Brown & Brown posts 35.7% revenue growth on Accession deal, but organic growth stalls at 0%

Filed April 27, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 28, 2025 · ~2 min read

Key Changes

• high

  Organic revenue growth fell to 0% from 6.5% prior year, driven by $10M litigation-related customer losses, slowing rate increases, and a specialty pharmacy revenue model change. Retail organic growth slowed to 1.0% from 4.1%.

  MD&A: Organic Revenue verify on EDGAR →
• high

  Total debt more than doubled to $7.8B from $3.8B to fund the Accession acquisition. Interest expense jumped 115% to $99M, while the company drew $250M on its credit line to repurchase $250M in shares.

  MD&A: Debt & Capital Allocation verify on EDGAR →
• high

  Contingent commissions surged 126% to $97M on improved carrier underwriting results and premium volume growth, offsetting weak core revenue. Specialty Distribution organic revenue declined 2.0% on falling CAT property rates.

  MD&A: Contingent Commissions verify on EDGAR →