Revenue rises 9.1% at Brown & Brown

Total revenues at Brown & Brown rose 9.1% in the second quarter to $1.29 billion, with 3.6% organic revenue growth, the commercial insurance broker reported Monday.

Second-quarter net income declined 10.1% to $231 million.

Revenues in its retail segment rose 7.9% to $697 million, with 3.0% organic revenue growth.

Programs segment revenue rose 6.1% to $381 million, with 4.6% organic growth.

The wholesale brokerage segment saw revenues rise 14.5% to $182 million, with 3.9% organic revenue growth.

In commercial insurance pricing, “…rates for most lines moderated even further in the second quarter, and in some cases, more than we expected,” President and CEO J. Powell Brown said on the broker’s earnings call Tuesday morning. Rates in the admitted property/casualty market “continue to moderate down,” he said.

In the excess and surplus lines market, property rates were generally down 10% to 20% in the first quarter and the trend continued throughout the second quarter, with rates down 15% to 30%.

“We saw more pressure on rates at the end of the quarter,” Mr. Brown said.

Revenues for the six months ended June 30 rose 10.4% to $2.7 billion, with 5.1% organic growth. Net income rose 2.4% to $563 in that period.

Brown & Brown completed 29 acquisitions in the first six months of 2025, according to a company regulatory filing.

Mr. Brown said the broker expects to close Aug. 1 on its acquisition of the parent company of Accession Risk Management Group. Brown & Brown has agreed to buy Accession, the parent of retail brokerage unit Risk Strategies Co. and wholesaler One80 Intermediaries, on a cash and debt-free basis for a gross purchase price of $9.83 billion.