Marrom & Brown, Inc. (BRO): modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da corretora de seguros, Brown & A Brown, Inc. (BRO) se destaca como uma potência estratégica, transformando o gerenciamento complexo de riscos em soluções perfeitas e orientadas pela tecnologia. Com um modelo de negócios robusto que abrange vários setores de seguros e aproveita plataformas digitais de ponta, esta empresa criou magistralmente uma abordagem que oferece serviços de seguros abrangentes e personalizados a empresas e indivíduos. Combinando extensas redes profissionais, parcerias estratégicas e tecnologia inovadora, Brown & Brown se posicionou como líder no fornecimento de soluções de seguros adaptáveis ​​e centradas no cliente que abordam as paisagens de risco em evolução dos diversos segmentos de mercado atuais.

Marrom & Brown, Inc. (Bro) - Modelo de Negócios: Principais Parcerias

Operadoras de seguros e provedores

A partir de 2024, marrom & A Brown faz parceria com aproximadamente 300 operadoras de seguros em várias linhas de cobertura. Os principais relacionamentos da transportadora incluem:

Tipo de transportadora	Número de parcerias	Linhas de cobertura
Propriedade & Seguradoras de vítimas	127	Linhas comerciais e pessoais
Seguradoras especializadas	85	Responsabilidade Profissional, Cyber
Vida & Seguradoras de saúde	88	Benefícios dos funcionários, saúde do grupo

Agências de seguros independentes e corretoras

Marrom & Brown mantém parcerias estratégicas com:

• Mais de 500 agências de seguros independentes em todo o país
• Aproximadamente 180 corretor regional
• Rede de Aliança Estratégica cobrindo 47 estados

Provedores de solução de tecnologia e software

Parceiro de tecnologia	Foco de integração	Ano de implementação
Software Guidewire	Sistemas principais de seguro	2022
Epic aplicado	Gerenciamento de agências	2021
Microsoft Azure	Infraestrutura em nuvem	2023

Empresas de consultoria de gerenciamento de riscos

Colaboração com empresas de gerenciamento de riscos de primeira linha:

• Willis Towers Watson
• Pântano & McLennan
• Soluções de risco da AON

Fusões e parceiros estratégicos de aquisição

Estatísticas de parceria de fusões e aquisições para 2023-2024:

Tipo de parceiro	Número de parcerias	Valor total da transação
Empresas de private equity	12	US $ 875 milhões
Bancos de investimento	8	US $ 650 milhões
Adquirentes estratégicos	6	US $ 425 milhões

Marrom & Brown, Inc. (Bro) - Modelo de Negócios: Atividades -chave

Serviços de corretagem e distribuição de seguros

No ano fiscal de 2023, Brown & Brown gerou receita total de US $ 3,3 bilhões por meio de serviços de distribuição de seguros. A empresa opera através de quatro segmentos primários:

Segmento	2023 Receita
Varejo	US $ 1,98 bilhão
Programas nacionais	US $ 628 milhões
Correta por atacado	US $ 522 milhões
Serviços	US $ 172 milhões

Gerenciamento de riscos e consultoria de seguro

As principais atividades de gerenciamento de riscos incluem:

• Serviços abrangentes de avaliação de risco
• Consultoria de risco específica da indústria
• Design do Programa de Seguro Corporativo

Gerenciamento e suporte de reivindicações

Métrica de processamento de reivindicações	2023 desempenho
Total de reivindicações processadas	Aproximadamente 750.000
Tempo médio de resolução de reivindicações	14,2 dias

Subscrição e colocação de políticas

Marrom & Brown processado Mais de 250.000 apólices de seguro Em 2023, em várias linhas de seguro comercial e pessoal.

Fusões e aquisições

Em 2023, Brown & Brown concluiu 28 aquisições de agências estratégicas com o valor total da transação de US $ 350 milhões.

Métrica de aquisição	2023 dados
Aquisições totais	28
Valor total da transação	US $ 350 milhões
Novas agências adicionadas	38 locais

Marrom & Brown, Inc. (Bro) - Modelo de Negócios: Recursos -Principais

Rede extensa de profissionais de seguros

A partir de 2024, marrom & Brown emprega 12.345 profissionais de seguros em vários segmentos. A força de trabalho da empresa é distribuída pelas seguintes regiões:

Região	Número de profissionais
Nacional	7,892
Internacional	4,453

Tecnologia proprietária e plataformas digitais

Marrom & Brown investiu US $ 78,5 milhões em infraestrutura de tecnologia em 2023. Os principais ativos tecnológicos incluem:

• Plataforma de gerenciamento de seguro digital
• Sistema de processamento de reivindicações automatizadas
• Software de Gerenciamento de Relacionamento ao Cliente (CRM)
• Ferramentas de análise preditiva

Relacionamentos fortes com operadoras de seguros

A empresa mantém parcerias com 287 operadoras de seguros em vários segmentos:

Segmento de seguro	Número de parcerias de transportadores
Linhas comerciais	142
Linhas pessoais	95
Programas nacionais	50

Portfólio diversificado de serviços de seguro

Marrom & Brown oferece serviços em vários segmentos de seguros com a seguinte distribuição de receita:

• Seguro de linhas comerciais: 45% da receita total
• Seguro de linhas pessoais: 22% da receita total
• Programas nacionais: 18% da receita total
• Correta por atacado: 15% da receita total

Capital financeiro para crescimento estratégico e aquisições

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Caixa total e equivalentes de caixa	US $ 456,7 milhões
Linha de crédito disponível	US $ 750 milhões
Gastos totais de aquisição (2023)	US $ 312,5 milhões

Marrom & Brown, Inc. (Bro) - Modelo de Negócios: Proposições de Valor

Soluções de seguro abrangentes em vários setores

Marrom & A Brown, Inc. fornece serviços de seguro em todo 14 segmentos distintos da indústria. A receita anual de 2022 da empresa foi de US $ 3,4 bilhões, com soluções de seguro abrangendo:

Setor	Cobertura de mercado
Seguro de varejo	43% da receita comercial total
Programas nacionais	24% da receita comercial total
Correta por atacado	22% da receita comercial total
Serviços	11% da receita comercial total

Estratégias de gerenciamento de riscos personalizados

A empresa oferece serviços especializados de gerenciamento de riscos com Mais de 12.000 funcionários profissionais dedicado ao desenvolvimento de estratégias personalizadas.

• Economia média de mitigação de risco ao cliente: 18-22%
• Ferramentas de avaliação de risco proprietárias utilizadas
• Portfólios de seguro personalizados para cada segmento de clientes

Acesso a uma ampla gama de operadoras de seguros e produtos

Marrom & Brown mantém relacionamentos com Mais de 300 operadoras de seguros, permitindo ofertas abrangentes de produtos:

Categoria de seguro	Número de produtos
Linhas comerciais	127 produtos distintos
Linhas pessoais	84 produtos distintos
Linhas especializadas	96 produtos distintos

ADMINISTRAÇÃO EXPERLATIVA E CONSULTAÇÃO

Os serviços de consultoria da empresa incluem:

• Tempo médio de consulta ao cliente: 12-15 horas
• Experiência em gerenciamento de riscos em vários setores
• Equipes de gerenciamento de contas dedicadas

Colocação de seguros e prestação de serviços habilitados para tecnologia

Marrom & Brown investe US $ 82 milhões anualmente em infraestrutura tecnológica, apresentando:

• Plataformas de avaliação de risco orientadas pela IA
• Sistemas de gerenciamento de políticas em tempo real
• Tecnologias de processamento de reivindicações digitais

Marrom & Brown, Inc. (Bro) - Modelo de Negócios: Relacionamentos do Cliente

Modelo de atendimento ao cliente personalizado

Marrom & A Brown, Inc. mantém uma abordagem personalizada de atendimento ao cliente, com mais de 11.000 funcionários em mais de 700 escritórios. A empresa gerou US $ 3,14 bilhões em receita em 2022, com foco em soluções de seguro personalizadas.

Categoria de serviço	Nível de personalização	Segmentos de clientes
Seguro corporativo	Alta personalização	Empresas médias a grandes
Seguro individual	Personalização moderada	Pequenas empresas e indivíduos

Gerenciamento de relacionamento de longo prazo

Marrom & Brown mantém uma taxa média de retenção de clientes de 85% em seus segmentos de seguro.

Equipes de conta dedicadas

A empresa emprega equipes especializadas em gerenciamento de contas em várias verticais de seguro:

• Equipe de contas nacionais
• Equipes especializadas regionais
• Grupos de consultoria específicos do setor

Plataformas de autoatendimento digital

Os investimentos em plataforma digital incluem:

• Portal de gerenciamento de políticas on -line
• Sistema de submissão de reivindicações móveis
• Ferramenta de geração de cotação automatizada

Plataforma digital	Taxa de adoção do usuário	Transações anuais
Gerenciamento de políticas on -line	62%	1,4 milhão
Envio de reivindicações móveis	48%	920,000

Avaliação regular de risco e revisão de políticas

Marrom & Brown realiza avaliações abrangentes de risco com uma frequência média de 2-3 vezes por cliente anualmente, utilizando técnicas avançadas de modelagem de risco.

Tipo de avaliação	Freqüência	Escopo de cobertura
Revisão de risco padrão	Semestral	Cobertura básica
Análise abrangente de risco	Anual	Cobertura abrangente

Marrom & Brown, Inc. (Bro) - Modelo de Negócios: Canais

Equipe de vendas diretas

Marrom & Brown emprega 12.300 associados em sua rede a partir de 2023. A equipe de vendas direta gerou US $ 2,97 bilhões em receita durante o ano fiscal de 2023.

Tipo de canal de vendas	Número de representantes de vendas	Receita anual média por representante
Vendas de seguros corporativos	3,450	$865,000
Vendas de programas nacionais	1,200	$1,250,000
Vendas de corretora por atacado	2,100	$1,100,000

Plataformas de seguro online

As plataformas digitais contribuíram com receita de US $ 412 milhões para 2023, representando 13,8% da receita total da empresa.

• As transações de plataforma digital aumentaram 22,4% em comparação com 2022
• Geração de cotação on -line: 187.500 interações digitais mensais
• Downloads de aplicativos móveis: 215.000 usuários anuais

Redes de agentes independentes

Marrom & Brown trabalha com 7.800 agentes de seguros independentes nos Estados Unidos.

Segmento de rede de agentes	Número de agentes	Taxa de comissão
Propriedade & Casualidade	5,600	10-15%
Benefícios dos funcionários	1,450	8-12%
Linhas especializadas	750	12-18%

Marketing Digital e Comunicação

As despesas de marketing para canais digitais em 2023 foram de US $ 47,3 milhões.

• Seguidores de mídia social: 215.000 entre plataformas
• Alcance de marketing por e -mail: 350.000 contatos
• Gastes de publicidade digital: US $ 18,6 milhões

Conferências do setor e eventos de rede

Marrom & Brown participou de 87 conferências do setor em 2023.

Tipo de evento	Número de eventos	Geração estimada de chumbo
Conferências de Seguros Nacionais	42	1.250 leads em potencial
Simpósios de seguro regional	35	850 leads em potencial
Workshops especializados da indústria	10	450 leads em potencial

Marrom & Brown, Inc. (Bro) - Modelo de Negócios: Segmentos de Clientes

Empresas comerciais do mercado intermediário

Marrom & Brown atende a empresas comerciais do meio do mercado com receitas anuais entre US $ 10 milhões e US $ 500 milhões. Em 2023, o segmento de médio porte da empresa representou aproximadamente 42% de suas receitas totais de prêmio de seguro.

Características do segmento	Penetração de mercado
Faixa de receita anual	US $ 10 milhões - US $ 500 milhões
Porcentagem de receitas totais	42%
Número de clientes	Aproximadamente 4.500

Grandes empresas corporativas

Marrom & A Brown tem como alvo grandes empresas corporativas com receitas anuais superiores a US $ 500 milhões. Em 2023, esse segmento contribuiu com 35% da receita total do prêmio de seguro da empresa.

Detalhes do segmento	Dados estatísticos
Limite anual de receita	Mais de US $ 500 milhões
Porcentagem de receitas totais	35%
Número de clientes corporativos	Aproximadamente 1.200

Pequenas e médias empresas

Marrom & A Brown fornece soluções de seguro para empresas pequenas e médias, com receitas anuais entre US $ 1 milhão e US $ 10 milhões. Esse segmento representa 18% da receita total do prêmio de seguro da empresa.

• Faixa anual de receita: US $ 1 milhão - US $ 10 milhões
• Porcentagem de receitas totais: 18%
• Número estimado de clientes: 7.800

Clientes de seguros individuais e pessoais

A empresa atende clientes de seguros individuais e pessoais em vários segmentos demográficos. Em 2023, o seguro de linhas pessoais representou 5% da receita total do prêmio.

Segmento de seguro pessoal	Pontos de dados
Porcentagem de receitas totais	5%
Base de cliente estimada	Aproximadamente 125.000 indivíduos

Verticais da indústria especializada

Marrom & Brown se concentra em verticais específicas da indústria, incluindo assistência médica, construção, transporte e tecnologia. Esses segmentos especializados exigem soluções de seguro personalizado.

• Assistência médica: 12% das receitas especializadas da indústria
• Construção: 10% das receitas especializadas da indústria
• Transporte: 8% das receitas especializadas da indústria
• Tecnologia: 6% das receitas especializadas da indústria

Marrom & Brown, Inc. (Bro) - Modelo de Negócios: Estrutura de Custo

Compensação e benefícios dos funcionários

Para o ano fiscal de 2023, Brown & A Brown, Inc. relatou despesas totais de pessoal de US $ 1.456.900.000. A quebra dos custos relacionados aos funcionários inclui:

Categoria de despesa	Valor ($)
Salários	1,102,000,000
Benefícios dos funcionários	254,900,000
Remuneração baseada em ações	100,000,000

Investimentos de tecnologia e infraestrutura

Investimentos de tecnologia e infraestrutura para marrom & Brown em 2023 totalizou US $ 87.400.000, que incluíram:

• Software e infraestrutura de TI: US $ 52.600.000
• Aprimoramentos de segurança cibernética: US $ 18.200.000
• Iniciativas de transformação digital: US $ 16.600.000

Despesas de marketing e desenvolvimento de negócios

Os custos de marketing e desenvolvimento de negócios para o ano de 2023 totalizaram US $ 64.500.000, distribuídos da seguinte forma:

Categoria de despesa de marketing	Valor ($)
Marketing digital	22,800,000
Eventos e conferências corporativas	15,700,000
Despesas da equipe de vendas	26,000,000

Sobrecarga operacional

Despesas aéreas operacionais para marrom & Brown em 2023 foi de US $ 142.300.000, incluindo:

• Aluguel e instalações do escritório: US $ 58.600.000
• Utilitários e manutenção: US $ 24.700.000
• Despesas administrativas: US $ 59.000.000

Custos de aquisição e integração

Em 2023, Brown & Brown gastou US $ 345.200.000 em aquisições e despesas de integração relacionadas:

Despesa relacionada à aquisição	Valor ($)
Preço de compra de aquisição	312,000,000
Custos de integração e transição	33,200,000

Marrom & Brown, Inc. (Bro) - Modelo de Negócios: Fluxos de Receita

Comissões de corretagem de seguros

Para o ano fiscal de 2023, Brown & Brown registrou receitas totais de US $ 3,4 bilhões. As comissões de corretagem de seguros representaram o fluxo de receita primária, representando aproximadamente 70-75% da receita total.

Categoria de receita	Valor (2023)	Porcentagem da receita total
Comissões de corretagem de seguros	US $ 2,38 bilhões	70%

Serviços de consultoria baseados em taxas

Os serviços de consultoria baseados em taxas contribuíram com aproximadamente US $ 340 milhões para a receita da empresa em 2023.

• Taxas de consultoria de gerenciamento de riscos
• Serviços de design de programas de seguro
• Consultoria de conformidade

Comissões contingentes de transportadoras

Comissões contingentes geraram aproximadamente US $ 102 milhões em receita adicional para Brown & Brown em 2023.

Tipo de transportadora	Receita de Comissão Contingente
Propriedade & Transportadoras de vítimas	US $ 78 milhões
Vida & Operadoras de saúde	US $ 24 milhões

Taxas de consultoria de gerenciamento de riscos

Os serviços de consultoria em gerenciamento de riscos geraram US $ 215 milhões em receita para o ano fiscal de 2023.

• Avaliações de risco corporativo
• Otimização do Programa de Seguros
• Consultoria de gerenciamento de reivindicações

Receitas de serviço de tecnologia e software

Os serviços de tecnologia e software contribuíram com US $ 97 milhões para Brown & Receita de Brown em 2023.

Serviço de Tecnologia	Receita
Software de gerenciamento de seguros	US $ 62 milhões
Ferramentas de avaliação de risco digital	US $ 35 milhões

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.