Brown & Brown is an insurance brokerage that helps businesses and individuals find and negotiate insurance coverage, acting as an intermediary between clients seeking insurance and the insurance companies that underwrite policies. As an insurance broker, the company earns commissions and fees rather than taking on underwriting risk itself, giving its business model different risk characteristics than an insurance company that must pay out claims. Brown & Brown has grown substantially through acquiring smaller regional insurance brokerages over many years, a consistent roll-up strategy that has expanded its geographic footprint and specialty insurance expertise across the country. The company's revenue tends to be relatively resilient since businesses need ongoing insurance coverage regardless of economic conditions, though its growth strategy depends on continuing to find and successfully integrate acquisition targets at reasonable prices.