Brun & Brown, Inc. (BRO): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la maison de courtage d'assurance, Brown & Brown, Inc. (BRO) se démarque comme une puissance stratégique, transformant la gestion des risques complexes en solutions transparentes et axées sur la technologie. Avec un modèle commercial robuste qui s'étend sur plusieurs secteurs d'assurance et exploite des plateformes numériques de pointe, cette société a magistralement conçu une approche qui offre des services d'assurance personnalisés complets aux entreprises et aux particuliers. En combinant de vastes réseaux professionnels, des partenariats stratégiques et une technologie innovante, Brown & Brown s'est positionné comme un leader dans la fourniture de solutions d'assurance adaptative et centrées sur le client qui traitent des paysages à risque évolutifs des divers segments de marché d'aujourd'hui.

Brun & Brown, Inc. (BRO) - Modèle commercial: partenariats clés

Compagnies d'assurance et prestataires

Depuis 2024, Brown & Brown s'associe à environ plus de 300 compagnies d'assurance sur plusieurs lignes de couverture. Les relations clés du transporteur comprennent:

Type de transporteur	Nombre de partenariats	Lignes de couverture
Propriété & Assureurs de blessures	127	Lignes commerciales et personnelles
Assureurs spécialisés	85	Responsabilité professionnelle, cyber
Vie & Assureurs de santé	88	Avantages sociaux, santé du groupe

Agences d'assurance indépendantes et maisons de courtage

Brun & Brown maintient des partenariats stratégiques avec:

• Plus de 500 agences d'assurance indépendantes à l'échelle nationale
• Environ 180 sociétés de courtage régionales
• Réseau d'alliance stratégique couvrant 47 États

Provideurs de solutions de technologie et de logiciels

Partenaire technologique	Focus d'intégration	Année de mise en œuvre
Logiciel Guidewire	Systèmes de base d'assurance	2022
Epic appliqué	Gestion des agences	2021
Microsoft Azure	Infrastructure cloud	2023

Sociétés de conseil en gestion des risques

Collaboration avec les sociétés de gestion des risques de haut niveau:

• Willis Towers Watson
• Marais & McLennan
• Solutions de risque AON

Fusions et partenaires stratégiques d'acquisition

Statistiques de partenariat de fusions et acquisitions pour 2023-2024:

Type de partenaire	Nombre de partenariats	Valeur totale de transaction
Sociétés de capital-investissement	12	875 millions de dollars
Banques d'investissement	8	650 millions de dollars
Acquéreurs stratégiques	6	425 millions de dollars

Brun & Brown, Inc. (BRO) - Modèle commercial: activités clés

Services de courtage et de distribution d'assurance

Au cours de l'exercice 2023, brun & Brown a généré des revenus totaux de 3,3 milliards de dollars grâce à des services de distribution d'assurance. La société opère à travers quatre segments principaux:

Segment	Revenus de 2023
Vente au détail	1,98 milliard de dollars
Programmes nationaux	628 millions de dollars
Courtage de gros	522 millions de dollars
Services	172 millions de dollars

Gestion des risques et avis d'assurance

Les activités clés de gestion des risques comprennent:

• Services d'évaluation des risques complets
• Conseil des risques spécifiques à l'industrie
• Conception du programme d'assurance d'entreprise

Gestion et soutien des réclamations

Métrique de traitement des réclamations	Performance de 2023
Total des réclamations traitées	Environ 750 000
Temps de résolution des réclamations moyennes	14,2 jours

Souscription et placement des politiques

Brun & Brown transformé Plus de 250 000 polices d'assurance en 2023 sur plusieurs lignes d'assurance commerciales et personnelles.

Fusions et acquisitions

En 2023, Brown & Brown a complété 28 acquisitions d'agence stratégique avec une valeur totale de transaction de 350 millions de dollars.

Métrique d'acquisition	2023 données
Acquisitions totales	28
Valeur totale de transaction	350 millions de dollars
De nouvelles agences ajoutées	38 emplacements

Brun & Brown, Inc. (BRO) - Modèle commercial: Ressources clés

Réseau étendu de professionnels de l'assurance

Depuis 2024, Brown & Brown emploie 12 345 professionnels de l'assurance dans plusieurs segments. La main-d'œuvre de l'entreprise est distribuée dans les régions suivantes:

Région	Nombre de professionnels
National	7,892
International	4,453

Technologie propriétaire et plateformes numériques

Brun & Brown a investi 78,5 millions de dollars dans l'infrastructure technologique en 2023. Les principaux actifs technologiques comprennent:

• Plateforme de gestion des assurances numériques
• Système de traitement des réclamations automatisées
• Logiciel de gestion de la relation client (CRM)
• Outils d'analyse prédictive

Relations solides avec les compagnies d'assurance

La société maintient des partenariats avec 287 assureurs dans divers segments:

Segment de l'assurance	Nombre de partenariats de transport
Lignes commerciales	142
Lignes personnelles	95
Programmes nationaux	50

Portefeuille de services d'assurance diversifiés

Brun & Brown propose des services sur plusieurs segments d'assurance avec la distribution des revenus suivante:

• Assurance des lignes commerciales: 45% des revenus totaux
• Assurance des lignes personnelles: 22% des revenus totaux
• Programmes nationaux: 18% des revenus totaux
• Brokerage en gros: 15% des revenus totaux

Capital financier pour la croissance stratégique et les acquisitions

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Équivalents en espèces totaux et en espèces	456,7 millions de dollars
Ligne de crédit disponible	750 millions de dollars
Dépenses totales d'acquisition (2023)	312,5 millions de dollars

Brun & Brown, Inc. (BRO) - Modèle d'entreprise: propositions de valeur

Solutions d'assurance complètes sur plusieurs secteurs

Brun & Brown, Inc. fournit des services d'assurance à travers 14 segments distincts de l'industrie. Le chiffre d'affaires annuel de 2022 de la société était de 3,4 milliards de dollars, avec des solutions d'assurance couvrant:

Secteur	Couverture du marché
Assurance au détail	43% du total des revenus des entreprises
Programmes nationaux	24% du total des revenus des entreprises
Courtage de gros	22% du total des revenus des entreprises
Services	11% du total des revenus des entreprises

Stratégies de gestion des risques personnalisés

L'entreprise offre des services de gestion des risques spécialisés avec Plus de 12 000 employés professionnels dédié au développement de stratégies sur mesure.

• Économies moyennes des risques du client: 18-22%
• Outils d'évaluation des risques propriétaires utilisés
• Portefeuilles d'assurance personnalisés pour chaque segment client

Accès à une large gamme de compagnies d'assurance et de produits

Brun & Brown entretient des relations avec 300+ compagnies d'assurance, permettant des offres de produits complètes:

Catégorie d'assurance	Nombre de produits
Lignes commerciales	127 produits distincts
Lignes personnelles	84 produits distincts
Lignes de spécialité	96 produits distincts

Approche consultative et consultative experte

Les services consultatifs de l'entreprise comprennent:

• Temps de consultation client moyen: 12-15 heures
• Expertise en gestion des risques dans plusieurs industries
• Équipes de gestion des comptes dédiés

Placement d'assurance et prestation d'assurance technologique

Brun & Brown investies 82 millions de dollars par an dans les infrastructures technologiques, avec:

• Plateformes d'évaluation des risques dirigés par l'IA
• Systèmes de gestion des politiques en temps réel
• Technologies de traitement des réclamations numériques

Brun & Brown, Inc. (BRO) - Modèle d'entreprise: relations avec les clients

Modèle de service client personnalisé

Brun & Brown, Inc. maintient une approche de service à la clientèle personnalisée avec plus de 11 000 employés dans plus de 700 bureaux. La société a généré 3,14 milliards de dollars de revenus en 2022, en se concentrant sur des solutions d'assurance personnalisées.

Catégorie de service	Niveau de personnalisation	Segments du client
Assurance corporative	Personnalisation élevée	Moyenne à grandes entreprises
Assurance individuelle	Personnalisation modérée	Petites entreprises et particuliers

Gestion des relations à long terme

Brun & Brown maintient un taux moyen de rétention de la clientèle de 85% entre ses segments d'assurance.

Équipes de compte dédiées

L'entreprise emploie des équipes de gestion de compte spécialisées sur plusieurs verticales d'assurance:

• Équipe des comptes nationaux
• Équipes spécialisées régionales
• Groupes de conseil spécifiques à l'industrie

Plates-formes de libre-service numériques

Les investissements de plate-forme numérique comprennent:

• Portail de gestion des politiques en ligne
• Système de soumission des revendications mobiles
• Outil de génération de citations automatisées

Plate-forme numérique	Taux d'adoption des utilisateurs	Transactions annuelles
Gestion des politiques en ligne	62%	1,4 million
Soumission de revendications mobiles	48%	920,000

Évaluation régulière des risques et examen des politiques

Brun & Brown effectue des évaluations complètes des risques avec une fréquence moyenne de 2 à 3 fois par client par an, utilisant des techniques avancées de modélisation des risques.

Type d'évaluation	Fréquence	Portée de la couverture
Examen des risques standard	Semestriel	Couverture de base
Analyse complète des risques	Annuel	Couverture complète

Brun & Brown, Inc. (BRO) - Modèle commercial: canaux

Équipe de vente directe

Brun & Brown emploie 12 300 associés dans tout son réseau en 2023. L'équipe de vente directe a généré 2,97 milliards de dollars de revenus au cours de l'exercice 2023.

Type de canal de vente	Nombre de représentants commerciaux	Revenu annuel moyen par représentant
Ventes d'assurance d'entreprise	3,450	$865,000
Ventes de programmes nationaux	1,200	$1,250,000
Ventes de courtage en gros	2,100	$1,100,000

Plateformes d'assurance en ligne

Les plates-formes numériques ont contribué 412 millions de dollars de revenus pour 2023, ce qui représente 13,8% du total des revenus de l'entreprise.

• Les transactions de plate-forme numérique ont augmenté de 22,4% par rapport à 2022
• Génération de citations en ligne: 187 500 interactions numériques mensuelles
• Téléchargements d'applications mobiles: 215 000 utilisateurs annuels

Réseaux d'agent indépendants

Brun & Brown travaille avec 7 800 agents d'assurance indépendants aux États-Unis.

Segment de réseau d'agent	Nombre d'agents	Taux de commission
Propriété & Victime	5,600	10-15%
Avantages sociaux	1,450	8-12%
Lignes de spécialité	750	12-18%

Marketing et communication numériques

Les dépenses de marketing pour les canaux numériques en 2023 étaient de 47,3 millions de dollars.

• Abonnés des médias sociaux: 215 000 sur toutes les plateformes
• Email Marketing Reach: 350 000 contacts
• Dépenses publicitaires numériques: 18,6 millions de dollars

Conférences de l'industrie et événements de réseautage

Brun & Brown a participé à 87 conférences de l'industrie en 2023.

Type d'événement	Nombre d'événements	Génération de leads estimée
Conférences d'assurance nationales	42	1 250 leads potentiels
Symposiums d'assurance régional	35	850 leads potentiels
Ateliers spécialisés de l'industrie	10	450 leads potentiels

Brun & Brown, Inc. (BRO) - Modèle d'entreprise: segments de clients

Entreprises commerciales de marché intermédiaire

Brun & Brown dessert les entreprises commerciales de marché intermédiaire avec des revenus annuels entre 10 et 500 millions de dollars. En 2023, le segment du marché intermédiaire de la société représentait environ 42% de leurs revenus totaux d'assurance.

Caractéristiques du segment	Pénétration du marché
Gamme de revenus annuelle	10 M $ - 500 M $
Pourcentage du total des revenus	42%
Nombre de clients	Environ 4 500

Grandes entreprises d'entreprise

Brun & Brown cible les grandes entreprises avec des revenus annuels dépassant 500 millions de dollars. En 2023, ce segment a contribué 35% des revenus totaux des primes d'assurance de la société.

Détails du segment	Données statistiques
Seuil de revenus annuel	Plus de 500 millions de dollars
Pourcentage du total des revenus	35%
Nombre de clients d'entreprise	Environ 1 200

Petites et moyennes entreprises

Brun & Brown fournit des solutions d'assurance pour les petites et moyennes entreprises avec des revenus annuels entre 1 et 10 millions de dollars. Ce segment représente 18% des revenus totaux d'assurance de l'entreprise.

• Range de revenus annuelle: 1 M $ - 10 M $
• Pourcentage du total des revenus: 18%
• Nombre estimé de clients: 7 800

Clients d'assurance individuelle et personnelle

L'entreprise dessert des clients d'assurance personnelle et personnelle dans divers segments démographiques. En 2023, l'assurance des lignes personnelles représentait 5% des revenus totaux de primes.

Segment d'assurance personnelle	Points de données
Pourcentage du total des revenus	5%
Clientèle estimé	Environ 125 000 personnes

Verticaux de l'industrie spécialisée

Brun & Brown se concentre sur des verticales spécifiques de l'industrie, notamment les soins de santé, la construction, le transport et la technologie. Ces segments spécialisés nécessitent des solutions d'assurance sur mesure.

• Soins de santé: 12% des revenus spécialisés de l'industrie
• Construction: 10% des revenus spécialisés de l'industrie
• Transport: 8% des revenus spécialisés de l'industrie
• Technologie: 6% des revenus spécialisés de l'industrie

Brun & Brown, Inc. (BRO) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Pour l'exercice 2023, Brown & Brown, Inc. a déclaré des dépenses totales de personnel de 1 456 900 000 $. La répartition des coûts liés aux employés comprend:

Catégorie de dépenses	Montant ($)
Salaires	1,102,000,000
Avantages sociaux	254,900,000
Compensation en stock	100,000,000

Investissements technologiques et infrastructures

Investissements technologiques et infrastructures pour Brown & Brown en 2023 a totalisé 87 400 000 $, notamment:

• Logiciel et infrastructure informatique: 52 600 000 $
• Améliorations de la cybersécurité: 18 200 000 $
• Initiatives de transformation numérique: 16 600 000 $

Frais de marketing et de développement commercial

Les coûts de marketing et de développement commercial pour l'année 2023 s'élevaient à 64 500 000 $, distribués comme suit:

Catégorie de dépenses de marketing	Montant ($)
Marketing numérique	22,800,000
Événements et conférences d'entreprise	15,700,000
Dépenses de l'équipe de vente	26,000,000

Frais généraux opérationnels

Frais de frais généraux opérationnels pour brun & Brown en 2023 était de 142 300 000 $, notamment:

• Loyer de bureau et installations: 58 600 000 $
• Services publics et maintenance: 24 700 000 $
• Frais administratifs: 59 000 000 $

Coûts d'acquisition et d'intégration

En 2023, Brown & Brown a dépensé 345 200 000 $ pour les acquisitions et les frais d'intégration connexes:

Dépenses liées à l'acquisition	Montant ($)
Prix ​​d'achat d'acquisition	312,000,000
Coûts d'intégration et de transition	33,200,000

Brun & Brown, Inc. (BRO) - Modèle commercial: Strots de revenus

Commissions de courtage d'assurance

Pour l'exercice 2023, Brown & Brown a déclaré des revenus totaux de 3,4 milliards de dollars. Les commissions de courtage d'assurance représentaient la source de revenus primaire, représentant environ 70 à 75% des revenus totaux.

Catégorie de revenus	Montant (2023)	Pourcentage du total des revenus
Commissions de courtage d'assurance	2,38 milliards de dollars	70%

Services de conseil fondés sur les frais

Les services de conseil fondés sur les frais ont contribué environ 340 millions de dollars aux revenus de la société en 2023.

• Frais de conseil en gestion des risques
• Services de conception du programme d'assurance
• Conseil de conformité

Commissions contingentes des transporteurs

Les commissions contingentes ont généré environ 102 millions de dollars de revenus supplémentaires pour Brown & Brun en 2023.

Type de transporteur	Revenus de la Commission contingente
Propriété & Porteurs de victimes	78 millions de dollars
Vie & Transports de santé	24 millions de dollars

Frais de conseil en gestion des risques

Les services de conseil en gestion des risques ont généré 215 millions de dollars de revenus pour l'exercice 2023.

• Évaluations des risques d'entreprise
• Optimisation du programme d'assurance
• Consulting de gestion des réclamations

Revenus de la technologie et des services logiciels

La technologie et les services logiciels ont contribué 97 millions de dollars à Brown & Les revenus de Brown en 2023.

Service technologique	Revenu
Logiciel de gestion de l'assurance	62 millions de dollars
Outils d'évaluation des risques numériques	35 millions de dollars

Brown & Brown, Inc. (BRO) - Canvas Business Model: Value Propositions

You're looking at how Brown & Brown, Inc. delivers distinct value across its client base, which is really about deep specialization meeting broad capability. This isn't just about selling policies; it's about solving complex risk problems.

Customer-centric, tailored risk management solutions

The core value proposition here is customization. Brown & Brown, Inc. operates with a decentralized sales and service culture, which helps them stay responsive to what you specifically need, driving accountability for results. This approach supports their overall growth, evidenced by a TTM revenue of $5.27 Billion USD as of late 2025. For instance, in the first half of 2025, the company achieved 5.1% organic revenue growth, showing that their existing client base is growing with them.

Specialized expertise in niche markets via Program segment

This segment is where the deep specialization really shines. They focus on niche and specialist business areas, which lets them command better commission rates from carriers because they are seen as experts managing significant specialist volumes. The performance of this focus area is clear in the numbers. Here's a snapshot of how the Programs segment performed early in 2025:

Metric	Q1 2025 Data	Q2 2025 Data
Organic Growth	13.6%	4.6%
EBITDAC Margin	44.5%	Expanded to 52.8%

The margin expansion in Q2 2025 by 320 basis points to 52.8% shows the profitability derived from this specialized focus, even with some headwinds like a slowdown in commercial catastrophe programs later in that quarter.

Local service delivery backed by enhanced global capabilities

You get the benefit of local presence-that relationship-driven service-but it's underpinned by a much larger platform. This is how they handle complex risks. For example, the Wholesale Brokerage segment, which handles excess and surplus lines, saw organic growth of 6.7% in Q1 2025, demonstrating the strength of their specialized placement capabilities. Still, management noted in Q3 2025 that placement for excess casualty limits remained difficult, which is exactly where that enhanced capacity and expertise become critical for clients.

Access to excess and surplus (E&S) lines capacity

The Wholesale Brokerage segment is explicitly structured to focus on E&S commercial and personal lines insurance. This provides capacity when standard (admitted) markets won't or can't cover the risk profile. While CAT property rates saw declines ranging from 10% to 25% in Q1 2025, creating some opportunities for clients to optimize coverage, the ongoing need for E&S capacity in areas like excess casualty persists.

Cost control strategies for employee benefits clients

When you look at employee benefits, the value proposition is directly tied to managing the financial pressure employers face. For 2025, employers expected their healthcare costs to rise by an average of 6.7% after making plan changes. To counter this, Brown & Brown, Inc. helps clients implement specific actions. Honestly, if you don't act, those costs could have been expected to jump by 7.7%.

Key strategies they push include:

• Conducting audits, a best practice for 75% of employers.
• Evaluating stop-loss plan design.
• Partnering with digital health solutions for transparency.
• Conducting medical and/or pharmacy RFPs, the leading initiative for 81% of employers.

This focus is necessary because employee benefits rates continued to increase by 7%-9% as of Q3 2025.

Finance: draft 13-week cash view by Friday.

Brown & Brown, Inc. (BRO) - Canvas Business Model: Customer Relationships

The customer relationship strategy for Brown & Brown, Inc. centers on delivering personalized, high-touch service through a structure designed for local responsiveness backed by enterprise scale.

High-touch, local, and decentralized service model

Brown & Brown, Inc. maintains a commitment to being as connected locally as it is nationally, striving to offer the personalized service expected from a boutique agency while providing the security of a top brokerage.

This decentralized operating model, adopted in 1980, gives local teams the authority to make decisions, which is key to maintaining strong relationships with local clients.

The physical footprint supporting this model as of December 31, 2024, includes:

• 315 domestic locations across 44 U.S. states.
• 201 international locations.

Long-term, consultative client partnerships

The firm focuses on building relationships that go beyond transactional insurance placement, acting as advocates for customers by creating unique solutions.

Evidence of successful client relationships is seen in the organic growth figures reported for 2025:

Period Ended	Organic Revenue Growth
Q2 2025	3.6%
First Half of 2025	5.1%

The company notes that successful client retention contributes to this growth, alongside healthy demand.

Dedicated account executives and service teams

The service delivery relies on experienced teams, including dedicated account executives, to manage and grow client relationships.

The scale of the human capital supporting these relationships is substantial, with the company reporting more than 23,000 professionals globally as of late 2024.

The structure involves various specialized teams to serve different client needs:

• Employee Benefits Sales Executive roles support client relationship building and service standards.
• Commercial Lines Account Executives retain and grow business by servicing relationships.
• The Employee Benefits Account Executive helps customers with coverage understanding, claims support, and relationship building.

Digital tools for policy and claims management

The firm places an emphasis on technology and data security as part of its service strategy.

The industry trend, which Brown & Brown, Inc. participates in, involves adopting digital tools to improve policy management and claims processing.

The Technology Solutions team established a dedicated 3rd/4th-party risk management team in 2024 to provide comprehensive analysis of information security risks arising from relationships.

Proactive risk assessment and loss control services

Brown & Brown, Inc. serves as advocates for customers by proactively creating unique solutions to manage risks and reduce claims.

This proactive approach includes offering loss control services to help mitigate potential losses before they occur.

The firm's overall strategy involves delivering comprehensive and customized insurance solutions and specialization.

For example, in the context of employee benefits, employers are adopting digital care solutions and more rigorous pharmacy management strategies to manage rising health care costs.

Brown & Brown, Inc. (BRO) - Canvas Business Model: Channels

You're looking at how Brown & Brown, Inc. gets its insurance products and services to customers as of late 2025. The structure shifted significantly in the third quarter of 2025 following the major Accession Risk Management Group acquisition.

Retail offices (direct sales and service)

This channel is the core direct-to-client sales and service engine for Brown & Brown, Inc. Following the integration of the retail unit from Accession, Risk Strategies Co., this segment expanded its direct reach.

• The company has over 700 locations worldwide following the Accession Risk Management Group acquisition.
• The total professional staff count is now over 23,000 professionals operating globally.
• For the first quarter of 2025, the Retail segment generated total revenue of $907 million.
• In the second quarter of 2025, Retail segment revenues rose 7.9% to $697 million.

New Specialty Distribution segment (post-Accession integration)

Effective from the third quarter of 2025, Brown & Brown, Inc. consolidated its former Programs and Wholesale Brokerage segments into this new structure for streamlined reporting. This segment now includes the operations of One80 Intermediaries, which joined from the Accession deal.

Wholesale Brokerage segment (serving other agents/brokers)

This function is now housed within the Specialty Distribution segment. Prior to the consolidation, the Wholesale Brokerage segment showed strong top-line growth.

• Wholesale Brokerage segment revenue in the second quarter of 2025 was $182 million.
• For the first quarter of 2025, this segment delivered organic revenue growth of 6.7%.

Programs segment (specialty program administrators)

This specialty underwriting management function is also now part of the Specialty Distribution segment. The Programs segment was a high-growth area in the first half of 2025.

• Programs segment revenue in the second quarter of 2025 reached $381 million.
• This segment led organic growth in Q1 2025 at 13.6%.
• The Q1 2025 adjusted EBITDAC margin for the Programs segment stood at 44.5%.

Here's a look at the revenue contribution from the components that now form the Specialty Distribution segment, using the last reported figures before the Q3 2025 segment recast:

Channel Component (Pre-Q3 2025)	Q2 2025 Revenue (Millions USD)	Q1 2025 Organic Revenue Growth
Programs Segment	$381	13.6%
Wholesale Brokerage Segment	$182	6.7%

For the nine months ended September 30, 2025, the combined total revenue for the predecessor segments (Programs and Wholesale Brokerage, plus Retail and Services) was $4.3 billion. The trailing twelve-month revenue ending September 30, 2025, was reported at $5.478B.

Digital platforms for client self-service and data exchange

Brown & Brown, Inc. has a history of using digital channels, including past acquisitions like CoverHound and CyberPolicy in 2021. While specific 2025 digital platform revenue figures aren't detailed in the segment reports, the overall business model relies on data exchange and technology integration, especially post-Accession.

• The company completed 29 acquisitions in the first six months of 2025.
• The acquisition of Accession, which includes Risk Strategies, is expected to enhance global capabilities and collaborative networks.

Brown & Brown, Inc. (BRO) - Canvas Business Model: Customer Segments

You're looking at the core of Brown & Brown, Inc.'s operations, which is its highly diversified client base. This diversification, as management noted in late 2025, puts stability into their overall customer base, meaning when one area slows, another might be picking up the slack. The company explicitly serves a broad spectrum of clients across its main operating segments, which, as of the third quarter of 2025, were categorized as Retail and Specialty Distribution.

The Retail segment is the largest piece of the pie, bringing in $883 million in total revenue for the third quarter of 2025. This segment is where you find the bulk of the commercial businesses, from small to large enterprises, as well as individual clients needing personal lines insurance. The company also noted strong demand in employee benefits consulting in early 2025, driven by rising medical and pharmacy costs, which directly relates to employers seeking health strategies.

The Specialty Distribution segment, which includes the former Programs and Wholesale Brokerage operations, focuses on more specialized or niche risks. This is the likely home for many of the professional clients, like those in legal or medical fields, and complex corporate risks that require excess and surplus lines coverage. This segment delivered $681 million in total revenue in Q3 2025.

Public and quasi-public entities, such as municipalities and schools, are served across the firm's structure, often through the Retail segment or specialized programs. The sheer scale of the operation, which employed 17,403 individuals worldwide as of December 31, 2024, shows the infrastructure dedicated to servicing these varied customer groups.

Here's a look at the revenue contribution from the two primary segments as of the latest reported quarter in 2025:

Customer Focus Area (Mapped to Segment)	Q3 2025 Total Revenue (Millions USD)	Q3 2025 Organic Growth Rate
Commercial businesses & Individual clients (Retail Segment)	$883	2.7%
Professional, Niche, and Complex Risks (Specialty Distribution Segment)	$681	4.6%

You can see the difference in growth profiles; the Specialty Distribution segment posted a stronger organic growth rate of 4.6% in Q3 2025 compared to the Retail segment's 2.7%. Still, the Retail segment remains the foundation, accounting for approximately 55% of the total reported revenue of $1.6 billion in Q3 2025.

The focus areas for these customer segments translate into specific service needs:

• Commercial businesses (small to large enterprises): Demand for coverage across most lines moderated in pricing during Q2 2025, though auto and casualty rates still increased.
• Public and quasi-public entities: Benefit from the firm's broad diversification across geographies and industries for stable coverage solutions.
• Professional clients: Rely on the Wholesale Brokerage/Specialty Distribution for excess and surplus lines expertise.
• Individual clients (personal lines): Served through the Retail segment, which also includes personal lines offerings.
• Employers seeking employee benefits and health strategies: Experienced strong demand in early 2025 due to rising medical and pharmacy costs.

Finance: review the Q3 2025 segment margin data against the Q1 2025 segment margins to see if the Specialty Distribution segment's lower Q3 margin (43.9%) compared to Q1 (44.5% for Programs) is a persistent trend.

Brown & Brown, Inc. (BRO) - Canvas Business Model: Cost Structure

You're looking at the major outlays that keep Brown & Brown, Inc. running and growing, especially with that massive Accession deal closing. Honestly, for a firm this size, the cost structure is dominated by people and the price of buying more people and operations. Here's the quick math on where the money goes, based on the latest available 2025 figures.

The largest recurring cost component is definitely personnel, which makes sense for a service business like insurance brokerage. For the first quarter of 2025, Employee compensation and benefits totaled $683 million. Still, looking at the nine months ended September 30, 2025, the combined line item for Commissions, employee compensation, and benefits was $891.43 million for the third quarter alone.

Mergers and Acquisitions (M&A) are a huge driver of non-recurring and recurring costs. The planned acquisition of RSC Topco, Inc. (parent of Accession Risk Management Group) has a gross purchase price of $9.825 billion. This deal was planned to be funded by raising approximately $4 billion in equity and $4 billion in debt. For a concrete look at transaction-related cash flow, net cash used in investing activities for Q1 2025 was $79 million, largely due to acquisition-related payments.

We can map out the key cost categories using the Q1 2025 and Q3 2025 data points to give you a clearer picture of the expense base:

Cost Category	Q1 2025 (Millions USD)	Q3 2025 (Millions USD)	Notes/Context
Employee Compensation & Benefits	683	~891.43 (Commissions, employee compensation, and benefits)	Q1 figure is specific; Q3 figure is for the combined line item for the quarter.
Other Operating Expenses	186	~173.80 (Other expenses)	General operating costs like rent, IT, marketing fall here.
Amortization of Intangibles	53	~164.16 (Depreciation and amortization)	The Q3 figure covers both depreciation and amortization for the quarter.
Interest Expense (Debt)	N/A (Not explicitly stated for Q1)	(474.40) (Interest expense for nine months)	Represents the cost of servicing debt, including that used for M&A.
Acquisition Transaction Cost Indicator	79 (Net cash used in investing activities)	~187.86 (Change in fair value of deferred purchase consideration for nine months)	Reflects cash deployment for deals and associated accounting changes.

The amortization charge is a direct consequence of the M&A strategy. For the first quarter of 2025, the reported Amortization expense was $53 million. This is a non-cash charge that reflects the write-down of intangible assets, like customer relationships, acquired in past deals.

Interest expense is a key financial cost tied to funding growth, especially debt-funded acquisitions. For the nine months ended September 30, 2025, the reported Interest expense was ($474,398 thousand), or about $474.40 million. This is the cost of carrying the debt load, which was significantly increased by the planned $4 billion debt issuance for the Accession purchase.

You can see the general operating expenses, which cover the day-to-day running of the business outside of direct compensation, are substantial. For Q1 2025, Other operating expenses were $186 million.

Here are some other relevant cost-related figures from the latest reports:

• Total expenses for Q1 2025 were $977 million.
• Total expenses for the nine months ended September 30, 2025, were $1.551 billion.
• Long-term debt less unamortized discount and debt issuance costs stood at $7,470 million as of June 30, 2025.
• The company completed 13 acquisitions in Q1 2025.

Finance: draft 13-week cash view by Friday.

Brown & Brown, Inc. (BRO) - Canvas Business Model: Revenue Streams

You're looking at how Brown & Brown, Inc. brings in the money, which is heavily reliant on the insurance cycle. The core of their business is built on earning commissions and fees from placing insurance policies for clients.

The primary revenue driver is commissions and fees from insurance placement. This is the bread and butter, reflecting the volume and complexity of the coverage they arrange across their retail, programs, and wholesale segments. For the first quarter of 2025, commissions and fees totaled $1.385 billion. This is a significant chunk of their top line, showing the direct link between their brokerage activity and revenue generation.

Another key component is profit-sharing contingent commissions from carriers. These are performance-based payments from insurance companies based on the profitability of the business placed by Brown & Brown, Inc. In Q1 2025, these contingent commissions were a negative impact of ($43 million) on the gross commissions and fees figure, down from ($46 million) the prior year. This shows how market conditions-like lower catastrophe losses or better underwriting results for carriers-can directly affect this portion of their income.

To give you a clearer picture of the Q1 2025 revenue composition, here's a quick look at the components leading to core commissions and fees:

Revenue Component (Q1 2025)	Amount (in millions)
Commissions and fees	$1,385
Less: Profit-sharing contingent commissions	($43)
Less: Acquisitions/Dispositions/FX Impact	(Varies)
Core commissions and fees	$1,342
Organic Revenue (Core, adjusted for M&A/FX)	$1,263

The firm also generates revenue from investment and other income. For the first quarter of 2025, this stream contributed $19 million. That's a nice, steady boost to the bottom line, separate from the core insurance operations. For the second quarter of 2025, investment income was even higher at $36 million.

You also need to account for fees for risk management and consulting services. While not always broken out separately in headline figures, these fees are embedded within the overall commissions and fees and contribute to the organic growth seen across segments like Retail and Programs. For instance, Q2 2025 total revenues were $1.29 billion, showing the scale of their operations outside of just Q1.

To keep things simple, the total Trailing Twelve Month (TTM) revenue as of December 2025 is projected at $5.27 billion. This figure captures the full scope of their revenue generation across all these streams over the preceding year.

Here are the primary revenue sources you should track:

• Commissions and fees from insurance placement.
• Profit-sharing contingent commissions from carriers.
• Investment and other income.
• Fees for risk management and consulting services.

The Q1 2025 total revenue was $1.4 billion, which represents an 11.6% increase year-over-year. Honestly, seeing that organic growth hold steady, even with moderating premium rates in some admitted markets, is a good sign for the business model's stickiness.

Finance: draft 13-week cash view by Friday.