BROWN & BROWN, INC. — Form 10-Q
Filed July 27, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 22/100
What the filing says
Brown & Brown, Inc. executed a Third Amended and Restated Credit Agreement effective June 5, 2026, replacing its prior facility dated October 27, 2021. The new agreement provides: (1) a $1.25B revolving credit facility maturing June 5, 2031 (5-year extension); (2) a $250M Term A-1 Loan maturing June 5, 2029; (3) a $250M Term A-2 Loan maturing June 5, 2031 with quarterly amortization beginning September 30, 2026. JPMorgan Chase Bank, N.A. serves as administrative agent; Bank of America, BMO Bank, and Truist Bank are co-syndication agents. Specific pricing and rates are tied to leverage and credit rating metrics. No dollar amount of new borrowings disclosed as drawn at signing.
Why this rating
Routine refinancing/amendment of existing facilities. No material change in total capacity ($1.75B aggregate), no new counterparties, no acquisition/divestiture. Maturity extension and term loan structure are administrative updates typical for mature companies. Immaterial relative to $31.6B market cap.
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