Brown & Brown

Brown & Brown’s long record of high‑ROIC tuck‑ins continued with a step‑change acquisition in 2025: Accession. Management pre‑funded the deal with debt and equity to minimize closing risk, accepted near‑term integration costs, and outlined synergy levers across retail, wholesale, and programs.

The firm couples reinvestment with a conservative but rising dividend (32 consecutive annual increases) and, as of October 2025, a 1.5 billion repurchase authorization. Historically, capex has been de minimis and internal investments focus on talent, systems, and analytics.

Watchpoints: disciplined pricing for large M&A, integration execution, and avoiding permanent dilution. Early signals, including measured buyback authorization post‑deal and robust cash conversion, are favorable.