Brown & Brown

Brown & Brown delivered total revenue of $1.9 billion, up 35.4%, with the gain driven almost entirely by the Accession (Risk Strategies/One80) acquisition, which contributed roughly $445 million for the quarter, while organic revenue was flat year-over-year as catastrophe property rate declines of 15%-35% and a prior-year flood claims comparison weighed on growth. Profitability held up well: adjusted EBITDAC margin expanded 40 basis points to 38.5% and adjusted EPS rose nearly 8% to $1.39, helped by a $54 million surge in contingent commissions. Management guided to modest sequential organic improvement through the year, with the casualty-weighted One80 business expected to lift specialty organic in the back half, and reaffirmed Accession integration synergies of $30 million to $40 million for 2026. A startup-broker dispute that has taken roughly $31 million of annualized revenue and a pharmacy-consulting revenue-model change remain near-term organic headwinds.