Brown & Brown, Inc.

Strong results + modestly ahead; organic mix normalizes despite CAT headwind - Q2 revenue: $1.7B, +30.4% YoY (growth driven largely by acquisitions/contingents). - Organic revenue was -70 bps vs prior year (but +70 bps with organic contingents), which management frames as a good outcome given Q2 is the largest quarter for CAT property placements. - Profitability: Adjusted EBITDAC margin 35.7%, down 100 bps YoY (notably attributed to lower interest income vs the prior year when cash was held for the Accession purchase). - EPS: $1.07, +3.9%.

Segment performance: Retail solid; Specialty Distribution pressured by timing + CAT pricing - Retail organic growth: +2.5% including contingents; +1.5% excluding contingents—slightly above expectations due to better net new business and strong contingent commissions; also benefiting from an enhanced go-to-market model. - Specialty Distribution organic growth: -1.6% with contingents; -3.5% without. - Key negative: ~200 bps headwind from ~$10M of delayed new business revenue expected to be recognized largely in Q3. - Despite that, management says underlying results align with expectations after considering downward pressure from CAT property rates.

Pricing and market outlook: competitive but not collapsing—CAT still falling; casualty bifurcation - Admitted rate environment: broadly consistent with Q1; some moderation in certain lines; E&S described as more bifurcated. - Workers’ comp & non-cat property: generally flat to down 5 for casualty; primary casualty & professional liability up ~5%, while excess layers/casualty face more pressure. - CAT property: continued decline -15% to -35% (similar to Q1). Management does not expect a major second-half change, but acknowledges competition remains high. - For employee benefits: medical costs still +8% to +10%; pharmacy costs again >10%, supporting ongoing demand for advisory/consulting.