (2)
Employee compensation and benefits		1,326		653
Other operating expenses		395		321
(Gain)/loss on disposal		1		—
Depreciation and amortization		158		71
Interest expense		19		27
Change in estimated acquisition earn-out payables		13		5
Segment Income before income taxes	$	575	$	654	$	1,229
Reconciliation of income before income taxes
Other (1)						(179	)
Consolidated Income before income taxes					$	1,050

	Nine months ended September 30, 2024
(in millions)	Retail			Specialty Distribution			Total
Total segment revenues	$	2,093		$	1,482		$	3,575
Reconciliation of revenues
Other (1)								47
Total consolidated revenues							$	3,622
Less: (2)
Employee compensation and benefits		1,118			570
Other operating expenses		334			272
(Gain)/loss on disposal		(2	)		(28	)
Depreciation and amortization		101			59
Interest expense		56			32
Change in estimated acquisition earn-out payables		(2	)		(7	)
Segment Income before income taxes	$	488		$	584		$	1,072
Reconciliation of income before income taxes
Other (1)								(44	)
Consolidated Income before income taxes							$	1,028

(1) "Other" includes any income and expenses not allocated to reportable segments and corporate-related items.

(2) Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.