Brown & Brown, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Brown & Brown, Inc. has filed its 2023 Form 10-K detailing its financial performance and operations for the year ended December 31, 2023.</b>

AI Summary

BROWN & BROWN, INC. (BRO) filed a Annual Report (10-K) with the SEC on February 22, 2024. Brown & Brown, Inc. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. Key segments include Retail and Wholesale Brokerage. The company's fiscal year end is January 19th. Brown & Brown, Inc. is incorporated in Florida.

Why It Matters

For investors and stakeholders tracking BROWN & BROWN, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Brown & Brown's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors to assess the company's performance and future outlook. The detailed segment information, including Retail and Wholesale Brokerage, allows stakeholders to understand revenue drivers and segment-specific performance, aiding in investment decisions.

Risk Assessment

Risk Level: — BROWN & BROWN, INC. shows moderate risk based on this filing. The company's operations are subject to various risks, including those related to market conditions, regulatory changes, and operational challenges, as detailed in the risk factors section of the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Brown & Brown's performance and potential challenges in the upcoming fiscal year.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-02-22 — Filing Date (10-K Filing)

Key Players & Entities

• BROWN & BROWN, INC. (company) — Filer
• BRO (company) — Ticker Symbol

FAQ

Industry Context

Brown & Brown, Inc. operates in the insurance brokerage sector, providing a wide range of insurance products and services.

Regulatory Implications

As a publicly traded company, Brown & Brown, Inc. is subject to SEC regulations and reporting requirements, including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Review the full 2023 10-K filing for detailed financial statements and management discussion.
2. Analyze the segment performance, particularly Retail and Wholesale Brokerage, for revenue and growth trends.
3. Assess the identified risk factors and their potential impact on future operations and profitability.

Key Dates

• 2023-12-31: Fiscal Year End — End of reporting period for the 10-K
• 2024-02-22: 10-K Filing Date — Date the annual report was filed with the SEC

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. Previous filings would provide comparative data.

Key Financial Figures

• $0.10 — nge on which registered COMMON STOCK, $0.10 PAR VALUE BRO New york stock exchan
• $527.0 m — ted Kingdom. These operations generated $527.0 million, $240.6 million and $78.0 million
• $240.6 million — se operations generated $527.0 million, $240.6 million and $78.0 million of revenues for the y
• $78.0 million — ated $527.0 million, $240.6 million and $78.0 million of revenues for the years ended Decembe

Filing Documents

• bro-20231231.htm (10-K) — 4810KB
• bro-ex21.htm (EX-21) — 345KB
• bro-ex23.htm (EX-23) — 4KB
• bro-ex24.htm (EX-24) — 103KB
• bro-ex31_1.htm (EX-31.1) — 11KB
• bro-ex31_2.htm (EX-31.2) — 11KB
• bro-ex32_1.htm (EX-32.1) — 6KB
• bro-ex32_2.htm (EX-32.2) — 6KB
• bro-ex97.htm (EX-97) — 42KB
• img152460716_0.jpg (GRAPHIC) — 26KB
• img152460716_1.jpg (GRAPHIC) — 193KB
• 0000950170-24-018890.txt (&nbsp;) — 20581KB
• bro-20231231.xsd (EX-101.SCH) — 2236KB
• bro-20231231_htm.xml (XML) — 4482KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 22 Item 1C. Cybersecurity 22 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 Part II 25 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6. Reserved 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 86 Item 9A.

Controls and Procedures

Controls and Procedures 86 Item 9B. Other Information 86 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 86 Part III 87 Item 10. Directors, Executive Officers and Corporate Governance 87 Item 11.

Executive Compensation

Executive Compensation 87 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88 Item 13. Certain Relationships and Related Transactions, and Director Independence 88 Item 14. Principal Accounting Fees and Services 88 Part IV 89 Item 15. Exhibits, Financial Statement Schedules 89 Item 16. Form 10-K Summary 91

Signatures

Signatures 92 2 Disclosure Regarding Forward-Looking Statements Brown & Brown, Inc., together with its subsidiaries (collectively, "we," "Brown & Brown" or the "Company"), makes "forward-looking statements" within the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995, as amended, throughout this report and in the documents we incorporate by reference into this report. You can identify these statements by forward-looking words such as "may," "will," "should," "expect," "anticipate," "believe," "intend," "estimate," "plan" and "continue" or similar words. We have based these statements on our current expectations about potential future events. Although we believe the expectations expressed in the forward-looking statements included in this Annual Report on Form 10-K and the reports, statements, information and announcements incorporated by reference into this report are based upon reasonable assumptions within the bounds of our knowledge of our business, a number of factors could cause actual results to differ materially from those expressed in any forward-looking statements, whether oral or written, made by us or on our behalf. Many of these factors have previously been identified in filings or statements made by us or on our behalf. Important factors which could cause our actual results to differ, possibly materially from the forward-looking statements in this report include but are not limited to the following items, in addition to those matters described in Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations": The inability to hire, retain and develop qualified employees, as well as the loss of any of our executive officers or other key employees; A cybersecurity attack or any other interruption in information technology and/or data security that may impact our operations or the operations of third parties that support us; Acquisition-related risks that could negatively a

B usiness

ITEM 1. B usiness. General Brown & Brown is a diversified insurance agency, wholesale brokerage, insurance programs and service organization with origins dating from 1939 and is headquartered in Daytona Beach, Florida. The Company markets and sells insurance products and services, primarily in the property, casualty and employee benefits areas. We provide our customers with quality, non-investment insurance contracts, as well as other targeted, customized risk management products and services. We primarily operate as an agent or broker and therefore, with limited exceptions, do not assume underwriting risks. Within The Wright Insurance Group, LLC ("Wright"), we operate a write-your-own flood insurance carrier, Wright National Flood Insurance Company ("WNFIC"). WNFIC's underwriting business consists of policies written pursuant to the National Flood Insurance Program ("NFIP"), the program administered by the Federal Emergency Management Agency ("FEMA"). We also sell excess flood policies which are fully reinsured, thereby substantially eliminating WNFIC's exposure to underwriting risk, as these policies are backed by either FEMA or a reinsurance carrier with an AM Best Company rating of "A" or better. We also participate in capitalized captive insurance facilities (the "Captives") for the purpose of providing additional capacity to place coverage, deliver revenues, and participate in underwriting results. The Company has traditionally participated in underwriting profits through profit-sharing contingent commissions. The Captives give us another way to continue to participate in underwriting results, while limiting exposure to underwriting claim costs. The Captives focus on property insurance for earthquake and wind exposed properties underwritten by certain of our managing general underwriters ("MGUs"). The Captives limit, but do not fully eliminate the Company's exposure to claims expenses either through reinsurance or by only participating in limited tranches

View Full Filing

View this 10-K filing on SEC EDGAR