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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Brown & Brown was talking about movement from admitted and non-admitted.”
An analyst cited Brown & Brown's commentary on admitted vs non-admitted movement; Gallagher said it is not seeing that shift in its book.
“on your comment around Howden, is like they're being pretty aggressive, and other brokers have sued them as well for similar issues.”
An analyst names Howden as the aggressive start-up broker that lifted ~275 Brown & Brown teammates and $23M of revenue, prompting litigation; a negative read-through on Howden's poaching tactics.
“we also completed the largest acquisition in our history, welcoming over 5,000 incredible teammates in Accession.”
Brown & Brown closed Accession, the largest acquisition in its history (~$1.8B annual revenue added across 43 deals), and reports integration progressing well.
“This was partially offset by revenue seasonality for Quintes, which we acquired in the fourth quarter of 2022.”
Brown & Brown references its 2022 acquisition of Dutch broker Quintes as a seasonality driver in Retail-segment margins.
“On the M&A front, we completed 7 acquisitions with estimated annual revenues of $1.7 billion, with the largest being Accession.”
Brown & Brown closed its acquisition of Accession (Risk Strategies / Accession Risk Management Group), its largest deal, contributing ~$285M stub-period revenue.
“we wanted to provide an update on the acquisition of RSC Topco, or as we refer to it, Accession”
Brown & Brown's pending acquisition of Accession (RSC Topco, parent of Risk Strategies and 180) received substantially all regulatory approvals, with an 8/1 close anticipated and integration underway.
“the positive impact of the seasonality of revenue and profit for the Quintes acquisition”
Quintes, a Brown & Brown acquisition, is front-loading Retail segment revenue and margin in Q1 (about 60% of its revenue recognized in the first quarter), management said it remains within the previously communicated full-year revenue and EBITDAC ranges.
“We had another good year of M&A completing acquisitions with approximately $174 million of annual revenue with the largest being Quintes in the Netherlands.”
Brown & Brown's largest 2024 acquisition was Dutch insurance intermediary Quintes, strengthening its position in the Netherlands market.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mark Hughes | Truist Securities | 12 (0%) |
| Elyse Greenspan | Wells Fargo | 11 (0%) |
| Mike Zaremski | BMO Capital Markets |
| 10 (60%) |
| Josh Shanker | Bank of America | 8 (25%) |
| Alex Scott | Barclays | 8 (13%) |
| Meyer Shields | KBW | 7 (14%) |
| Rob Cox | Goldman Sachs | 7 (0%) |
| Greg Peters | Raymond James | 6 (0%) |
| Brian Meredith | UBS | 5 (0%) |
| Dean Criscitiello | KBW | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Truist Securities | 1 | 12 (0%) |
| KBW | 2 | 11 (9%) |
| BMO Capital Markets | 2 | 11 (55%) |
| Wells Fargo | 1 | 11 (0%) |
| Bank of America | 1 | 8 (25%) |
| Barclays | 1 | 8 (13%) |
| Raymond James | 2 | 8 (0%) |
| Goldman Sachs | 1 | 7 (0%) |
Brown & Brown closed FY2025 with revenue up 53.3% including Accession, though the -2 transcript adjustment again reflected inorganic growth, and Q4 organic revenue actually declined on flood comp and rate pressure. Accession revenue came in below quarterly guidance, and a talent poaching incident by a start-up broker was disclosed. The long-term margin target was raised to 32-37% from 30-35%. The eps_adjustment of -1 reflected margin compression in the quarter.
Revenue Growth | Competitive Dynamics | Pricing | Margin | Demand | M&A | Regulation Policy | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 3 | 3 | 2 | 3 | 1 | ||
| 2025Q1 | 6 | 3 | 6 | 2 | 1 | 3 | 1 | |
| 2025Q2 | 5 | 3 | 5 | 4 | 2 | 4 | 1 | |
| 2025Q3 | 5 | 3 | 1 | 2 | 2 | 2 | 2 | 3 |
| 2025Q4 | 10 | 11 | 3 | 3 | 1 | 1 | ||
| 2026Q1 | 6 | 3 | 4 | 3 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 5 | 6 | 5 | 5 | 10 | 6 |
| Competitive Dynamics | 3 | 3 | 3 | 3 | 11 | 3 |
| Pricing | 3 | 6 | 5 | 1 | 3 | 4 |
| Margin | 2 | 2 | 4 | 2 | 3 | 3 |
| Demand | 3 | 1 | 2 | 2 | 1 | |
| M&A | 1 | 4 | 2 | 1 | 1 | |
| Regulation Policy | 3 | 2 | 1 | |||
| Macroeconomic | 1 | 1 | 3 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BRO Brown & Brown | 6 | +37.3% | |
| AJG Arthur J. Gallagher & Co. | 6 | +27.6% | |
| AON Aon | 7 | +6.5% | |
| MRSH Marsh & McLennan Companies, Inc. | 6 | +7.6% | |
| WTW Willis Towers Watson | 5 | +8.5% |