Brown & Brown reports Q3 2024 results

Brown & Brown held its earnings call on October 29, 2024. Key highlights include:

• Brown & Brown reported nearly $1.2 billion in revenue, an 11% total increase and 9.5% organic growth compared to Q3 2023.
• Completed four acquisitions with estimated annual revenues of $8 million.
• Rates across many insurance lines continued to rise, though at a slightly slower pace compared to the first half of the year and the same quarter last year.
• In the E&S market, carriers expanded limits for existing and new business. CAT property rates rose slightly in Q1 but dropped 10–20% by Q3 compared to the prior year, leading customers to increase limits, adjust deductibles, or capture savings.
• M&A competition for high-quality businesses stayed steady, with private equity activity rebounding as interest rates began to decline.
• Programs reported 22.8% organic growth, driven by new business and customer expansion. Lender-placed business, captives, and CAT programs showed strong performance, supported by program diversity.

“And it’s interesting, because — and I know this isn’t the case with you, Mike, but there are some people out there that really don’t, I don’t think, fully understand or give us credit for the other than Retail part of our business, which is 40% of the revenue. And as you know, it is performing very nicely. So if you want to look at it on a slightly different perspective, and I know you’ve already thought about this, but if you look at the performance of wholesale and programs together, that 40% grew at 17.7% in Q3. Pretty impressive.” – CEO Powell Brown.