Brown & Brown Inc (BRO) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Brown & Brown, Inc., second-quarter earnings call. Today's call is being recorded. Please note that certain information discussed during this call, including information contained in the slide presentation posted in connection with this call and including answers given in response to your questions, may relate to future results and events or otherwise be forward-looking in nature.

早上好，歡迎參加 Brown & Brown, Inc. 第二季財報電話會議。今天的通話正在錄音。請注意，本次電話會議中討論的某些信息，包括與本次電話會議相關的幻燈片演示中包含的信息以及對您的問題的回答，可能與未來的結果和事件有關，或者俱有前瞻性。

Such statements reflect our current views with respect to future events, including those relating to the company's anticipated financial results for the second quarter and are intended to fall within the Safe Harbor provisions of the securities laws. Actual results or events in the future are subject to a number of risks and uncertainties and may differ materially from those currently anticipated or desired or referenced in any forward-looking statements made as a result of a number of factors.

此類聲明反映了我們目前對未來事件的看法，包括與公司第二季預期財務業績有關的看法，並旨在符合證券法的安全港條款。未來的實際結果或事件受多種風險和不確定性的影響，並且可能與由於多種因素而做出的任何前瞻性陳述中當前預期、期望或提及的結果或事件存在重大差異。

Such factors include the company's determination as it finalizes its financial results for the second quarter that its financial results differ from the current preliminary unaudited numbers set forth in the press release issued yesterday, other factors that the company may not have currently identified or quantified, and those risks and uncertainties identified from time to time in the company's reports filed with the Securities and Exchange Commission.

這些因素包括公司在最終確定第二季度財務結果時確定其財務結果與昨天發布的新聞稿中所述的當前初步未經審計的數字不同，公司目前可能尚未確定或量化的其他因素，以及公司向美國證券交易委員會提交的報告中不時確定的風險和不確定性。

Additional discussion of these and other factors affecting the company's business and prospects as well as additional information regarding forward-looking statements is contained in the slide presentation posted in connection with this call and in the company's filings with the Securities and Exchange Commission.

有關這些因素和其他影響公司業務和前景的因素的更多討論以及有關前瞻性陳述的更多信息，包含在與本次電話會議相關的幻燈片演示中以及公司向美國證券交易委員會提交的文件中。

We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, there are certain non-GAAP financial measures used in this conference call.

我們不承擔更新或修改任何前瞻性陳述的意圖或義務，無論其是由於新資訊、未來事件或其他原因。此外，本次電話會議也使用了一些非公認會計準則財務指標。

A reconciliation of any non-GAAP financial measures to the most comparable GAAP financial measure can be found in the company's earnings press release or in the investor presentation for this call on the company's website at www.bbrown.com by clicking on Investor Relations and then Calendar of Events.

任何非 GAAP 財務指標與最可比較 GAAP 財務指標的對帳表均可在公司收益新聞稿或公司網站 www.bbrown.com 上本次電話會議的投資者介紹中找到，點擊「投資者關係」後點擊「活動日曆」。

With that said, I will now turn the call over to Powell Brown, President and Chief Executive Officer. You may begin.

話雖如此，我現在將電話轉給總裁兼執行長鮑威爾布朗。你可以開始了。

Thanks, Deedee. Good morning, everyone, and welcome to our second-quarter earnings call. Before we get into the results for the quarter, we wanted to provide an update on the acquisition of RSC Topco, or as we refer to it, Accession. Post the announcement, John Mina, myself, and a number of other senior leaders met with many of the teammates from Accession and the feedback has been positive.

謝謝，迪迪。大家早安，歡迎參加我們的第二季財報電話會議。在公佈本季業績之前，我們想先介紹一下收購 RSC Topco（或稱為 Accession）的最新情況。公告發布後，John Mina、我本人以及其他一些高級領導與 Accession 的許多隊友會面，並得到了積極的反饋。

We're very excited about our expanded capabilities and how we can leverage them for the benefit of our customers. From a regulatory standpoint, we have substantially all approvals and anticipate an 8/1 close. From a financing standpoint, we completed a very successful follow-on equity issuance and a multi-tranche bond issuance that were both significantly oversubscribed. The teams have been working on our integration plans and efforts are well underway to bring our two great companies together.

我們對我們擴展的能力以及如何利用它們為客戶謀福利感到非常興奮。從監管角度來看，我們已獲得基本所有批准，預計 8 月 1 日完成。從融資角度來看，我們完成了非常成功的後續股票發行和多期債券發行，都獲得了超額認購。我們的團隊一直致力於制定整合計劃，並將努力順利推進兩家偉大公司的整合。

Now let's transition to the results. I'll provide some high-level comments regarding our performance, along with updates on the insurance market and the M&A landscape. Then Andy will discuss our financial performance in more detail. Lastly, I'll wrap up with some closing thoughts before we open it up for Q&A.

現在讓我們來看看結果。我將就我們的業績提供一些高層評論，以及保險市場和併購情勢的最新情況。然後安迪將更詳細地討論我們的財務表現。最後，在我們開始問答環節之前，我將總結一下。

I'm on slide number 4. For the second quarter, we delivered $1.3 billion of revenue, growing 9.1% in total and 3.6% organically as compared to the same period in the prior year. Our adjusted EBITDAC margin improved by 100 basis points to 36.7% and our adjusted earnings per share grew over 10% to $1.03. On the M&A front, we completed 15 acquisitions with estimated annual revenues of $22 million. 8

我在幻燈片 4 上。第二季度，我們實現了 13 億美元的收入，與去年同期相比，總成長 9.1%，有機成長 3.6%。我們的調整後EBITDAC利潤率提升了100個基點，達到36.7%，調整後每股收益成長超過10%，達到1.03美元。在併購方面，我們完成了15項收購，預計年收入達2,200萬美元。 8

I'm on slide 5. At a macroeconomic level, things have not changed substantially. Customer outlook and confidence seem to be fairly similar to the first quarter. Generally, customers are cautiously optimistic that the uncertainties of tariffs and other matters will resolve in a favorable manner.

我在投影片 5 上。從宏觀經濟層面來看，情況並沒有實質變化。客戶前景和信心似乎與第一季非常相似。整體而言，客戶謹慎樂觀地認為關稅和其他問題的不確定性將得到有利的解決。

We continue to see many customers investing in their businesses, while some customers are delaying investment decisions until they have a better view on growth trajectory. With continued economic and job expansion, we think some customers will more than likely only be able to delay their investment decisions for so long. Overall, we believe the economy is still in a good place.

我們繼續看到許多客戶對其業務進行投資，而一些客戶則推遲投資決策，直到他們對成長軌跡有更好的了解。隨著經濟和就業的持續擴張，我們認為有些客戶很可能只能推遲他們的投資決策一段時間。整體而言，我們認為經濟仍處於良好狀態。

From an insurance pricing standpoint, rates for most lines moderated even further in the second quarter and in some cases, more than we expected. The outliers were auto, casualty and CAT property. We're now seeing classic market softening signs for certain lines of business, where carriers can have a material difference in quoted rates for renewal business versus new business on similar insured assets.

從保險定價的角度來看，第二季大多數險種的費率進一步下降，在某些情況下，降幅甚至超出我們的預期。異常值包括汽車、意外保險和 CAT 財產險。我們現在看到某些業務領域出現了典型的市場疲軟跡象，承運人對類似保險資產的續保業務和新業務的報價可能會有實質差異。

Pricing for US employee benefits was similar to prior quarters as medical costs are up 6% to 8% and pharmacy costs are generally up over 10%. We do not expect this trend to slow over the coming quarters, which will continue to drive demand for our consulting businesses.

美國員工福利定價與前幾季相似，因為醫療費用上漲了 6% 至 8%，藥局費用普遍上漲了 10% 以上。我們預計未來幾季這一趨勢不會放緩，這將繼續推動我們諮詢業務的需求。

Rates in the admitted P&C market continue to moderate down. While rates were up 1% to 5% versus the prior year. This is in comparison to rate increases of 2% to 7% in the first quarter of '25 and rate increases of 5% to 10% in the second quarter of last year. The downward trend on workers' compensation rates remained in most states and were flat to down 5%.

已獲準的財產和意外保險市場利率持續緩和下降。而利率則比前一年上漲了 1% 至 5%。相比之下，2025 年第一季利率上漲了 2% 至 7%，去年第二季利率上漲了 5% 至 10%。大多數州的工人賠償率仍維持下降趨勢，持平至下降 5%。

For non-CAT property, we're seeing a general softening of rates, which were down 5% to up 5%. It totally depends on the loss experience. For Casualty, we're seeing rate increases of 5% to 10% for primary and excess layers and believe this trend will continue over the coming quarters. For Professional Liability, rates were down 5% to up 5% as compared to last year.

對於非巨災房地產，我們看到利率普遍下降，由下降 5% 變為上升 5%。這完全取決於失敗的經驗。對於意外險，我們看到主要險種和超額險種的費率上漲了 5% 至 10%，並相信這種趨勢將在未來幾季持續下去。對於專業責任保險，費率與去年相比下降了 5% 至上升了 5%。

Shifting to E&S property market. In the first quarter, rates were generally down 10% to 20%. The trend continued throughout the second quarter with rates down 15% to 30%. We saw more pressure on rates at the end of the quarter.

轉向 E&S 房地產市場。第一季度，利率普遍下降10%至20%。這一趨勢在整個第二季度持續，利率下降了 15% 至 30%。我們發現本季末利率面臨更大壓力。

Consistent with previous quarters and the softening cycle, there continues to be exceptions to the ranges. With the decline in admitted rates, customers are more times than not pocketing the savings, while we saw certain non-admitted customers consider higher limits or deductible buydowns, which partially offset the premium decline related to the changes in rates.

與前幾季和疲軟週期一致，這些範圍仍然有例外。隨著入院費率的下降，客戶往往能從中節省開支，而我們看到某些非入院客戶考慮提高限額或降低免賠額，這部分抵消了與費率變化相關的保費下降。

On an M&A front, we had another good quarter. On a year- to-date basis, we've acquired 29 companies with annual revenues of approximately $60 million.

在併購方面，我們又度過了一個好的季度。今年迄今為止，我們已收購了 29 家公司，年收入約 6,000 萬美元。

I'm on slide 6. Let's transition to the performance of our three segments for the quarter. Retail delivered organic growth of 3% with the results impacted by slowing admitted and CAT property rates and lower new business.

我在第 6 張投影片。讓我們轉到本季三個部門的表現。零售業實現了 3% 的有機成長，但業績受到入場率和 CAT 物業率放緩以及新業務減少的影響。

Regarding new business, we continue to have a good pipeline and can have fluctuations by quarter. Programs delivered 4.6% organic growth for the quarter. We had several programs that performed well, including our lender-placed business. Our organic growth was impacted by the slowing of our commercial CAT programs. We saw increased downward pressure on rates late in the quarter.

關於新業務，我們繼續擁有良好的管道，並且每個季度都會有波動。本季度，各項計劃實現了 4.6% 的有機成長。我們有幾個表現良好的項目，包括我們的貸款人業務。我們的有機成長受到商業 CAT 項目放緩的影響。我們發現本季末利率下行壓力加大。

Brokerage delivered organic revenue growth of 3.9%. This performance was driven by growth across most lines of business with the growth partially offset by rate declines and the seasonality of property renewals.

經紀業務有機收入成長 3.9%。這一業績是由大多數業務線的成長推動的，但利率下降和物業續約的季節性部分抵消了這一增長。

From an open brokerage standpoint, we had a good quarter even with the decline in property rates. For both binding and personal lines, we're seeing increased competition from other markets. Professional Liability rates continue to decline during the quarter for D&O and EPL.

從開放經紀的角度來看，即使房地產價格下降，我們本季的表現仍然不錯。無論是對於裝訂線還是個人線，我們都看到其他市場的競爭日益激烈。本季度，D&O 和 EPL 的專業責任費率持續下降。

Now I'll turn it over to Andy to get into more details regarding our financial results.

現在我將把話題交給安迪，讓他詳細介紹我們的財務表現。

Thank you, Powell. Good morning, everyone. Before we get into the financial details, we wanted to share and talk about the impact on our earnings related to the acquisition of Accession and our related debt and equity issuances in June.

謝謝你，鮑威爾。大家早安。在了解財務細節之前，我們想分享和討論收購 Accession 以及 6 月份相關債務和股權發行對我們收益的影響。

As discussed during our call announcing the acquisition, transaction and integration costs related to our pending acquisition of Accession will be excluded from our calculation of adjusted EBITDAC and adjusted earnings per share, which for this quarter included approximately $37 million of onetime transaction and integration-related costs.

正如我們在宣布收購的電話會議上所討論的那樣，與我們即將收購 Accession 相關的交易和整合成本將被排除在我們調整後的 EBITDAC 和調整後每股收益的計算之外，本季度其中包括約 3700 萬美元的一次性交易和整合相關成本。

In addition, with the debt issuance, we recorded approximately $13 million of incremental interest income for the quarter, and we recorded incremental interest expense of approximately $5 million. The shares issued as a result of our equity offering increased our weighted average share count by approximately 8.5 million for the quarter.

此外，隨著債務發行，我們本季記錄了約 1,300 萬美元的增量利息收入，並記錄了約 500 萬美元的增量利息支出。由於我們的股票發行而發行的股票使我們本季的加權平均股數增加了約 850 萬股。

Transitioning now to our consolidated results for the quarter. As a reminder, when we refer to EBITDAC, EBITDAC margin, income before income taxes or diluted net income per share, we are referring to those measures on an adjusted basis. The reconciliations of our GAAP to non-GAAP financial measures can be found either in the appendix of this presentation or the press release we issued yesterday.

現在轉到本季的綜合業績。提醒一下，當我們提到 EBITDAC、EBITDAC 利潤率、所得稅前收入或每股稀釋淨收入時，我們指的是調整後的指標。我們的 GAAP 與非 GAAP 財務指標的對帳可在本簡報的附錄或我們昨天發布的新聞稿中找到。

On a consolidated basis, we delivered total revenues of $1.285 billion, growing 9.1% as compared to the second quarter of 2024. Income before income taxes increased by 13.6% and EBITDAC grew by 12.1%. Our EBITDAC margin was 36.7%, expanding by 100 basis points over the second quarter of the prior year, driven by incremental interest income and underlying margin expansion.

綜合來看，我們的總營收為 12.85 億美元，與 2024 年第二季相比成長 9.1%。所得稅前收入成長13.6%，EBITDAC成長12.1%。我們的 EBITDAC 利潤率為 36.7%，比去年同期第二季擴大了 100 個基點，這得益於利息收入的增加和基礎利潤率的擴大。

For the quarter, our margin expansion was partially offset by the seasonality of revenue and profit associated with some recent acquisitions. Our effective tax rate for the quarter decreased slightly to 24.7% versus 25.3% in the second quarter of the prior year.

本季度，我們的利潤率擴張被近期一些收購帶來的收入和利潤的季節性所部分抵銷。本季我們的有效稅率略微下降至 24.7%，而去年同期第二季為 25.3%。

Diluted net income per share increased 10.8% to $1.03. Our weighted average shares outstanding increased by approximately 10 million, primarily due to the share issuance we mentioned earlier. Lastly, our dividends paid per share increased 15.4% as compared to the second quarter of 2024. Overall, we are pleased with our performance and how our team delivered for the quarter.

每股攤薄淨收益成長10.8%，至1.03美元。我們的加權平均流通股數增加約1000萬股，主要由於我們先前提到的股票發行。最後，與 2024 年第二季相比，我們的每股股利增加了 15.4%。總體而言，我們對我們的表現以及我們團隊在本季的表現感到滿意。

We're on slide number 8. The Retail segment grew total revenues by 7.9% with organic growth of 3%. The difference between total revenues and organic revenue was driven substantially by acquisition activity over the past year. Our EBITDAC margin decreased by 50 basis points to 27.5% due to the impact of revenue seasonality for Quintes, which we acquired in the fourth quarter of 2024.

我們現在看到第 8 張投影片。零售部門總收入成長 7.9%，有機成長 3%。總收入和有機收入之間的差異主要是由於過去一年的收購活動所造成的。由於我們在 2024 年第四季收購的 Quintes 的營收季節性影響，我們的 EBITDAC 利潤率下降了 50 個基點，至 27.5%。

As we discussed previously, approximately 60% of the revenues for Quintes are recognized in the first quarter. Therefore, we have higher margins in the first quarter and lower margins in the others. We will see similar impacts in the third and fourth quarters of this year.

正如我們之前討論過的，Quintes 約 60% 的收入是在第一季實現的。因此，我們第一季的利潤率較高，而其他季度的利潤率較低。今年第三季和第四季我們將看到類似的影響。

We're over on slide number 9. Programs delivered organic growth of 4.6%. Total revenues increased 6.1%, driven by higher contingent commissions. Our EBITDAC margin expanded by 320 basis points to 52.8%, primarily driven by organic revenue growth, incremental contingent commissions, and managing our expenses.

我們現在看到第 9 張投影片。項目實現了 4.6% 的有機成長。受或有佣金增加的推動，總收入增加了 6.1%。我們的 EBITDAC 利潤率擴大了 320 個基點，達到 52.8%，這主要得益於有機收入成長、增量或有佣金以及費用管理。

We're on slide number 10. Our Wholesale Brokerage segment had another good quarter with total revenues increasing 14.5% and organic growth of 3.9%. The incremental expansion in total revenues in excess of organic was driven by acquisitions completed in the last 12 months and higher contingent commissions. Our EBITDAC margin increased by 80 basis points to 34.1%, primarily due to higher contingent commissions.

我們現在看到投影片編號 10。我們的批發經紀部門又度過了一個良好的季度，總收入成長了 14.5%，有機成長了 3.9%。總收入超過有機成長的增量擴張是由過去 12 個月完成的收購和更高的或有佣金推動的。我們的 EBITDAC 利潤率增加了 80 個基點，達到 34.1%，這主要歸因於或有佣金的增加。

Our margin was impacted due to a recent acquisition that has a lower margin than the average for the total business. As we've done in the past, we expect to increase the margin for this business over time. As a reminder, starting in the third quarter, we will be combining our programs and wholesale segments into one division, which will be called Specialty Distribution.

由於最近的收購導致利潤率低於整個業務的平均利潤率，我們的利潤率受到了影響。正如我們過去所做的那樣，我們預計隨著時間的推移會增加這項業務的利潤率。提醒一下，從第三季開始，我們將把我們的專案和批發部門合併為一個部門，稱為專業分銷。

A few other comments. From a cash perspective, we generated $537 million of cash flow from operations, which was an increase of $164 million over the first half of 2024. In addition, in connection with our pending acquisition of Accession, we successfully issued $4.4 billion of equity and $4.2 billion of debt. Both offerings were significantly oversubscribed, demonstrating the support for Brown & Brown. The discount on the equity was just over 3% and the average coupon on our debt was 5.4%.

還有一些其他評論。從現金角度來看，我們產生了 5.37 億美元的營運現金流，比 2024 年上半年增加了 1.64 億美元。此外，在我們即將收購 Accession 的過程中，我們成功發行了 44 億美元的股票和 42 億美元的債務。兩次發行均獲得大幅超額認購，彰顯了對 Brown & Brown 的支持。股權折扣略高於 3%，債務平均票面利率為 5.4%。

Lastly, we also paid the outstanding balance of $400 million on our revolving credit facility during the quarter. Our balance sheet is in great shape, and we have strong cash flows to support delevering post-closing, which is consistent with our historical approach after a larger deployment of capital.

最後，我們還在本季支付了 4 億美元的循環信貸額度的未償餘額。我們的資產負債表狀況良好，並且我們擁有強勁的現金流來支持交易完成後的去槓桿，這與我們在更大規模部署資本後的歷史做法一致。

With that, let me turn it back over to Powell for closing comments.

最後，請允許我將發言權交還給鮑威爾，請他發表最後評論。

Thanks, Andy, and a great summary of our results. From an economic standpoint, we believe the main areas of focus will be tariffs and interest rates. As we mentioned earlier, we think there's still a good backdrop for economic expansion, hiring remains solid, and most companies are growing. This is even while leaders have a cautious bias and some are delaying investment decisions.

謝謝，安迪，對我們的結果進行了很好的總結。從經濟角度來看，我們認為主要關注的領域將是關稅和利率。正如我們之前提到的，我們認為經濟擴張的背景仍然良好，招募依然穩健，大多數公司都在成長。儘管領導者持謹慎態度，有些人正在推遲投資決策，但情況仍然如此。

From a pricing standpoint, we expect admitted rates to continue to moderate in the second half of the year at a rate similar to the second quarter. CAT property rates should continue to decrease in the third and fourth quarter, subject to the outcome of hurricane season. We expect rate changes for Casualty and Professional Liability in the second half of the year to be similar to the second quarter.

從定價角度來看，我們預計下半年入院率將持續下降，降幅與第二季相似。根據颶風季節的結果，CAT 房地產利率在第三季和第四季應該會繼續下降。我們預計下半年意外險和專業責任險的費率變動將與第二季相似。

On the M&A front, we're diligently working on our integration plans for the acquisition of Accession and have teams from both organizations focused on bringing us together. As we mentioned in our announcement call, we plan to remain active in the M&A space and have a good combined pipeline, both domestically and internationally.

在併購方面，我們正在努力製定收購 Accession 的整合計劃，並讓兩個組織的團隊致力於將我們整合在一起。正如我們在公告電話會議中提到的那樣，我們計劃繼續活躍於併購領域，並在國內和國際上擁有良好的綜合管道。

Our balance sheet remains strong, and we have outstanding cash flow conversion to help fuel our growth. We're focused on deploying our capital in a very disciplined manner to ensure we get a compounding effect over many years. We're in a great position as a company and are very pleased with our strong results for the first half of 2025. Our team delivered double-digit growth in total revenue and adjusted diluted net income per share, expanded our margins, and we grew our cash flow from operations approximately 44%.

我們的資產負債表依然強勁，我們擁有出色的現金流轉換來幫助推動我們的成長。我們專注於以非常自律的方式部署我們的資本，以確保我們在多年內獲得複合效應。作為一家公司，我們處於有利地位，並對 2025 年上半年的強勁業績感到非常滿意。我們的團隊實現了總收入和每股調整後稀釋淨收入的兩位數增長，擴大了利潤率，並且我們的經營現金流增長了約 44%。

With the planned closing of Accession acquisition in August, our team is going to grow to over 23,000 outstanding teammates, and we will further increase our diversification and specializations, which will enhance our ability to deliver creative solutions for our customers. We're looking forward to a successful second half of the year and continued profitability to grow our company profitably.

隨著8月對Accession的收購計畫完成，我們的團隊將擴大到超過23,000名優秀的團隊成員，我們將進一步提高多元化和專業化程度，這將增強我們為客戶提供創意解決方案的能力。我們期待下半年取得成功並繼續獲利，以實現公司獲利成長。

With that, I'll turn it over to Deedee to open it up for questions.

接下來，我將把時間交給 Deedee 來回答問題。

(Operator Instructions) Mark Hughes, Truist Securities.

（操作員指示）Truist Securities 的 Mark Hughes。

Yeah, thank you very much. When you think about the Retail organic in the quarter, you had talked last quarter about maybe some timing of new business. In this quarter, you talked about a strong pipeline, but likewise with some fluctuations on a quarterly basis.

是的，非常感謝。當您考慮本季的零售有機成長時，您上個季度可能談到了一些新業務的時機。在本季度，您談到了強大的管道，但同樣也存在季度波動。

Could you expand on that? What fluctuations there might have been? How is that shaping up for 3Q?

能詳細闡述嗎？可能存在哪些波動？第三季的進展如何？

Sure. So based on the consensus of what we were going to grow in Q2 in Retail versus what we delivered, over half that discrepancy was because of rates, so downward pressure on rates. The other half is we basically just had lower new business in the quarter.

當然。因此，根據我們對第二季零售成長與交付量的共識，超過一半的差異是由於利率造成的，因此利率面臨下行壓力。另一半原因是我們本季的新業務量基本上較低。

And so sometimes that can happen. And as I said, I feel like -- I feel that we have good new business going into the third quarter, but it -- every quarter is a little different, and our visibility into it seems to indicate that we are in good shape for Q3. But I just want to make sure that everybody understood that over -- more than half the discrepancy was because of rate pressure.

有時這種情況會發生。正如我所說，我覺得——我覺得我們在第三季度有良好的新業務，但每個季度都有點不同，我們對它的了解似乎表明我們在第三季度狀況良好。但我只是想確保每個人都明白，超過一半的差異是由於利率壓力造成的。

Rob Cox, Goldman Sachs.

高盛的羅布·考克斯（Rob Cox）。

Hey, thanks. Yeah, I just wanted to ask on the contingents, some strong growth in the contingent commissions there. Just curious, is there a theme? Or is that more driven by certain products?

嘿，謝謝。是的，我只是想問一下有關特遣隊的問題，那裡的特遣隊佣金是否有所強勁增長。只是好奇，有主題嗎？或者這更多是由某些產品驅動的？

Hi, good morning, Rob. I think probably a couple of themes on that front is I think what we're seeing, at least in number of areas in our business, is that overall profitability, right, for a number of the carriers is up and also for a number of our programs, they're performing really well. So we're participating in the profits that underpin those.

嗨，早上好，羅布。我認為在這方面可能有幾個主題，我認為我們看到的，至少在我們業務的許多領域，許多運營商的整體盈利能力都在上升，而且我們的許多項目的表現都非常好。因此，我們正在分享支撐這些業務的利潤。

So again, maybe just a piece to keep in mind is when you see the organic growth at times starting to moderate down, the other side of that is also generally an increase in the contingent commissions. That's why we focus so much on growth in the cash because of all of that -- that's why we also look at it on a total revenue basis because there is a linkage inside of there. But overall, we feel really good with how we're performing on the contingent commissions.

所以，再次強調，也許需要記住的一點是，當你看到有機成長有時開始放緩時，另一方面通常也是或有佣金的增加。這就是為什麼我們如此關注現金成長，因為所有這些都是——這就是為什麼我們也從總收入的角度來看待它，因為這裡面有一個連結。但總體而言，我們對或有佣金的表現感到非常滿意。

In the Program space, it's one of the things that we really pride ourselves on is the discipline of our underwriting and making sure that we're delivering really good results back for our carrier partners.

在計劃領域，我們真正引以為豪的事情之一是我們的核保紀律，並確保為我們的承運合作夥伴帶來真正良好的結果。

Gregory Peters, Raymond James.

格雷戈里彼得斯、雷蒙德詹姆斯。

Good morning, everyone. So I guess for my question, I'm going to focus on Accession, the strategies and 180. I guess since you've had some time to look at the business in a lot greater detail, I know you said, Powell, that you're excited, but I'm curious about your perspective on the financials.

大家早安。所以我想對於我的問題，我將重點放在加入、策略和 180。我想，既然你已經有時間更詳細地了解這項業務，我知道你說過，鮑威爾，你很興奮，但我很好奇你對財務狀況的看法。

And I know you previously had mentioned out some integration expenses, revenue synergies, expense synergies, et cetera. I'm wondering if you have any visibility on how the timing of those costs and synergies might be realized over the next couple of years.

我知道您之前提到過一些整合費用、收入綜效、費用綜效等等。我想知道您是否了解未來幾年這些成本和協同效應的實現時間。

And related to that, just the Retail -- the organic profile of the business, in particular, 180, I'm curious what your perspectives are on the business since you've had some more time to look at it.

與此相關的是，僅就零售業務的有機概況而言，特別是 180，我很好奇您對該業務的看法，因為您有更多時間來研究它。

So good morning, Greg. So first off, as it relates to the numbers that we talked about in the announcement and the revenue and expense synergies, we talked about capturing those over the next 3.5 years. So nothing's changed on that from what we talked about in the previous call.

早安，格雷格。首先，由於這與我們公告中談到的數字以及收入和支出綜效有關，我們討論了在未來 3.5 年內實現這些目標。因此，與我們上次通話中討論的內容相比，沒有任何變化。

As it relates to the two businesses, risk strategies and 180, I would make this comment. Number one, we have been very impressed with the talent inside both of the organizations. So they do have deep specializations and very talented people, and that's very nice. I've met a lot of them now or talked to a lot of them, which I can confirm that that is absolutely true.

由於它涉及風險策略和 180 這兩項業務，所以我想發表這樣的評論。首先，這兩個組織內部的人才給我們留下了深刻的印象。所以他們確實擁有深厚的專業技能和非常有才華的人才，這非常好。我現在已經見過他們中的許多人，或者和他們中的許多人交談過，我可以確認這是絕對正確的。

As it relates to 180, not unlike our program facilities, they have a deep commitment to underwriting and they have more of a casualty book of business than a property-driven or CAT heavy book of business. And some of those are tougher classes of business, meaning transportation and some other things. And so I continue to be very, very impressed with the discipline and the people in those businesses.

就 180 而言，與我們的計劃設施不同，他們對承保有著深厚的承諾，並且他們的業務更多的是意外險，而不是財產險或 CAT 為主的業務。其中一些是比較棘手的業務類別，例如運輸和其他一些業務。因此，我對這些企業的紀律和員工一直印象深刻。

And we believe that, as I think we said the last time, that their growth profile is substantially similar to ours over time. And so we feel really good about the business, overall, individual divisions, the whole deal. We're excited about it.

我們相信，正如我們上次所說的那樣，隨著時間的推移，他們的成長狀況基本上與我們的成長狀況相似。因此，我們對整個業務、各個部門以及整個交易都感到非常滿意。我們對此感到很興奮。

Just a clarification, and it's just because I've been getting some inbound questions on it. Can you just spend a second and talk about the $750 million set aside that happened and talk about your perspective and the due diligence you did around that?

只是澄清一下，因為我收到了一些關於它的疑問。您能否花一點時間談談已撥出的 7.5 億美元，並談談您的觀點以及您對此所做的盡職調查？

Sure. As we said before, that they have some discontinued operations that are in runoff. And basically, we felt that it would be appropriate to have a set aside for those operations. And when those are all wrapped up, that whole thing will be wrapped up as well. So we felt really good about the process. And we did a lot of work around it, but I want to stress that it's not something that they do anymore. And those operations or accounts are just in runoff.

當然。正如我們之前所說，他們有一些已停止的業務正在流失。基本上，我們認為為這些操作留出一些資金是合適的。當這些都結束後，整件事情就結束了。所以我們對這個過程感到非常滿意。我們圍繞著做了很多工作，但我想強調的是，這不再是他們所做的事情了。而這些操作或帳戶正處於流失階段。

Thanks so much.

非常感謝。

Elyse Greenspan, Wells Fargo.

富國銀行的伊莉絲‧格林斯潘。

Hi, thanks, good morning, I wanted to come back to just the Retail segment, right? Prior guidance was for the full year to be about 1% better than the Q1. It does, from your commentary, sound right like new business was slower and pricing got worse. Powell, sorry, I think you said, right, half of the change in the quarter was due to just the deceleration in property rates. I'm just trying to get a sense of how do you guys see, I guess, the full year relative to that prior guide based on your expectations for continued deceleration in property rates in the back half of the year?

嗨，謝謝，早上好，我想回到零售領域，對嗎？先前的預期是全年業績將比第一季好 1% 左右。從您的評論來看，確實新業務發展速度變慢，定價也變得更糟。鮑威爾，對不起，我想您說的對，本季一半的變化是由於房地產利率下降造成的。我只是想了解一下，根據你們對下半年房地產利率持續下降的預期，你們如何看待今年全年相對於之前的指引？

So I said that the deceleration or the downward pressure on rates was over half the discrepancy, and I believe that you and everyone else needs to factor that in to your organic growth expectations in Q3 and Q4.

所以我說，利率減速或下行壓力佔了差異的一半以上，我相信您和其他人都需要將其納入第三季和第四季的有機成長預期中。

Okay. And then did you see -- I mean, I know, right, Q2 was a heavy property quarter. Did the slowdown get worse like in June relative to the rest of the quarter? I'm just trying to get a sense of just kind of the pace of slowdown you saw during the quarter.

好的。然後你看到了嗎——我的意思是，我知道，第二季是房地產業繁忙的季度。與本季其他時間相比，6 月的經濟放緩是否更加嚴重？我只是想了解本季經濟放緩的速度。

Good morning, Elyse. Yeah, we saw during the quarter and then June definitely had a further trail off compared to what we were seeing in April and May.

早安，伊莉絲。是的，我們在本季度看到了這一點，與四月和五月相比，六月的銷量肯定進一步下滑。

Okay. And then on the Programs, you called off some one-off impact on margins in the slides. Can you just provide a little bit more detail on what that was in the quarter?

好的。然後在程式上，您取消了對幻燈片中的邊距的一些一次性影響。您能否提供一些有關本季情況的更多細節？

We just had -- we mentioned inside there, we had a true-up on contingent calculation for last year as we got all the final numbers completed. So that had some benefit to the margin for the quarter. That's what we were talking about.

我們剛剛——我們在裡面提到過，我們對去年的偶然計算進行了調整，因為我們完成了所有最終數字。因此這對本季的利潤率有一定好處。這就是我們正在談論的事情。

Thank you.

謝謝。

Mike Zaremski, BMO.

麥克·扎雷姆斯基，BMO。

Hey, good morning, thanks. Sticking with organic from the top-down level. If we look at the kind of the year-over-year deceleration trend line, I know you gave some color that some of it was just lower new business, which could be temporary. But are we -- if I mesh the decel trend line with your comments and color on the classic softening marketplace, I guess what -- is there any underlying causes that's just causing the decel to be so much faster than I think we've seen historically? Is it -- is there some kind of underlying trend we should better understand? Because you named a lot of softening lines of business that some of them were somewhat surprising like casualty, for example.

嘿，早上好，謝謝。自上而下堅持有機。如果我們看一下同比減速趨勢線，我知道您已經說明了部分原因在於新業務量下降，而這可能是暫時的。但是，如果我將減速趨勢線與你對經典疲軟市場的評論和描述結合起來，我猜會怎麼樣——是否存在一些潛在原因導致減速速度比我認為的歷史最高速度快得多？是否存在某種我們應該更好地理解的潛在趨勢？因為您列舉了許多軟化的業務線，其中一些有點令人驚訝，例如傷亡險。

Yeah, I don't want to give you the impression that casualty is negative. I want you to keep in mind that we don't believe casualty pricing will go up as quickly. So there's an importance there. And I apologize if I gave you the impression otherwise.

是的，我不想給你留下傷亡是負面的印象。我希望你們記住，我們不認為傷亡保險價格會漲得那麼快。因此這很重要。如果我給您留下了相反的印象，我深表歉意。

But Mike, here's the thing that I would tell you. This is a classic cycle -- and I've only been doing this for 35 years, and I've seen this rodeo a couple of times. And as you know, pricing, particularly in the case of property, typically goes up very rapidly. This is E&S. I'm just using the E&S market as the example. And then it can come down rapidly.

但是麥克，我想告訴你的是這件事。這是一個經典的循環——我從事這項運動才 35 年，見過幾次這樣的牛仔競技表演。眾所周知，價格，尤其是房地產價格，通常會上漲非常快。這是 E&S。我只是以 E&S 市場為例。然後它會迅速下降。

And so what you'd find is there are lots of people out there, carriers, who have made commitments in terms of their portfolios and bought reinsurance to support those portfolios, and they don't want to not use that capacity. And so what that does is on your existing book of business, they take a position typically that we would not like to lose our renewals.

因此，你會發現有很多人，承運人，已經對其投資組合做出了承諾，併購買了再保險來支持這些投資組合，他們不想不使用這種能力。因此，這對您現有的業務產生了影響，他們通常採取的立場是我們不想失去續約。

And then you have new underwriters that basically say or new markets to that account who basically say, we believe that the rates are more than adequate to do this. We've also purchased a reinsurance program, and we want to go and write enough business to support that program as well.

然後你就有了新的承銷商，他們基本上會說，或者該帳戶的新市場基本上會說，我們相信利率足以做到這一點。我們也購買了再保險計劃，並且我們希望開展足夠的業務來支持該計劃。

And so what you have is you have more pressure today than we have seen. And so there's been a long period of upward pressure on property rates. And depending on your perspective, but if you look at it from our customer standpoint, it is very good for the customers, but it does put pressure on organic growth on any business in the industry. But if you had a lot of property, and we had a lot of property in the Q2, there -- you see it more clearly.

所以，你們今天面臨的壓力比我們所看到的還要大。因此，房地產利率長期面臨上行壓力。這取決於你的觀點，但如果你從客戶的角度來看，這對客戶來說非常有利，但它確實給行業中任何企業的有機成長帶來壓力。但如果你擁有很多財產，而且我們在第二季度擁有很多財產，那麼你會看得更清楚。

But there's not something, Mike, that is occurring that is out of the ordinary. I don't want to give you the impression there's some, oh, this is a weird thing. We've never seen this or -- absolutely not. This is exactly what we expected. I expected it to happen a year ago personally. But again, what you heard me say and my mistake, we -- it surprised us in the speed of decline in Q2 and particularly in the latter part of the quarter. That's the difference that we're talking about, not that we were surprised by the decline. It was the speed of it.

但是，麥克，並沒有什麼不尋常的事情發生。我不想讓你覺得這是一件奇怪的事。我們從未見過這種情況，或者——絕對沒有。這正是我們所期望的。我個人在一年前就預料到這會發生。但是，正如您所聽到的，我的錯誤讓我們對第二季度，特別是本季後半段的下滑速度感到驚訝。這就是我們談論的差異，我們並不對這種下降感到驚訝。就是它的速度。

Yeah, and Mike, I think, maybe, one other thing. Again, we've been talking about this for almost two years where we've been saying we expect things to be moderating back to more normal, right, in the back end of what happened through COVID. But in our earlier comments, we said that admitted rates were up 5% to 10% in the second quarter of last year.

是的，麥克，我想，也許還有另一件事。再說一次，我們已經談論這個問題近兩年了，我們一直在說，我們預計在新冠疫情結束後，情況會逐漸恢復正常。但在我們之前的評論中，我們說過，去年第二季的錄取率上漲了 5% 至 10%。

That's not normal to get that level of broad-based increases. So we were 2% to 7% in the first quarter, 1% to 5%. It's now starting to get back to kind of more realistic ranges what you would see historically. So part of it is off of where was it coming from.

出現如此廣泛的成長並不正常。因此，第一季我們的成長率為 2% 至 7%，1% 至 5%。現在它開始回到歷史上看到的更現實的範圍。所以部分原因在於它的來源。

Got it. And that's good color. And my only follow-up is on profit margins or cash flow margins, whatever -- which one you want to speak to. But when we -- if we think -- if we're painting a picture of a more moderating back to normal kind of organic growth trajectory or, I guess, your 10-year organics, I think, high 5s, but then during soft markets, low singles.

知道了。顏色很好。我唯一的後續問題是利潤率或現金流利潤率，無論你想談哪一個。但是，如果我們思考一下，如果我們描繪出一種更溫和的回歸正常的有機成長軌跡，或者，我想，你的 10 年有機成長軌跡，我認為是高 5%，但在疲軟的市場中，則是低 1%。

But should we be thinking about a kind of also -- if we do go into a low singles organic environment about a moderating profit margin kind of downward trajectory as well potentially? Or is the business mix shift so different that we're at a kind of a much newer, higher profit margin level, if we think kind of a high-level basis?

但是，我們是否也應該考慮這樣一種情況——如果我們確實進入低單曲有機環境，利潤率是否也有可能出現下降趨勢？或者，如果我們從高層次的角度考慮，業務組合轉變是否如此不同，以至於我們處於一種更新、更高的利潤率水平？

Yeah, Mike. One, we're -- I guess, we're not giving any long-term changes to the guidance on our margins. Those continue to be the same for the business right now. But I think a couple of things to keep in mind is we've got a highly diversified business. And we have quarters where the growth can be higher or lower. And we have -- on an organic basis, and this is why our earlier comment, it's not all about organic. It's a portion of the equation that comes through. But even if organic is down and we've got really good contingents, well, that's probably going to help in the margin profile for the organization.

是的，麥克。首先，我想，我們不會對利潤率指引做出任何長期改變。對於目前的業務來說，這些仍然是一樣的。但我認為需要記住的幾件事是，我們的業務高度多元化。有些季度的成長率可能更高，也有可能更低。而且，我們擁有 — — 在有機基礎上，這就是我們之前的評論，它並非全是關於有機的。這是方程式的一部分。但即使有機成長下降，而我們擁有真正優秀的隊伍，那麼，這可能仍會對組織的利潤狀況有所幫助。

But I think as we've proven over time, we've been really successful, and that's because of the great leaders that we have inside the organization on how do we grow profitably. It doesn't mean that we might not have a quarter here and there over time that will bump up and down, but we're focused on making sure that we invest in the business for the long term in an appropriate fashion, both in talent and technology and then trying to be able to make sure that we can expand our margins. That again, might not happen every quarter, but that's our overall goal for the business.

但我認為，正如我們隨著時間的推移所證明的那樣，我們確實取得了成功，這是因為我們組織內部擁有出色的領導者，他們指導我們如何實現盈利成長。這並不意味著我們可能不會在一段時間內上下波動，但我們專注於確保以適當的方式對業務進行長期投資，包括人才和技術，然後努力確保我們能夠擴大利潤率。這可能不會每個季度都發生，但這是我們業務的整體目標。

Alex Scott, Barclays.

巴克萊銀行的亞歷克斯·斯科特。

Hey, good morning, I wanted to circle back on the comments on the lower new business. And just wanted to see if you could give us a feel for how much of that this quarter was just timing and maybe you'd characterize as more random fluctuation as opposed to what's going on in the market?

嘿，早上好，我想回顧一下有關較低新業務的評論。只是想看看您是否可以讓我們了解本季有多少只是時間因素，也許您會將其描述為更多的隨機波動，而不是市場正在發生的事情？

And you talked a little bit here or there about some of the new markets that are competing and so forth. How much of those dynamics causing that versus things just got one way or the other this quarter?

您在這裡或那裡談到了一些正在競爭的新市場等等。本季造成這種情況的因素與剛發生的因素相比有多少？

Well, I don't want to give you, Alex, the impression that there's some unusual thing going on in the market that is impacting our ability to write new business or not. And I'm trying to make it simple in the sense that we just didn't write as much new business for the quarter. It's that simple. And that means that sometimes you write more new business and sometimes you don't write as much new business as you think. But it's not -- one quarter doesn't make a trend.

好吧，亞歷克斯，我不想給你這樣的印象：市場上發生了一些不尋常的事情，影響了我們開展新業務的能力。我試著讓事情變得簡單，因為我們本季沒有開展太多新業務。就這麼簡單。這意味著有時你會寫出更多的新業務，有時你寫出的新業務卻沒有你想像的那麼多。但事實並非如此——一個季度並不能形成一種趨勢。

And new business is the lifeblood of our company. We understand that, and you combine that with the importance of taking care of our existing customers through our teammates and you kind of get that life cycle or customer cycle at Brown & Brown.

新業務是我們公司的命脈。我們理解這一點，並且你將其與透過我們的隊友照顧現有客戶的重要性結合起來，你就得到了 Brown & Brown 的生命週期或客戶週期。

And so there's no -- I know you're looking for something, and there's no something other than we just didn't write as much new business. It's that simple. I mean, either we didn't win on some accounts or whatever the case may be, but it's just simply we just didn't write as much new business, and we anticipate writing more new business next quarter. And I'm not going to say that there's a delay or there's a this or -- there's always things that get pushed. So it's not -- we're not saying that. I would just leave it at that.

所以沒有——我知道你在尋找一些東西，除了我們沒有寫那麼多新業務之外，沒有別的東西。就這麼簡單。我的意思是，要么我們沒有贏得某些帳戶，要么不管是什麼情況，只是我們沒有開展太多新業務，我們預計下個季度會有更多新業務。我不會說什麼有延遲，或有這個或——總是有事情被推遲。所以，我們不是這麼說的。我就不多說了。

Got it. That makes a lot of sense. Can I ask if the E&S pricing and competition you're seeing, is any of that affecting volume just in terms of admitted versus E&S? Like is some of the competition from admitted taking business back at all?

知道了。這很有道理。我可以問一下，您所看到的 E&S 定價和競爭是否會影響承認數量與 E&S 數量之間的差異？例如，一些競爭對手是否承認他們奪回了業務？

Yeah, so please do not take this comment out of context. But we have seen some admitted markets take some business back in all size areas. And that -- what I mean by that is that could be binding authority in wholesale. It could be transactional wholesale.

是的，所以請不要斷章取義此評論。但我們已經看到一些已獲準的市場在各種規模的地區恢復了一些業務。我的意思是，這可能是批發領域的約束性權力。它可能是交易批發。

And so we are -- but it's not enough, Alex, for us to call it out as a mover. That's not what I'm going to say. But we have seen it in places that kind of -- so I'll give you an example. You'd say like what? A year ago, the California -- the state of California was suffering horrific fires and all kinds of disruption and their marketplace was in disarray. And therefore, lots of business flowed into the E&S market. That does not mean that business isn't flowing into the E&S market now.

我們確實如此——但是亞歷克斯，這還不足以讓我們稱之為推動者。這不是我要說的。但我們在一些地方看到過這種情況——所以我給你舉個例子。你會說什麼？一年前，加州遭受了可怕的火災和各種破壞，市場陷入混亂。因此，大量業務湧入了 E&S 市場。這並不意味著現在業務沒有流入 E&S 市場。

But what I'm saying is the insurance commissioner out there has figured out a way, and I don't know how because I'm not as close to it in that state, to get some admitted markets to come back in, and we are seeing some admitted markets write some personal lines there. That is anecdotal. That is not something that I want you to print. That is not something because there's not enough data to support it.

但我想說的是，保險專員已經找到了一種方法，但我不知道如何做，因為我對該州的情況並不熟悉，這種方法可以讓一些已獲認可的市場重新回歸，而且我們看到一些已獲認可的市場在那裡寫了一些個人條款。這是軼事。這不是我希望你印製的東西。那是不可能的，因為沒有足夠的數據來支持它。

But if I hear that XYZ company is writing 15 homeowners in admitted where last year, they didn't want to touch anything, that is -- you're kind of like, huh? So that's what I would say relative to the admitted involvement and limited involvement with some non- admitted accounts. Thank you.

但是如果我聽說 XYZ 去年向 15 位房主承認他們不想碰任何東西，那就是——你會覺得怎麼樣，是嗎？這就是我對已承認的參與以及對一些未承認的帳戶的有限參與的看法。謝謝。

Andrew Andersen, Jefferies.

安德魯·安德森（Andrew Andersen），傑富瑞集團（Jefferies）。

Hey, good morning, I think you mentioned you expect to increase the margin of acquired businesses over time for tuck-in M&A. Can you maybe just touch on how long do you usually find it takes to get those acquired entities to target levels?

嘿，早上好，我想您提到過，您希望隨著時間的推移，增加收購業務的利潤率，以進行整合式併購。您能否簡單談談，通常需要多長時間才能使這些被收購的實體達到目標水平？

It truly depends on the business, Andrew. And again, you made an assumption there, I think, that may or may not be fair. I can see why you made the assumption. But the acquisition that we referred to is a stand-alone business. So I do want to make a distinction there.

這確實取決於業務，安德魯。再說一次，我認為你所做的假設可能是公平的，也可能不公平。我明白你為什麼要做出這樣的假設。但我們提到的收購是一項獨立的業務。所以我確實想在這裡做出區分。

So you would think normally that in a business that folds into an existing business, we would get to the margin, the targeted margin more quickly. But the business that Andy referred to is a standalone business. So it takes a little longer, obviously.

因此，您通常會認為，在併入現有業務的業務中，我們會更快地達到利潤率，即目標利潤率。但安迪提到的業務是一個獨立的業務。因此顯然需要更長的時間。

Andrew, our approach when we do the acquisitions, especially on the stand-alone, is we're not going in and like ripping everything off the wall on day one. We don't think that's a good approach. So generally, you just kind of see as we work through it over quarters in different areas being able to benchmark, different areas getting benefits of synergies, then the margins will come along.

安德魯，我們進行收購時的做法，尤其是收購獨立公司時，我們不會在第一天就把所有東西都拆掉。我們認為這不是一個好方法。所以一般來說，你會看到，當我們在不同領域進行季度工作時，能夠進行基準測試，不同領域獲得協同效應的好處，利潤率就會隨之而來。

Same thing -- and that's if you're thinking about the expense side. Same thing on the revenues, those just come along over time. So you'll see it over 12, 24, 36 months.

同樣的事情——如果你考慮的是費用方面的話。收入也是一樣，只是隨著時間的推移而增加。因此，您會在 12、24、36 個月內看到它。

Thanks. And then maybe on Professional Liability or D&O more broadly. Could you maybe just talk about what you're seeing in terms of rate? Is there any bottoming going on there? And are you seeing any pipeline of exposure units coming to market?

謝謝。然後也許更廣泛地討論專業責任或 D&O。您能否談談您所看到的利率狀況？那裡正在形成底部嗎？您是否看到有任何曝光裝置進入市場？

Well, I would say that as we said, D&O and EPL continue to have rate pressure on them. And I think that that will continue. That's my impression.

嗯，我想說，正如我們所說的，D&O 和 EPL 繼續面臨利率壓力。我認為這種情況將會持續下去。這就是我的印象。

Meyer Shields, KBW.

邁耶希爾茲（Meyer Shields），KBW。

Great, thanks so much and good morning. Powell, you've talked about economic growth explaining, call it, two-thirds to three-quarters of organic growth, with the rest being from pricing. That was a smaller different Brown & Brown. I was hoping you could update us on that split between economic growth and pricing in terms of driving organic.

太好了，非常感謝，早安。鮑威爾，您談到經濟成長可以解釋有機成長的三分之二到四分之三，其餘部分則來自定價。那是另一款較小的 Brown & Brown。我希望您能向我們介紹一下在推動有機成長方面經濟成長和定價之間的差距。

Good morning, Meyer. So what I would say is this -- and I have to be honest, I'm going to have to spend some time on that response once we bring our friends from Accession into Brown & Brown and specifically the 180 and how we're thinking about it. But what I would tell you is, you have sort of unique -- you have three or four unique parts to our business. So you have the core middle market and upper middle market Brown & Brown business and risk strategies business.

早上好，邁耶。所以我想說的是——我必須誠實地說，一旦我們把 Accession 的朋友帶到 Brown & Brown，我將不得不花一些時間來回應這個問題，特別是 180 度以及我們對此的看法。但我想告訴你的是，我們的業務有三到四個獨特的部分。因此，您擁有核心中端市場和中高端市場 Brown & Brown 業務和風險策略業務。

That business right there in a steady-state economy is, I would not say, would change those metrics unless you have an inordinate amount of CAT property in a quarter or in a business or whatever the case may be. So I'd stick to the two-thirds, one-third.

我認為，在穩定的經濟環境下，企業不會改變這些指標，除非你在某個季度、某個企業或其他任何情況下擁有過多的 CAT 財產。所以我會堅持三分之二、三分之一。

In large accounts, so you're going to have large benefits, large -- so that's upper middle market and large accounts. That business is although rate driven -- some of that's in fees and some of that's in commissions. So I might say it might be slightly different.

在大帳戶中，您將獲得巨大的利益，巨大的利益——這就是中上層市場和大帳戶。儘管這項業務是由利率驅動的——其中一些是費用，一些是佣金。所以我可能會說它可能略有不同。

In terms of programs and wholesale and inside of wholesale, you have a binding authority business and a transactional piece. I would say that it's -- I think because of the makeup of our book -- and remember, I have to go back and preface the statement by saying before Accession joins us, but our Programs business was more impacted by rate because of the CAT concentration. And that's one of the reasons I've highlighted that the casualty is a balance or a ballast to that.

就計劃和批發以及批發內部而言，您擁有具有約束力的權威業務和交易部分。我想說的是——我認為這是因為我們書的構成——記住，我必須回過頭來在 Accession 加入我們之前聲明，但是由於 CAT 集中，我們的項目業務受到利率的影響更大。這就是我強調傷亡是平衡或壓艙物的原因之一。

In the wholesale, I would say similar but to a lesser degree. That's how I would answer it. So you've asked a good question, and I'd like to give it some thought. But particularly in light of not existing -- our existing business, but -- and I would say overseas, it's probably the same. It's exposure units and rate two-thirds, one-third.

在批發方面，我想說情況類似，但程度較輕。我就是這麼回答的。你問了一個很好的問題，我想考慮一下。但特別是考慮到不存在 - 我們的現有業務，但是 - 而且我想說海外的情況可能也是一樣的。它的曝光單位和率分別為三分之二和三分之一。

Meyer, keep in mind, and I think our comment still holds over the long term, the one-third, two-thirds, depending upon where we are in a cycle, either on the uptake or downtake inside there, rate is just going to represent a larger portion. And so we've talked about that in the past that rate was making up more like 50%. And I think that's similar to the comment that we said this quarter.

邁耶，請記住，我認為我們的評​​論從長期來看仍然有效，三分之一、三分之二，取決於我們處於週期的哪個階段，無論是上升還是下降，利率都會佔到更大比例。我們過去曾討論過，該比率達到 50% 以上。我認為這與我們本季發表的評論類似。

When you have those bigger swings, it's just going to take a larger percentage of it on a weighting basis. But when you're kind of in that normal market growth, normal pricing and everything else, generally, I think the trend is still pretty consistent with what we said.

當出現較大的波動時，它只會在加權基礎上佔據更大的比例。但當你處於正常的市場成長、正常的定價和其他一切狀態時，總的來說，我認為趨勢仍然與我們所說的非常一致。

Okay. That was very thorough and very helpful. Second question, and I'm asking this, when you're looking at performance, is there a range where -- let's say performance is slightly below expectations. Is there a number where you say, okay, we expect normal fluctuation to be 50 basis points of organic growth and anything worse than that is a problem? I'm asking this numerically, but I was hoping you could talk about it at least qualitatively.

好的。這非常徹底並且非常有幫助。第二個問題，我想問的是，當你查看效能時，是否存在一個範圍 - 假設效能略低於預期。您是否說，有一個數字，好吧，我們預計正常波動是有機增長的 50 個基點，任何比這更糟糕的情況都是問題？我從數字角度詢問這個問題，但我希望您至少可以從品質角度談論它。

Yeah. So let me try to answer that. What Andy said earlier is we've always said -- and I know you know this -- that our business is a low to mid-single-digit organic growth business in a steady-state economy. You can have fluctuations in there because of events, i.e., rates, economics, things like that, that would potentially in the near or shorter term impact that range. But over a long period of time, that's how we think about the business.

是的。那麼讓我試著回答這個問題。安迪之前說過，我們一直說——我知道你知道這一點——我們的業務是穩定經濟中低到中等個位數的有機成長業務。由於利率、經濟等事件可能會在短期內對該範圍產生影響，因此可能會出現波動。但從長遠來看，我們就是這樣看待業務的。

So I think it's -- I know what you're saying, but I want to make sure that you understand that we don't believe one quarter makes a trend. And so did we -- in our Retail business, which is what you're referring to, perform lower than we anticipated for the quarter? Yes, we did. And I told you why.

所以我認為——我知道你在說什麼，但我想確保你明白，我們不相信一個季度就能形成一種趨勢。那麼，您所指的零售業務的業績是否低於我們本季的預期呢？是的，我們做到了。我告訴過你為什麼。

But I don't want you to get the feeling that we believe or anybody out there should believe that something is wrong; quite the contrary. I would tell you that I feel as good today about our business and particularly with the addition of Accession that I've ever felt about Brown & Brown and our capabilities to serve our customers.

但我不希望你們覺得我們認為或任何人應該認為有些事情是錯的；事實恰恰相反。我想告訴你們，今天我對我們的業務，特別是加入 Accession 之後，感覺非常好，我對 Brown & Brown 以及我們為客戶提供服務的能力的感覺也非常好。

So it's not like that, Meyer, but nobody likes surprises. And one of the things that's kind of interesting is when you have a shifting market, you're going to have changes sometimes that -- like this that is -- you might not have expected exactly. But over a long period of time, we're going to continue to grow our business and run it profitably and reinvest that business in a thoughtful manner. So I feel good about it. I don't feel -- meaning with the future. I feel good about the future, and there's nothing that is a numeric quantitative or qualitatively that says, here's the deal.

所以事實並非如此，邁耶，但沒有人喜歡驚喜。有趣的是，當市場瞬息萬變時，有時會出現一些你可能沒有預料到的變化，就像這樣。但在很長一段時間內，我們將繼續發展我們的業務，使其盈利，並以深思熟慮的方式對該業務進行再投資。所以我對此感覺很好。我感覺不到未來有什麼意義。我對未來充滿信心，沒有任何數字、數量或品質可以表明事情是這樣的。

Now we have a bunch of talented people that put their shoulder to the wheel. I think it's all about culture, and Andy does and our senior leadership team does. And so that emanates throughout our organization. And over a long period of time, it's worked really well.

現在我們擁有一群才華洋溢、全力以赴的人才。我認為這一切都與文化有關，安迪和我們的高階領導團隊也這麼認為。這影響了我們整個組織。並且經過很長一段時間，它確實發揮了很好的作用。

So I feel good about it, but I don't want to give you the impression that there's some range like if you miss by 100 bps, there's -- it's -- a red light goes off. It's not like that. I look at it as saying -- yeah, I mean, I look at it as saying, hey, that was last quarter. We're on to this quarter.

所以我對此感覺很好，但我不想給你留下這樣的印象：如果你錯過了 100 個基點，紅燈就會熄滅。事實並非如此。我認為它是說——是的，我的意思是，我認為它是說，嘿，那是上個季度的事了。我們已進入本季。

Meyer, just on -- I mean, I think this is why we never get too worked up about any one quarter that's out there. We just kind of look at how we're progressing and moving the ball down the field on a year-to-date basis on an annual basis.

邁耶，我只是說——我的意思是，我認為這就是為什麼我們從不對任何一個季度的情況過於激動。我們只是看看我們今年迄今為止在年度基礎上的進展和進展。

And we feel awesome about where we are at the half year mark. We've grown the top line over 10%. We're over 5% on an organic basis. Our margins are over 37%. We've got double-digit EPS growth. Our conversion is over 20%, which is outstanding. We've grown at 44% year over year. We think we're in really good shape at the half year mark. And the quarters always move around. We don't get too anxious about those things. So --

我們對半年來取得的成績感到非常滿意。我們的營業收入成長了 10% 以上。我們的有機成長率超過了 5%。我們的利潤率超過37%。我們的每股盈餘實現了兩位數的成長。我們的轉換率超過 20%，這是非常出色的。我們的年增長率為 44%。我們認為，半年來我們的狀況非常好。而且宿舍總是在移動。我們不會對這些事情太過焦慮。所以--

No, I appreciate that. It just helps us reconcile. Thank you.

不，我很感激。它只是幫助我們和解。謝謝。

Josh Shanker, Bank of America.

美國銀行的喬希·尚克（Josh Shanker）。

Yeah, thank you for giving me some time today. We've just come off a very interesting time economically in the country. Obviously, the reopening post COVID and a huge growth period. Prices were up for a number of years in a row. Underwriting profitability for the industry is very, very good.

是的，感謝您今天抽空給我。我們國家剛經歷了一段非常有趣的經濟時期。顯然，新冠疫情過後，經濟將重新開放，並迎來巨大的成長期。價格連續幾年上漲。該行業的承保盈利能力非常非常好。

I've been looking at the stock for 20 years. And I think back when I first heard the term EBITDAC, the argument was that the C, earn-outs are going to be both positive and negative and should net to zero over time. But most of the acquisitions that anyone has done in the past half decade have turned out to be wildly successful and maximize their earnouts, any ways.

我已經關注該股票 20 年了。我回想起當我第一次聽到 EBITDAC 這個術語時，人們的說法是，盈利能力 C（盈利能力）既可以是正數，也可以是負數，並且隨著時間的推移應該變為零。但過去五年來，人們進行的大部分收購都取得了巨大的成功，並且以任何方式實現了收益最大化。

Is that the right impression? Should we think about that normalizing? And how much organic growth did earn-outs contribute over the last couple of years?

這是正確的印象嗎？我們應該考慮將其正常化嗎？過去幾年獲利能力對有機成長貢獻了多少？

Yeah, hey, good morning, Jeff. Let me see if I can tackle a couple of those pieces is what we try to do -- and again, the change in the acquisition is the delta off of what we expect from the business based upon when we purchase it. So we've already got expectations for growth or profitability or any sort of combination for the business. And most of our earn-outs are generally over a three-year period. We estimate all of that on the front end.

是的，嘿，早安，傑夫。讓我看看我是否可以解決其中的幾個問題，這就是我們正在嘗試做的——再說一次，收購的變化是我們根據購買時對業務的預期而產生的差異。因此，我們已經對業務的成長、獲利或任何形式的組合有了預期。我們的大部分獲利通常都在三年內。我們在前端估算所有這些。

If you look back over that 10-year period, I'm going to probably be off on these numbers a little bit, excluding the positive and negative adjustments we made around COVID because it's just the unknowns. If you look back, our change in acquisition earn-out is pretty immaterial. So we do a pretty nice job of estimating the performance.

如果回顧這 10 年，我可能會對這些數字有點偏差，排除我們圍繞 COVID 所做的正面和負面調整，因為這只是未知數。如果你回顧一下，你會發現我們在收購收益方面的改變並不重要。因此，我們在評估性能方面做得相當不錯。

Now that performance may already have incorporated expectations of really strong performance, but we already put them in the opening earn-out. So I wouldn't want you to draw a conclusion that because of the backdrop and the change in the acquisition that, therefore, the businesses were wildly successful by itself. They may have been wildly successful anyway in the process. So just there's a couple of pieces just to think about inside of there on how that works. Okay?

現在，業績可能已經包含了對真正強勁業績的預期，但我們已經將它們納入了開盤盈利中。所以我不希望你得出這樣的結論：由於背景和收購的變化，這些企業本身就取得了巨大的成功。無論如何，他們在這個過程中可能已經取得了巨大的成功。因此，只需要思考一下其中的幾個部分就可以了解它的工作原理。好的？

And do you expect that to normalize, I guess? Was that -- wild is an extreme word, but let's just use it anyways in terms of being wildly successful. Should the earnouts and performance of acquired businesses be more moderately successful in the forward-looking period?

我想，您希望這種情況能夠正常化嗎？那是——「瘋狂」是一個極端的詞，但無論如何，我們還是用它來表示巨大的成功。在展望期內，被收購企業的獲利和業績是否應該取得更為適度的成功？

I don't think you can make that -- you can draw that conclusion. It's highly dependent upon the business and how the economic and operating environment impacts that individual business. So I wouldn't draw that conclusion. I think that what you're saying, though, at a macro level is, do you think that growth rates in the brokerage space are moderating back towards more traditional levels? And the answer to that question is yes.

我認為你不能得出這樣的結論。它高度依賴業務以及經濟和營運環境如何影響單一業務。所以我不會得出這個結論。不過，我認為您所說的是，從宏觀層面來看，您是否認為經紀領域的成長率正在回落至更傳統的水平？這個問題的答案是肯定的。

Having said that, I don't think you should try to point out acquisitions as one thing. And remember, acquisitions, depending on how you handle it, counts in organic growth after year two in our business. And so just something to think about. So yeah.

話雖如此，我認為你不應該試圖將收購視為一件事。請記住，收購取決於你如何處理它，它對我們業務兩年後的有機成長至關重要。所以這只是一些值得思考的事情。是的。

Yeah, just -- you could have a specialty business in there, Josh, that could be growing crazy percentage and you have another business that's growing modestly. It just really depends upon the profile of them.

是的，喬希，你可能有一個專業業務，它的成長率可能非常高，而你還有另一個業務正在溫和成長。這實際上取決於他們的個人資料。

Yeah. Just one other quick thing. That specialty comment, a couple of carriers in the specialty market have said some disparaging things about MGAs on the recent conference calls. And just -- there was just a very successful IPO in the MGA space. Can you talk about what you -- add your two cents about what you think is going to happen over the next three years with MGAs and how that affects Brown & Brown's business?

是的。還有一件事。關於專業評論，專業市場的幾家承運人在最近的電話會議上對 MGAs 發表了一些貶損言論。而且—MGA 領域的 IPO 非常成功。您能否談談您對未來三年 MGAs 的發展前景以及這對 Brown & Brown 業務的影響的看法？

Sure. Well, I believe that MGA's ultimate success is based on trust and performance. And so there are a lot -- and that's based on an underwriting culture that delivers results for the carriers that support them. So we've worked really hard over a long period of time to earn that trust with our carrier partners. And actually, I believe that there are more carrier partners that want to do more with our organization in MGA facilities than ever before.

當然。嗯，我相信 MGA 的最終成功是建立在信任和績效的基礎上的。因此有很多——這是基於承保文化，為支持他們的承運人帶來成果。因此，我們長期以來一直努力工作以贏得營運商合作夥伴的信任。事實上，我相信有比以往更多的承運商合作夥伴希望與我們的組織在 MGA 設施中進行更多合作。

Having said that, I don't know the specifics of what you're referring to. However, I would say there can be a few bad apples. And over time, there's been a lot of bad apples. And so if I take you back only 13 short years ago, MGA, when we bought Arrowhead General Agency, was a bad word. And some of you thought, oh, Powell is changing the business. This is a huge acquisition, and this is different. And the answer is it is different. And yes, we did change the business, and we think it's worked out pretty well.

話雖如此，我不知道您所指的具體內容。然而，我想說，其中可能還是有少數害群之馬。隨著時間的推移，出現了許多害群之馬。因此，如果我帶你回到短短 13 年前，當我們收購 Arrowhead General Agency 時，MGA 還是一個貶義詞。你們中的一些人會想，哦，鮑威爾正在改變這個行業。這是一次巨大的收購，這是與眾不同的。答案是不同的。是的，我們確實改變了業務，而且我們認為效果很好。

And so we're still doing the same thing. So I -- it does not surprise me, Josh, and there will always be people that go off the rails and do things that undermine or violate the trust and/or authority that has been given, but that is not the organization that we have built or are building. We are a forever company, as you know. So we've only done it for 86 years. And so people do business with people they like and they trust. And so when carrier partners come to us and say, we want to write programs with you and lots of them in big numbers, I would tell you that the support is as good as it's ever been for us.

所以我們仍在做同樣的事情。所以我——喬希，這並不讓我感到驚訝，而且總是會有人偏離軌道並做出破壞或違反所賦予的信任和/或權威的事情，但這不是我們已經建立或正在建立的組織。正如您所知，我們是一家永恆的公司。所以我們只做了86年。因此人們會與他們喜歡和信任的人做生意。因此，當運營商合作夥伴來找我們說，我們想和你們一起編寫程序，並且編寫大量的程序時，我會告訴你們，我們得到的支持和以往一樣好。

So I think that's wonderful. So that might be an opportunity for us to go and write something else. Yeah, we're going to take one more question, please. Thank you, Josh.

所以我認為這很棒。所以這對我們來說可能是去寫其他東西的機會。是的，我們還想再回答一個問題。謝謝你，喬希。

Mark Hughes, Truist Securities.

馬克·休斯，Truist Securities。

Powell, in the Florida excess and surplus data, you see a big jump in policy counts in the E&S market. At the same time, you've got a meaningful decline in premium per policy. So it seems like a lot of more people are doing business in the E&S market but at a lower price point. Do you think that's accurate? And if so, is that a new phenomenon?

鮑威爾，在佛羅裡達州的過剩和盈餘數據中，你會看到 E&S 市場的政策數量大幅增加。同時，每份保單的保費也大幅下降。因此，似乎有更多的人在 E&S 市場上做生意，但價格較低。您認為這準確嗎？如果是這樣，這是一種新現象嗎？

I don't think it's a new phenomenon, Mark. What I would tell you is in a shifting market, typically, you will see upticks in submission counts and policies that go into, let's say, non-admitted markets. And that's just normal because people are attacking or trying to capture the savings. That's the way I look at it.

我不認為這是一個新現象，馬克。我想告訴你的是，在不斷變化的市場中，通常你會看到提交數量和進入非承認市場的政策上升。這很正常，因為人們正在攻擊或試圖獲取儲蓄。我就是這樣看待這件事的。

And so we've seen this before. This is not something that's new, meaning in terms of other cycles -- I'm not talking about last quarter versus this quarter -- I'm talking about historically. And it's interesting because the E&S market, if you want to think philosophically for just a moment, the E&S market, you can grow your business with lots of opportunities as the market is going up. And you can grow your business, although it's harder as the rates are going down.

我們以前就見過這種情況。這並不是什麼新鮮事，就其他週期而言——我不是在談論上個季度與本季——而是在談論歷史。這很有趣，因為如果您願意從哲學角度思考一下，E&S 市場，隨著市場的上漲，您可以利用大量機會發展您的業務。儘管利率下降使得發展變得更加困難，但你仍然可以拓展業務。

But when the markets are flat, which rarely it is, that's the part where there's a little bit of a -- I'm not going to say pause, but sort of that's not the optimal time in the E&S space. And so I normally think of it being up or down as opposed to flat. And so you can see flattish in the standard markets, and you can see growth. And so that's a long answer for your question.

但是當市場平穩時（這種情況很少發生），就會出現一點——我不會說暫停，但那不是 E&S 領域的最佳時機。因此我通常認為它是上升或下降而不是持平。因此，您可以看到標準市場趨於平穩，並且可以看到成長。這就是對你的問題的一個長答案。

Yeah, I appreciate that. Thank you.

是的，我很感激。謝謝。

I'd like to turn it back to Powell Brown for any closing remarks.

我想把最後發言交還給鮑威爾·布朗。

All right, thank you, Dee. Thank you all very much and we appreciate your interest today. As I said, we look to close at the end of the week with our new teammates from Accession. And we believe that the opportunities together are very good, and we look forward to talking to you next quarter. Have a nice day and a nice week. Thank you.

好的，謝謝你，迪。非常感謝大家，我們很感謝你們今天的關注。正如我所說，我們希望在本週末與來自 Accession 的新隊友一起完成這項工作。我們相信，這次合作的機會非常好，我們期待下個季度與您交談。祝您有愉快的一天和愉快的一周。謝謝。

This concludes today's conference call. Thank you for participating and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。