Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for businesses that collect a toll on economic activity without taking the risk of the activity itself. Insurance brokerage is one of the purest examples in existence, and Brown & Brown is one of the best-run insurance brokers in existence — a family-stewarded compounding machine that has raised its dividend for 33 straight years and runs the highest margins among its publicly traded peers. The stock has been cut by a third from its 2025 high of $104 to roughly $70 today. Mr. Market is upset about three things: a property-insurance soft market that has pushed organic growth to roughly zero, the $9.8 billion acquisition of Accession Risk Management (the largest deal in company history), and the debt taken on to pay for it. The first is cyclical and will pass, as every soft market since 1939 has passed. The second looks expensive but strategically sound.
Recent filings analysed: 8-K (2026-09-10), 8-K (2026-08-10), 8-K (2026-07-27), 10-Q (2026-07-27).
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