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12:00
Jul 28 ◎

BRO FY2026 Q2 Watch

Brown & Brown, Inc. (BRO) FY2026 Q2 Earnings Call

ANTHROPIC ACN BRO ▾

Powell Brown

Partnerships with AI vendors like Anthropic could lead to higher 'technology spend' in future quarters, representing additional costs or a vendor lock-in for an increasingly important AI stack. — An expanded AI deployment could accelerate cost efficiencies across the insurance value chain, but it also opens the door to cloud/HPC budget overruns and cybersecurity risks.

"we entered into partnerships with Anthropic, McKinsey, and Accenture to help enhance our strategy and execution."

ANTHROPIC WATCH

Powell Brown

The partnership is a positive signal for revenue expansion, but comes at a cost; competitors might profit from the AI modernization wave, while BRO's long-term margin expansion is a key watch.

"you probably saw our announcements regarding our new partnerships with McKinsey, Accenture, and Anthropic."

ACN WATCH

Powell Brown

Management is optimistic about integrating acquisitions, meeting synergy targets, and expects organic growth to improve in the second half, leading to a positive outlook.

"We remain confident in our integration activities and the ability to deliver synergies of 30 to 40 million this year."

BRO WATCH

HIGH

12:00
Apr 28 ◎

BRO FY2026 Q1 Watch

Brown & Brown, Inc. (BRO) FY2026 Q1 Earnings Call

BRO ▾

Powell Brown

Guidance is cautiously optimistic but reflects headwinds from falling cat property rates, the pharmacy revenue model change, and integration efforts, leading to only modest sequential organic growth improvement.

"We're projecting modest organic growth improvement each quarter this year as compared to the first quarter."

BRO WATCH

MED

13:00
Jan 27 ◎

BRO FY2025 Q4 Watch

Brown & Brown, Inc. (BRO) FY2025 Q4 Earnings Call

UNH CVS CB BRO ▾

Powell Brown

Employee benefits pricing for medical and pharmacy costs is rising sharply (medical +7-9%, pharmacy +10%), indicating persistent healthcare cost inflation. — Sustained high medical/pharmacy costs suggests robust pricing power for major health insurers and pharmacy benefit managers (PBMs), potentially supporting their revenue growth.

"Pricing for employee benefits increased slightly as compared to prior quarters, with medical costs up 7% to 9% and pharmacy costs up over 10%."

UNH WATCH CVS WATCH

Andy

Business is moving from the E&S market to the admitted market due to competitive pricing, but the long-term trend still favors more insured assets moving into the E&S space. — Despite cyclical shifts, secular demand for flexible E&S capacity remains strong, benefiting carriers like Chubb that underwrite surplus lines.

"we continue to believe that there's going to be more insured assets, though, moving into the ENS space versus moving back into the admitted."

CB WATCH

Powell Brown

Management expects improved organic performance in 2026, backed by stable economic conditions, resilient property/casualty pricing, and successful integration of the AssuredPartners acquisition.

"We feel good about our capabilities and how our team is positioned, and therefore, we're expecting improved organic performance in 2026."

BRO WATCH

HIGH

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