How much exposure they have to cat property rates ? As percent of total revenue

Brown & Brown (BRO) management does not explicitly disclose the exact percentage of total corporate revenue tied to catastrophe (CAT) property premiums in their public financial filings or earnings calls.

However, equity analysts widely consider BRO to have the highest relative property exposure among the large publicly traded brokers. While a precise firm-wide percentage isn't published, the concentration is structurally built into their segment mix and geographic footprint:

Retail Footprint

Because BRO is headquartered in Florida and maintains a massive retail presence across the Southeast and Gulf Coast, a disproportionate share of their middle-market retail book naturally consists of coastal property, wind, and flood coverages.

Specialty and Programs Concentration

The heaviest concentration of their CAT property exposure sits in their wholesale and delegated authority segments:

• Specialty Distribution: This segment relies heavily on the Excess & Surplus (E&S) market to place hard-to-write coastal and CAT property risks for other retail brokers.
• National Programs: BRO manages large, property-heavy delegated authority facilities. This includes Wright National Flood (one of the largest Write-Your-Own flood providers in the US) alongside various earthquake and wind programs.

Because such a significant portion of their underlying premium base is structurally tied to these coastal property lines and E&S placements, the recent 15% to 35% drop in CAT property rates shrinks the total premium pool. This acts as a direct drag on their commission revenue, as they are earning their percentage on a smaller base of premium dollars.