Brown & Brown said it will consolidate its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment and beginning in Q3 2025 (effective July 1, 2025), will report financial results under two segments: Retail and Specialty Distribution.

1. 01

   Brown & Brown said it will consolidate its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment and beginning in Q3 2025 (effective July 1, 2025), will report financial results under two segments: Retail and Specialty Distribution.

2. 02

   The company said the segment reorganization does not affect its previously reported consolidated statements of income, balance sheets, statements of cash flows, statements of comprehensive income, or statements of shareholders' equity, and that it did not operate under the realigned segment structure during any of these prior periods.

3. 03

   Brown & Brown presented in Exhibit 99.1 income before income taxes for the 12 months ended December 31, 2024 reclassified to the new segment structure as Retail $602 million, Specialty Distribution $778 million, and total $1,303 million. Total revenues were $4,805 million.

4. 04

   The company presented income before income taxes for the 3 months ended June 30, 2025 on a reclassified basis as Retail $127 million, Specialty Distribution $233 million, and total $311 million. Total income before income taxes for the 3 months ended March 31 was $427 million.

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