Brown & Brown’s 43 Deals Drive 22.8% Revenue Growth, Margins Under Strain
Brown & Brown completed 43 acquisitions in 2025, adding nearly $1.8 billion in annual revenues, and has acquired 717 insurance intermediaries since 1993. Total revenues rose 22.8% to $5.9 billion in 2025, while integration costs and lower margins pressure profitability despite management’s long-term confidence.
1. Extensive Acquisition Track Record
Brown & Brown has acquired 717 insurance intermediary businesses since 1993, including 43 deals in 2025 that added nearly $1.8 billion in annual revenues. The February 2026 purchase of American Adventure Insurance exemplifies its focused approach to niche markets and entrepreneurial firm cultures.
2. Financial Performance Highlights
Total revenues reached $5.9 billion in 2025, a 22.8% increase driven by the $9.83 billion Accession acquisition completed in August 2025. This largest deal in company history expanded specialty and wholesale distribution capabilities and created significant cross-selling opportunities.
3. Integration and Margin Challenges
Integration costs from recent acquisitions and lower margins on acquired businesses have pressured profitability despite management’s confidence in long-term margin expansion. Shares have fallen 43.1% over the past 12 months, and the stock trades at a 14.2 P/E ratio versus a 15.2 industry average.