Brown & Brown

Pricing power is indirect because revenue is primarily commissions and fees tied to premium rates and exposures.

Brown & Brown cannot simply “name a price,” yet it captures value through mix shift to specialty lines and programs with higher margins, service fees, and contractual annual escalators. 2024 organic growth was 10.4%, aided by firm to moderately firm pricing in many lines; Q3‑25 organic growth of 3.5% reflects integration and some normalizing rate momentum.

Over long cycles, brokers have demonstrated the ability to hold or expand take‑rates with increasing complexity and service depth. Latent pricing power also exists in the ability to bundle risk services and analytics into programs. Constraints include competitive pressure in standard lines and rate softening in some markets.