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Get filing alertsBrown & Brown secures credit facility, draws $825M immediately
Filed June 5, 2026 · Period ending June 5, 2026 · ~1 min read
Key Changes
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high
Company entered into amended credit agreement providing in total capacity: $1.25B revolving facility (up from $800M) plus two new term loans of $250M each maturing in 2029 and 2031.
Item 1.01 verify on EDGAR → -
high
Already drew $825M under the new facilities as of filing date, suggesting active deployment for acquisitions or corporate purposes—nearly half the total capacity utilized immediately.
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medium
Revolving facility maturity extended to June 2031, reducing refinancing risk and providing long-term liquidity runway for the insurance broker's growth strategy.
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low
Syndicate led by JPMorgan Chase with 10 major banks participating, indicating strong lender confidence in Brown & Brown's credit profile.
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Summary
Brown & Brown, a major insurance brokerage, significantly expanded its financial firepower by amending its credit facility to $1.75 billion—a $950 million increase from the prior $800 million revolving line. The new structure includes a $1.25 billion revolver and two term loans totaling $500 million with staggered maturities through 2031. Notably, the company has already tapped $825 million of this capacity, suggesting aggressive near-term deployment likely for acquisitions, which is core to BRO's roll-up growth model.
For retail investors, this signals management's confidence in finding accretive deals and the company's ability to secure favorable financing terms with a top-tier banking syndicate. The immediate drawdown is material—it represents significant leverage being added to the balance sheet. Watch the next earnings call for details on how this capital is being deployed and whether acquisition multiples remain attractive in the current insurance brokerage M&A market.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On June 5, 2026, Brown & Brown, Inc. (the “Company”) entered into an amended and restated credit agreement (the “Third Amended and Restated Credit Agreement”) with the lenders named therein, JPMorgan Chase Bank, N.A. as administrative agent, Bank of America, N.A., Truist Bank and BMO Bank N.A. as co-syndication agents, and U.S. Bank National Association, Fifth Third Bank, National Association, Wells Fargo Bank, National Association, PNC Bank, National Association, HSBC Bank USA, National Association, Citizens Bank, N.A., The Huntington National Bank, and Barclays Bank PLC as co-documentation agents.
The company entered into a new credit agreement that amends and restates its existing October 2021 credit facility. This involves a syndicate of major banks led by JPMorgan Chase as administrative agent.
Added in current filing · verify on EDGAR →
increases the amount available to the Company and certain other subsidiary borrowers under the existing revolving credit facility (the “Revolving Credit Facility”) from $800 million to $1,250 million
The revolving credit facility was increased by $450 million, from $800 million to $1,250 million, providing significantly more borrowing capacity for operations and acquisitions.
Added in current filing · verify on EDGAR →
makes available to the Company term loans in the aggregate amount of $250 million with a maturity date of June 5, 2029 (the “Term A-1 Loan Facility”);
• makes available to the Company term loans in the aggregate amount of $250 million with a maturity date of June 5, 2031 (the “Term A-2 Loan Facility”
The company added two new term loan facilities totaling $500 million: $250 million maturing in 2029 and $250 million maturing in 2031. These provide additional long-term financing beyond the revolving facility.
Added in current filing · verify on EDGAR →
As of the date of filing this Current Report on Form 8-K, there is $825 million outstanding under the Facilities.
The company has already drawn $825 million under the new facilities as of the filing date, indicating immediate utilization of the expanded credit capacity, likely for acquisitions or other corporate purposes.
Event · Item 2.03 — Creation of a Direct Financial Obligation
Brown & Brown disclosed creation of a direct financial obligation, with details incorporated by reference from Item 1.01.
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Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information included in Item 1.01 of this Report is incorporated by reference into this Item 2.03.
The company disclosed the creation of a direct financial obligation or off-balance sheet arrangement. However, the 8-K does not provide substantive details in this section, instead referencing Item 1.01 which is not included in the provided filing text. Without access to Item 1.01, the nature, amount, and terms of the obligation cannot be determined from this excerpt.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 5, 2026 · How we verify