Brown & Brown, Inc.

Brown & Brown, Inc. is a diversified insurance agency, wholesale brokerage, insurance programs, and service organization that primarily markets and sells insurance products and services in the property, casualty, and employee benefits areas. The Company primarily acts as an agent or broker, not assuming underwriting risks. However, Brown & Brown also operates and/or participates in various ancillary insurance operations, including reinsurance companies, stand-alone captives, series captive insurance companies ("SCICs"), protected cell companies, segregated account companies, a quota share captive, and an excess of loss layer captive (collectively, the "Captives"). These Captives facilitate additional underwriting capacity, generate incremental revenues, and/or enable the Company to participate in certain underwriting results. Brown & Brown also operates Wright National Flood Insurance Company ("WNFIC"), a write-your-own flood insurance carrier. WNFIC's underwriting business includes policies written under the National Flood Insurance Program ("NFIP"), where premiums and underwriting exposure are ceded to FEMA, and excess flood policies that are fully reinsured in the private market. In the third quarter of 2025, following the acquisition of RSC, the holding company for Accession Risk Management Group, Inc., the Company realigned its business from three to two segments. The Programs and Wholesale Brokerage segments were consolidated into a new Specialty Distribution segment. Brown & Brown now reports its financial results in two reportable segments: Retail and Specialty Distribution.