Brown & Brown Files 2024 Annual Report
Ticker: BRO · Form: 10-K · Filed: Feb 13, 2025 · CIK: 79282
Sentiment: neutral
Topics: 10-K, annual-report, financials
TL;DR
BROWN & BROWN FILED ITS 2024 10-K. FULL FINANCIALS OUT NOW.
AI Summary
Brown & Brown, Inc. filed its 10-K for the fiscal year ending December 31, 2024, on February 13, 2025. The filing provides a comprehensive overview of the company's financial performance, business operations, and risk factors. Key financial details and strategic initiatives for the period are detailed within the report.
Why It Matters
This 10-K filing provides investors and stakeholders with crucial insights into Brown & Brown's financial health and strategic direction for the past fiscal year, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a routine annual filing providing historical financial data and business overview, not indicating immediate new risks.
Key Players & Entities
- BROWN & BROWN, INC. (company) — Filer of the 10-K
- 20241231 (date) — Fiscal year end
- 20250213 (date) — Filing date
- 0000079282 (company) — Central Index Key for Brown & Brown, Inc.
FAQ
What is the primary business of Brown & Brown, Inc.?
Brown & Brown, Inc. operates in the Insurance Agents Brokers & Services industry, as indicated by its SIC code 6411.
When did Brown & Brown, Inc. file its 10-K report?
Brown & Brown, Inc. filed its 10-K report on February 13, 2025.
For which fiscal year is this 10-K report?
This 10-K report is for the fiscal year ending December 31, 2024.
What is the company's principal business address?
The company's business address is 300 N. Beach Street, Daytona Beach, FL 32114.
What is the SEC file number for Brown & Brown, Inc.'s 10-K filing?
The SEC file number for this 10-K filing is 001-13619.
Filing Stats: 4,263 words · 17 min read · ~14 pages · Grade level 16.8 · Accepted 2025-02-12 17:37:07
Key Financial Figures
- $0.10 — nge on which registered COMMON STOCK, $0.10 PAR VALUE BRO New york stock exchan
- $665 m — ted Kingdom. These operations generated $665 million, $527 million and $240 million of
- $527 million — hese operations generated $665 million, $527 million and $240 million of revenues for the ye
- $240 million — enerated $665 million, $527 million and $240 million of revenues for the years ended Decembe
Filing Documents
- bro-20241231.htm (10-K) — 5497KB
- bro-ex19.htm (EX-19) — 118KB
- bro-ex21.htm (EX-21) — 328KB
- bro-ex23.htm (EX-23) — 5KB
- bro-ex24.htm (EX-24) — 123KB
- bro-ex31_1.htm (EX-31.1) — 12KB
- bro-ex31_2.htm (EX-31.2) — 12KB
- bro-ex32_1.htm (EX-32.1) — 6KB
- bro-ex32_2.htm (EX-32.2) — 6KB
- img153384237_0.jpg (GRAPHIC) — 65KB
- img153384237_1.jpg (GRAPHIC) — 39KB
- 0000950170-25-019039.txt ( ) — 22398KB
- bro-20241231.xsd (EX-101.SCH) — 2297KB
- bro-20241231_htm.xml (XML) — 5005KB
Business
Business 5 Item 1A.
Risk Factors
Risk Factors 11 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.
Properties
Properties 25 Item 3.
Legal Proceedings
Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 Part II 26 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. Reserved 28 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 29 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 83 Item 9A.
Controls and Procedures
Controls and Procedures 83 Item 9B. Other Information 83 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 83 Part III 84 Item 10. Directors, Executive Officers and Corporate Governance 84 Item 11.
Executive Compensation
Executive Compensation 84 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 85 Item 13. Certain Relationships and Related Transactions, and Director Independence 85 Item 14. Principal Accounting Fees and Services 85 Part IV 86 Item 15. Exhibits, Financial Statement Schedules 86 Item 16. Form 10-K Summary 88
Signatures
Signatures 89 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