BROWN & BROWN INC BRO
COM · Common Stock · CUSIP 115236101 · ISIN US1152361010
American insurance company
- SectorFinancials
- IndustryInsurance Agents, Brokers & Service
- HeadquartersDaytona Beach, FL
- Founded1939
- Websitebbinsurance.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($84.5m this quarter). Holder counts are more reliable. Shares outstanding: 329.8m as of 2025-07-25, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $110.79. Options: 10 managers hold calls ($40.0m notional), 7 hold puts ($35.0m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 567 |
| Q4 2022 | 573 |
| Q1 2023 | 570 |
| Q2 2023 | 608 |
| Q3 2023 | 632 |
| Q4 2023 | 688 |
| Q1 2024 | 718 |
| Q2 2024 | 761 |
| Q3 2024 | 824 |
| Q4 2024 | 874 |
| Q1 2025 | 912 |
| Q2 2025 | 931 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 281 | 263 |
| Q4 2023 | 321 | 274 |
| Q1 2024 | 363 | 290 |
| Q2 2024 | 389 | 281 |
| Q3 2024 | 417 | 315 |
| Q4 2024 | 406 | 334 |
| Q1 2025 | 456 | 398 |
| Q2 2025 | 489 | 405 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $28.5m | $1.1m | 0.04 |
| Q4 2024 | $21.5m | $1.7m | 0.08 |
| Q1 2025 | $26.2m | $10.6m | 0.41 |
| Q2 2025 | $40.0m | $35.0m | 0.87 |
Biggest buyers
| FMR LLC | Added | +7.9m |
| CITADEL ADVISORS LLC | Added | +5.3m |
| VANGUARD GROUP INC | Added | +5.1m |
| Balyasny Asset Management L.P. | Added | +4.5m |
| ROYAL BANK OF CANADA | Added | +3.3m |
| Caisse de depot et placement du Quebec | Added | +2.4m |
| BlackRock, Inc. | Added | +2.1m |
| Ghisallo Capital Management LLC | New | +2.1m |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | Added | +1.7m |
| Boston Partners | New | +1.5m |
Biggest sellers
| First Eagle Investment Management, LLC | Sold out | -1.9m |
| MORGAN STANLEY | Reduced | -1.7m |
| TrinityBridge Ltd | Reduced | -1.1m |
| Select Equity Group, L.P. | Reduced | -528.7k |
| WORLDQUANT MILLENNIUM ADVISORS LLC | Reduced | -483.4k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | Reduced | -386.1k |
| STOREBRAND ASSET MANAGEMENT AS | Reduced | -364.1k |
| UBS Group AG | Reduced | -352.1k |
| FIL Ltd | Reduced | -341.5k |
| Allspring Global Investments Holdings, LLC | Reduced | -295.7k |
Biggest calls
| Balyasny Asset Management L.P. | New | $14.5m130.5k shares |
| JANE STREET GROUP, LLC | Added | $12.8m115.6k shares |
| CITADEL ADVISORS LLC | Added | $6.3m56.4k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $5.0m44.9k shares |
| WOLVERINE TRADING, LLC | Unchanged | $767.1k7.0k shares |
| GROUP ONE TRADING LLC | Added | $299.3k2.7k shares |
| TUDOR INVESTMENT CORP ET AL | New | $277.2k2.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $110.0k1.0k shares |
| JPMORGAN CHASE & CO | New | $11.1k100 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| Monashee Investment Management LLC | New | $16.6m150.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $10.2m92.0k shares |
| CITADEL ADVISORS LLC | Added | $4.7m42.3k shares |
| SIMPLEX TRADING, LLC | Added | $1.6m14.2k shares |
| WOLVERINE TRADING, LLC | New | $1.3m12.3k shares |
| GROUP ONE TRADING LLC | Added | $510.0k4.6k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 6.4% |
| FMR LLC 13G · institution new · filed 2026-08-06 | 5.4% |
Fell to 5% or below in the last year: Capital World Investors (4.9%, 2026-05-14), VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 1 | $176.6k | — |
| Q1 2024 | 0 | — | 1 | $20.2m | — |
| Q2 2024 | 0 | — | 1 | $301.2k | — |
| Q3 2024 | 0 | — | 2 | $14.3m | — |
| Q4 2024 | 0 | — | 1 | $46.8m | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.06% of their portfolio | 35.6m $3.9bn | Added +5.1m |
| BlackRock, Inc. 0.04% of their portfolio | 20.5m $2.3bn | Added +2.1m |
| PRINCIPAL FINANCIAL GROUP INC 0.80% of their portfolio | 13.6m $1.5bn | Added +654.9k |
| STATE STREET CORP 0.05% of their portfolio | 12.5m $1.4bn | Added +1.3m |
| Capital World Investors 0.16% of their portfolio | 9.7m $1.1bn | Added +1.4m |
| FMR LLC 0.05% of their portfolio | 8.4m $935.7m | Added +7.9m |
| GEODE CAPITAL MANAGEMENT, LLC 0.06% of their portfolio | 7.4m $813.6m | Added +1.1m |
| PARNASSUS INVESTMENTS, LLC 1.79% of their portfolio | 7.0m $778.0m | Reduced -210.7k |
| ROYAL BANK OF CANADA 0.07% of their portfolio | 6.4m $708.6m | Added +3.3m |
| Select Equity Group, L.P. 2.71% of their portfolio | 5.7m $637.0m | Reduced -528.7k |
| MORGAN STANLEY 0.04% of their portfolio | 5.7m $634.3m | Reduced -1.7m |
| CITADEL ADVISORS LLC 0.51% of their portfolio | 5.3m $584.0m | Added +5.3m |
| Balyasny Asset Management L.P. 1.12% of their portfolio | 4.5m $494.1m | Added +4.5m |
| Invesco Ltd. 0.08% of their portfolio | 4.2m $461.9m | Added +46.2k |
| NORGES BANK 0.05% of their portfolio | 3.9m $433.7m | Added +817.5k |
| Allspring Global Investments Holdings, LLC 0.62% of their portfolio | 3.4m $371.6m | Reduced -295.7k |
| WELLS FARGO & COMPANY/MN 0.08% of their portfolio | 3.1m $348.6m | Reduced -107.7k |
| BARCLAYS PLC 0.13% of their portfolio | 3.0m $330.6m | Added +598.3k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 2.7m $299.7m | Added +389.6k |
| NORTHERN TRUST CORP 0.04% of their portfolio | 2.5m $279.3m | Added +165.4k |
| Caisse de depot et placement du Quebec 0.58% of their portfolio | 2.4m $270.3m | Added +2.4m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.23% of their portfolio | 2.3m $259.9m | Reduced -36.5k |
| Fenimore Asset Management Inc 4.74% of their portfolio | 2.1m $237.3m | Reduced -4.1k |
| GOLDMAN SACHS GROUP INC 0.04% of their portfolio | 2.1m $236.4m | Added +126.0k |
| Ghisallo Capital Management LLC 6.22% of their portfolio | 2.1m $232.8m | New |
| Madison Asset Management, LLC 2.45% of their portfolio | 2.0m $226.4m | Reduced -18.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.04% of their portfolio | 1.9m $212.4m | Added +330.2k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.39% of their portfolio | 1.7m $192.5m | Added +1.7m |
| DEUTSCHE BANK AG\ 0.07% of their portfolio | 1.6m $181.3m | Added +606.9k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 1.6m $179.8m | Added +246.7k |
| DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio | 1.6m $172.1m | Added +16.2k |
| Boston Partners 0.19% of their portfolio | 1.5m $171.2m | New |
| CHILTON INVESTMENT CO INC. 3.69% of their portfolio | 1.5m $166.4m | Added +414.0k |
| ROYAL LONDON ASSET MANAGEMENT LTD 0.37% of their portfolio | 1.4m $160.1m | Reduced -285.1k |
| CIBC Private Wealth Group LLC 0.28% of their portfolio | 1.4m $157.6m | Added +15.8k |
| ProShare Advisors LLC 0.31% of their portfolio | 1.4m $155.9m | Reduced -261.6k |
| Bank of New York Mellon Corp 0.03% of their portfolio | 1.4m $151.8m | Added +40.6k |
| Handelsbanken Fonder AB 0.50% of their portfolio | 1.3m $139.7m | Reduced -54.4k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.33% of their portfolio | 1.2m $136.9m | Reduced -386.1k |
| Freestone Grove Partners LP 0.96% of their portfolio | 1.1m $126.9m | New |
| RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio | 1.1m $125.9m | Reduced -34.0k |
| NATIXIS ADVISORS, LLC 0.20% of their portfolio | 1.1m $125.4m | Added +172.4k |
| Legal & General Group Plc 0.03% of their portfolio | 1.1m $123.9m | Reduced -4.6k |
| Woodline Partners LP 0.63% of their portfolio | 1.1m $119.6m | New |
| Gobi Capital LLC 5.80% of their portfolio | 1.1m $117.2m | Reduced -9.2k |
| SOROS FUND MANAGEMENT LLC 1.90% of their portfolio | 1.0m $110.9m | New |
| Jain Global LLC 1.72% of their portfolio | 997.8k $110.6m | New |
| Assenagon Asset Management S.A. 0.17% of their portfolio | 952.4k $105.6m | Added +323.7k |
| TWO SIGMA INVESTMENTS, LP 0.19% of their portfolio | 945.6k $104.8m | New |
| California Public Employees Retirement System 0.07% of their portfolio | 924.4k $102.5m | Reduced -146.6k |
| MILLENNIUM MANAGEMENT LLC 0.09% of their portfolio | 924.2k $102.5m | Added +274.3k |
| UBS Group AG 0.02% of their portfolio | 892.2k $98.9m | Reduced -352.1k |
| Swiss National Bank 0.06% of their portfolio | 887.7k $98.4m | Added +202.2k |
| MACQUARIE GROUP LTD 0.12% of their portfolio | 860.8k $95.4m | Added +96.0k |
| CONGRESS ASSET MANAGEMENT CO 0.64% of their portfolio | 840.5k $93.2m | Reduced -270.2k |
| Amundi 0.03% of their portfolio | 832.7k $89.8m | Added +517.9k |
| Tandem Investment Advisors, Inc. 3.17% of their portfolio | 816.2k $90.5m | Added +51.5k |
| RENAISSANCE TECHNOLOGIES LLC 0.12% of their portfolio | 803.1k $89.0m | Added +630.1k |
| Sumitomo Mitsui Trust Group, Inc. 0.05% of their portfolio | 760.9k $84.4m | Added +178.1k |
| Burkehill Global Management, LP 6.14% of their portfolio | 750.0k $83.2m | New |
| SEVEN GRAND MANAGERS, LLC 9.97% of their portfolio | 750.0k $83.2m | New |
| Clarkston Capital Partners, LLC 1.76% of their portfolio | 746.0k $82.7m | Reduced -204.7k |
| ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio | 741.3k $82.2m | Reduced -59.9k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 714.7k $79.2m | Reduced -84.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 707.0k $78.4m | Added +30.1k |
| Nuveen, LLC 0.02% of their portfolio | 705.6k $78.2m | Added +119.6k |
| Prana Capital Management, LP 2.81% of their portfolio | 700.6k $77.7m | New |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.13% of their portfolio | 676.7k $75.0m | New |
| FIRST TRUST ADVISORS LP 0.06% of their portfolio | 644.2k $71.4m | Reduced -12.0k |
| SEI INVESTMENTS CO 0.08% of their portfolio | 631.8k $70.0m | Added +28.3k |
| BROWN BROTHERS HARRIMAN & CO 0.45% of their portfolio | 630.2k $69.9m | Reduced -10.5k |
| Holocene Advisors, LP 0.17% of their portfolio | 606.4k $67.2m | New |
| Rathbones Group PLC 0.28% of their portfolio | 589.5k $65.4m | Added +183.1k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.05% of their portfolio | 586.8k $65.1m | Added +115.8k |
| D. E. Shaw & Co., Inc. 0.06% of their portfolio | 583.7k $64.7m | Added +475.5k |
| SNYDER CAPITAL MANAGEMENT L P 1.35% of their portfolio | 572.8k $63.5m | Added +21.6k |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 561.0k $62.2m | Added +244.7k |
| HSBC HOLDINGS PLC 0.04% of their portfolio | 553.9k $61.3m | Added +63.6k |
| Polar Capital Holdings Plc 0.31% of their portfolio | 540.0k $59.9m | Added +115.0k |
| Squarepoint Ops LLC 0.13% of their portfolio | 539.4k $59.8m | Added +459.2k |
| RHUMBLINE ADVISERS 0.05% of their portfolio | 530.7k $58.8m | Added +17.1k |
| SCHWARTZ INVESTMENT COUNSEL INC 1.90% of their portfolio | 519.1k $57.6m | Unchanged |
| BANK OF MONTREAL /CAN/ 0.03% of their portfolio | 515.6k $57.2m | Reduced -16.6k |
| NORDEA INVESTMENT MANAGEMENT AB 0.05% of their portfolio | 515.0k $56.4m | Reduced -124.9k |
| Dundas Partners LLP 3.88% of their portfolio | 503.1k $55.8m | Unchanged |
| CAPTRUST FINANCIAL ADVISORS 0.12% of their portfolio | 498.6k $55.3m | Reduced -151.5k |
| Verition Fund Management LLC 0.31% of their portfolio | 487.1k $54.0m | Added +432.6k |
| Mitsubishi UFJ Trust & Banking Corp 0.12% of their portfolio | 486.5k $53.9m | Reduced -44.4k |
| Vest Financial, LLC 0.72% of their portfolio | 461.4k $51.2m | Reduced -71.8k |
| Gillson Capital LP 3.87% of their portfolio | 456.9k $50.7m | New |
| Robeco Institutional Asset Management B.V. 0.08% of their portfolio | 451.2k $50.0m | Added +216.0k |
| TimesSquare Capital Management, LLC 0.72% of their portfolio | 449.5k $49.8m | Added +90.6k |
| ABN AMRO INVESTMENT SOLUTIONS 0.99% of their portfolio | 447.2k $49.6m | Reduced -26.0k |
| EULAV Asset Management 1.16% of their portfolio | 444.9k $49.3m | Unchanged |
| APG Asset Management N.V. 0.12% of their portfolio | 420.6k $39.7m | Added +95.0k |
| CITIGROUP INC 0.03% of their portfolio | 408.8k $45.3m | Added +129.1k |
| NOMURA ASSET MANAGEMENT CO LTD 0.12% of their portfolio | 402.6k $44.6m | Reduced -24.8k |
| COOKSON PEIRCE & CO INC 1.91% of their portfolio | 391.7k $43.4m | Reduced -8.4k |
| STIFEL FINANCIAL CORP 0.04% of their portfolio | 388.7k $43.1m | Added +31.0k |
| STOREBRAND ASSET MANAGEMENT AS 0.12% of their portfolio | 373.2k $41.4m | Reduced -364.1k |