Brown & Brown

The business model is highly recurring with policy renewals creating a steady baseline.

Multi‑cycle performance shows consistent growth in commissions and fees, limited working capital demands, and low capex. 2024 delivered 12.9% total revenue growth and 10.4% organic, with EBITDAC‑adjusted margin expansion, while 2025 YTD maintained positive organic growth despite integration costs for Accession.

The company’s diversified segment mix (Retail, Programs, Wholesale Brokerage, Services) and geographic breadth dampen volatility. Exposure to macro shocks is mitigated by insurance’s non‑discretionary nature for most customers.

Key unpredictability drivers are rate‑cycle turns, weather‑related impacts on contingent commissions, and integration timing on large acquisitions, but these typically affect magnitude rather than direction of growth.