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Justin (on behalf of Alex Scott)

Research Analyst at Barclays

Justin serves as an analyst at Barclays, operating on behalf of Alex Scott, who is a Vice President and Insurance Research Analyst specializing in coverage of insurance and financial services companies. The coverage universe includes firms such as Corebridge Financial, Jackson Financial, F&G Annuities & Life, Ryan Specialty Group, and Brighthouse Financial, with a performance track record featuring a 53% success rate and average returns of 6.3% per recommendation over the past year. Justin, representing Alex Scott, is part of a team recognized for robust equity research, and Alex Scott is ranked in the top half among Wall Street analysts by platforms such as TipRanks. The analyst holds relevant securities industry credentials and maintains a consistent history of industry-focused research and stock rating performance.

Justin (on behalf of Alex Scott)'s questions to BROWN & BROWN (BRO) leadership

Question · Q3 2025

Justin (on behalf of Alex Scott) inquired about the 1% impact on retail organic growth and whether recent results indicate a mean reversion to the previously stated low single-digit organic growth for retail in the long term.

Answer

CEO Powell Brown explained the 1% impact was due to a negative adjustment for employee benefits incentive commissions, resulting from overperformance in 2024 and not meeting increased targets in 2025, which will also affect Q4. He reiterated the company's consistent 16-year stance that retail is a low to mid-single-digit organic growth business in a steady economy, acknowledging the current 2.7% organic growth.

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Question · Q3 2025

Justin asked if recent retail organic growth results indicate a mean reversion towards the company's long-term low single-digit expectation, as the company plans for the upcoming year.

Answer

Powell Brown, President and CEO, reiterated the company's consistent 16-year view that the retail business is a low to mid-single-digit organic growth business in a steady-state economy. He acknowledged the 2.7% organic growth for retail, including headwinds, but did not provide 2026 guidance.

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