01—Abstract
Summary
Summary of the 8-K filed April 2, 2025. Cited figures are marked; the original filing is the authoritative source.
Brown & Brown, Inc. (BRO) furnished its annual 2025 Global Impact Report as Exhibit 99.1 to this Form 8-K on April 2, 2025.
The filing is a Regulation FD disclosure under Item 7.01 and is explicitly not deemed "filed" under Section 18 of the Exchange Act. It contains no new financial results, guidance, or material transaction terms, so it should be read as an ESG and human-capital update rather than a source of financial news. The report covers fiscal 2024 and is prepared in alignment with SASB Professional & Commercial Services and Insurance standards, and it notes that the targets it describes are aspirational and not externally assured.
The most investor-relevant content is around workforce and governance. The company reports 17,400+ global teammates, about 56%a of U.S. teammates owning company stock, and roughly 20% company ownership by teammates. It also reports 94% of teammates saying Brown & Brown is a Great Place to Work, a 2024 Be Our BEST engagement survey with more than 72% participation, and 32 acquisitions that added nearly 1,000 teammates.
On governance, the report states there were no material information security breaches over the last three years and no material losses or legal proceedings tied to customer privacy incidents in 2024. It also notes that cybersecurity incidents have occurred but have not had a material impact to date. Disaster-related giving in 2024-2025 totaled $1 millionb to the Brown & Brown Disaster Relief Foundation and $750,000 to the American Red Cross, with separate teammate donations.
For investors, the report is a qualitative disclosure that reinforces the company's people-centric, decentralized model and its emphasis on retention, culture, and cyber/data governance. It does not change the financial outlook, and its figures are largely non-GAAP or self-reported engagement and program metrics. Investors seeking financial performance should refer to the company's Form 10-K and earnings materials.
02—Key points
Key Highlights
- Filed as Exhibit 99.1 under Item 7.01 (Regulation FD) on April 2, 2025; the content is furnished, not filed, and carries no new financial results or guidance.
- Reports 17,400+ global teammates as of December 31, 2024, with approximately 56% of U.S. teammates owning company stock and about 20% company ownership by teammates.
- Reports 94% of teammates say Brown & Brown is a Great Place to Work, with over 72% participation in the 2024 Be Our BEST engagement survey, which the company describes as a significant improvement over 2023.
- States no material information security breaches involving unauthorized disclosure of sensitive information over the last three years, and no material losses or legal proceedings tied to customer privacy incidents in 2024.
- Acquisitions added nearly 1,000 teammates through 32 acquisitions, consistent with the company's disciplined acquisition-led growth strategy.
- Charitable support totaled $1 million to the Brown & Brown Disaster Relief Foundation and $750,000 to the American Red Cross in connection with 2024 hurricanes and early 2025 California wildfires, plus teammate contributions.
- Operates 315 domestic locations in 44 states and 201 international locations as of December 31, 2024, and is aligned with SASB Professional & Commercial Services and Insurance standards; the report notes its targets are aspirational and not externally assured.
03—Questions
Frequently Asked Questions
Does this 8-K include new financial results or guidance for Brown & Brown?
No. The filing furnishes the annual Global Impact Report under Item 7.01 and contains no new financial results, earnings guidance, or transaction disclosures. Financial performance should be reviewed in the company's Form 10-K and quarterly earnings materials.
Is the information in this filing legally considered 'filed' with the SEC?
No. The 8-K states that Item 7.01 and Exhibit 99.1 are furnished, not filed, for purposes of Section 18 of the Exchange Act, and are not incorporated by reference into Securities Act or Exchange Act filings unless expressly stated. This limits the company's liability for the content.
How does the company's workforce ownership model relate to shareholder value?
The report says approximately 56% of U.S. teammates own company stock and about 20% of the company is owned by teammates. Management argues this creates an ownership mindset that aligns teammates with shareholder interests, supported by the ESPP, SAYE, 401(k) match, and long-term equity incentive grants.
What does the report say about cybersecurity and customer data risks?
The report states there were no material information security breaches involving unauthorized disclosure of sensitive information over the last three years and no material losses from customer privacy incidents in 2024. It also acknowledges periodic cybersecurity incidents such as phishing and ransomware attempts that have not had a material impact to date, and it refers investors to the 10-K risk factors for more detail.
Are the ESG targets and metrics in the report verified by third parties?
No. The report states there was no external assurance from third parties for the information it contains, that targets and programs are aspirational with no guarantee of success, and that its non-financial data is subject to measurement uncertainty. It also says it should not be treated as a materiality determination for securities-law purposes.
04—Continue