Brown & Brown, Inc.
BROHIGH VELOCITYDEAL MODE DOMINANTBrown & Brown, Inc. reads as an High Velocity (composite 70/100); Programmatic Roll-Up deploying $9B across 108 disclosed transactions, up 214% vs the prior cycle · primary market Insurance, ranked #4 on disclosed spend.
Lens
Disclosed M&A capital (2023–2025)
$9.4B
vs $3B in 2020–2022
Disclosed transactions
108
3/3 active fiscal years in window
Buyer archetype
Programmatic Roll-Up
High recurring acquisition cadence, usually with many smaller targets.
Composite score
70
High Velocity dominates · Deal Mode Dominant
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $16.5B disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 33d
- 507 acquisition-history signals
- 232 8-Ks
Target Probability
Issuers showing target-side patterns from filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
Pressure Watch
Issuers facing activism, governance, or control pressure
Distress Watch
Issuers showing financial-distress filing patterns
Restatement Risk
Issuers with accounting-integrity flags from filings
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 232 8-Ks
- 4 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $26.2B
- 10-Q 43d ago
- 2 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $7,854M · Peak count: 43
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 43 | $7.9B | $183M | N/A |
| 2024 | 32 | $890M | $28M | N/A |
| 2023 | 33 | $631M | $19M | N/A |
| 2022 | 30 | $1.9B | $64M | N/A |
| 2021 | 19 | $367M | $19M | N/A |
| 2020 | 25 | $695M | $28M | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On20%
- Geographic Expansion20%
- Horizontal Consolidation20%
- Talent Acquisition20%
- Platform20%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- geographic_expansion
- talent_acquisition
- horizontal_consolidation
- bolt_on
- platform
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“In addition to individual recruitment, we focus on building our team by completing high-quality acquisitions.”
“In 2022, we grew our team by almost 2,800 new teammates through the acquisition of 30 companies.”
“partnerships with colleges and a robust internship program enable us to cultivate new talent.”
“we grew our team by almost 900 new teammates through the acquisition of 33 companies”
“In 2025, we expanded our team by nearly 5,794 teammates through 43 acquisitions.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Insurance
- Market spend (2023–2025)
- $50.4B
- Market spend (2020–2022)
- $62.2B
- Recent vs prior
- −19%
- Issuer rank in market
- #4 of 97
- Share of market capital
- 5.9%
Valuation positioning
BRO trades at a -2.3-turn discount to the Insurance peer median of 14.4×.
- EV / Revenue
- 4.1×
- Net debt / EBITDA
- 3.1×
- Peer median EV / EBITDA
- 14.4×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 23.9× | 6.3× | 0.8× | $11B | $466M | |
| 14.9× | 3.6× | 2.8× | $27.5B | $10.2B | |
AramarkARMK | 14.4× | 1.0× | 4.4× | $18.8B | N/A |
Brown & Brown, Inc.BRO | 12.1× | 4.1× | 3.1× | $6.4B | $9.4B |
| 9.5× | 0.4× | 3.6× | $8.9B | $151M | |
Brink’s Co.BCO | 7.7× | 1.3× | 3.0× | $5.4B | $27M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Insurance. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)362026-02-12
- 10-Q (quarterly)1022026-04-27
- 8-K (event)2322026-05-07
- Proxy / DEF 14A462026-03-24
- Activism (13D / DFAN / PREC)0N/A
Signals on file
- info
Signal
Disclosed acquisition spend
- info
Signal
10-K strategy themes
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.