BROWN & BROWN INC

Ticker: BRO CUSIP: 115236101 Class: Common Stock

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 76,851 Value ($000) $6,125 Avg Close $83.36 Range $76.17 - $96.35

Q3 2025

Shares 79,251 Value ($000) $7,433 Avg Close $97.18 Range $89.80 - $110.60

Q2 2025

Shares 76,151 Value ($000) $8,443 Avg Close $111.89 Range $101.62 - $125.05

Q1 2025

Shares 64,351 Value ($000) $8,005 Avg Close $111.13 Range $99.54 - $124.34

Q4 2024

Shares 64,451 Value ($000) $6,575 Avg Close $106.04 Range $100.21 - $113.42

Q3 2024

Shares 64,451 Value ($000) $6,677 Avg Close $98.62 Range $87.51 - $105.19

Q2 2024

Shares 64,851 Value ($000) $5,798 Avg Close $85.97 Range $79.47 - $92.90

Q1 2024

Shares 64,751 Value ($000) $5,668 Avg Close $79.49 Range $68.39 - $87.05

Q4 2023

Shares 64,651 Value ($000) $4,597 Avg Close $70.55 Range $65.78 - $75.31

Q3 2023

Shares 64,551 Value ($000) $4,508 Avg Close $70.26 Range $65.48 - $73.51

Q2 2023

Shares 64,751 Value ($000) $4,457 Avg Close $62.56 Range $56.07 - $68.16

Q1 2023

Shares 64,551 Value ($000) $3,707 Avg Close $56.43 Range $51.89 - $61.02

Q4 2022

Shares 63,851 Value ($000) $3,638 Avg Close $57.30 Range $52.69 - $62.66

Q3 2022

Shares 63,451 Value ($000) $3,838 Avg Close $61.54 Range $56.16 - $66.97

Q2 2022

Shares 63,251 Value ($000) $3,690 Avg Close $59.93 Range $51.70 - $72.04

Q1 2022

Shares 59,151 Value ($000) $4,275 Avg Close $65.38 Range $59.61 - $72.18

Q4 2021

Shares 59,000 Value ($000) $4,147 Avg Close $62.78 Range $53.93 - $68.90

Q3 2021

Shares 58,700 Value ($000) $3,255 Avg Close $54.15 Range $50.65 - $57.81

Q2 2021

Shares 58,992 Value ($000) $3,135 Avg Close $49.88 Range $44.30 - $52.77

Q1 2021

Shares 86,692 Value ($000) $3,963 Avg Close $44.44 Range $41.30 - $47.14

Q4 2020

Shares 85,892 Value ($000) $4,072 Avg Close $44.47 Range $41.53 - $47.00

Q3 2020

Shares 85,492 Value ($000) $3,870 Avg Close $43.00 Range $38.78 - $45.74

Q2 2020

Shares 85,592 Value ($000) $3,489 Avg Close $37.12 Range $31.94 - $42.11

Q1 2020

Shares 64,900 Value ($000) $2,351 Avg Close $40.59 Range $29.50 - $46.78

Q4 2019

Shares 68,800 Value ($000) $2,716 Avg Close $35.99 Range $33.47 - $38.75

Q3 2019

Shares 67,700 Value ($000) $2,441 Avg Close $34.20 Range $31.99 - $35.60

Q2 2019

Shares 69,300 Value ($000) $2,322 Avg Close $30.24 Range $28.15 - $32.00

Q1 2019

Shares 82,800 Value ($000) $2,443 Avg Close $27.17 Range $24.91 - $28.69

Q4 2018

Shares 83,600 Value ($000) $2,304 Avg Close $26.83 Range $24.42 - $28.25

Q3 2018

Shares 85,700 Value ($000) $2,534 Avg Close $28.12 Range $26.00 - $29.87

Q2 2018

Shares 84,500 Value ($000) $2,343 Avg Close $25.69 Range $22.93 - $27.05

Q1 2018

Shares 83,400 Value ($000) $2,122 Avg Close $24.58 Range $23.27 - $25.37

Q4 2017

Shares 41,600 Value ($000) $2,141 Avg Close $23.56 Range $22.50 - $24.62

Q3 2017

Shares 43,600 Value ($000) $2,101 Avg Close $20.98 Range $19.74 - $22.93

Q2 2017

Shares 47,400 Value ($000) $2,042 Avg Close $19.99 Range $19.12 - $20.80

Q1 2017

Shares 46,600 Value ($000) $1,944 Avg Close $20.11 Range $19.39 - $21.23

Q4 2016

Shares 92,600 Value ($000) $4,154 Avg Close $18.83 Range $16.72 - $21.16

Q3 2016

Shares 150,600 Value ($000) $5,679 Avg Close $17.08 Range $16.49 - $17.61

Q2 2016

Shares 158,200 Value ($000) $5,928 Avg Close $16.34 Range $15.71 - $17.26

Q1 2016

Shares 45,900 Value ($000) $1,643 Avg Close $14.72 Range $12.98 - $16.48

Q4 2015

Shares 46,300 Value ($000) $1,486 Avg Close $14.60 Range $13.84 - $15.12

Q3 2015

Shares 53,100 Value ($000) $1,645 Avg Close $14.92 Range $13.51 - $15.75

Q2 2015

Shares 52,600 Value ($000) $1,728 Avg Close $14.82 Range $14.29 - $15.34

Q1 2015

Shares 53,300 Value ($000) $1,765 Avg Close $14.58 Range $13.73 - $15.08

Q4 2014

Shares 56,100 Value ($000) $1,846 Avg Close $14.46 Range $13.90 - $15.05

Q3 2014

Shares 56,200 Value ($000) $1,807 Avg Close $14.20 Range $13.44 - $15.03

Q2 2014

Shares 56,000 Value ($000) $1,720 Avg Close $13.44 Range $12.61 - $13.96

Q1 2014

Shares 56,100 Value ($000) $1,726 Avg Close $13.68 Range $12.39 - $14.62

Q4 2013

Shares 55,800 Value ($000) $1,752 Avg Close $14.08 Range $12.34 - $14.94

Q3 2013

Shares 55,400 Value ($000) $1,778 Avg Close $14.46 Range $13.54 - $15.53

Q2 2013

Shares 54,300 Value ($000) $1,751 Avg Close $13.98 Range $13.22 - $14.70

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	76,851	$6,125	$83.36	$76.17 - $96.35
Q3 2025	79,251	$7,433	$97.18	$89.80 - $110.60
Q2 2025	76,151	$8,443	$111.89	$101.62 - $125.05
Q1 2025	64,351	$8,005	$111.13	$99.54 - $124.34
Q4 2024	64,451	$6,575	$106.04	$100.21 - $113.42
Q3 2024	64,451	$6,677	$98.62	$87.51 - $105.19
Q2 2024	64,851	$5,798	$85.97	$79.47 - $92.90
Q1 2024	64,751	$5,668	$79.49	$68.39 - $87.05
Q4 2023	64,651	$4,597	$70.55	$65.78 - $75.31
Q3 2023	64,551	$4,508	$70.26	$65.48 - $73.51
Q2 2023	64,751	$4,457	$62.56	$56.07 - $68.16
Q1 2023	64,551	$3,707	$56.43	$51.89 - $61.02
Q4 2022	63,851	$3,638	$57.30	$52.69 - $62.66
Q3 2022	63,451	$3,838	$61.54	$56.16 - $66.97
Q2 2022	63,251	$3,690	$59.93	$51.70 - $72.04
Q1 2022	59,151	$4,275	$65.38	$59.61 - $72.18
Q4 2021	59,000	$4,147	$62.78	$53.93 - $68.90
Q3 2021	58,700	$3,255	$54.15	$50.65 - $57.81
Q2 2021	58,992	$3,135	$49.88	$44.30 - $52.77
Q1 2021	86,692	$3,963	$44.44	$41.30 - $47.14
Q4 2020	85,892	$4,072	$44.47	$41.53 - $47.00
Q3 2020	85,492	$3,870	$43.00	$38.78 - $45.74
Q2 2020	85,592	$3,489	$37.12	$31.94 - $42.11
Q1 2020	64,900	$2,351	$40.59	$29.50 - $46.78
Q4 2019	68,800	$2,716	$35.99	$33.47 - $38.75
Q3 2019	67,700	$2,441	$34.20	$31.99 - $35.60
Q2 2019	69,300	$2,322	$30.24	$28.15 - $32.00
Q1 2019	82,800	$2,443	$27.17	$24.91 - $28.69
Q4 2018	83,600	$2,304	$26.83	$24.42 - $28.25
Q3 2018	85,700	$2,534	$28.12	$26.00 - $29.87
Q2 2018	84,500	$2,343	$25.69	$22.93 - $27.05
Q1 2018	83,400	$2,122	$24.58	$23.27 - $25.37
Q4 2017	41,600	$2,141	$23.56	$22.50 - $24.62
Q3 2017	43,600	$2,101	$20.98	$19.74 - $22.93
Q2 2017	47,400	$2,042	$19.99	$19.12 - $20.80
Q1 2017	46,600	$1,944	$20.11	$19.39 - $21.23
Q4 2016	92,600	$4,154	$18.83	$16.72 - $21.16
Q3 2016	150,600	$5,679	$17.08	$16.49 - $17.61
Q2 2016	158,200	$5,928	$16.34	$15.71 - $17.26
Q1 2016	45,900	$1,643	$14.72	$12.98 - $16.48
Q4 2015	46,300	$1,486	$14.60	$13.84 - $15.12
Q3 2015	53,100	$1,645	$14.92	$13.51 - $15.75
Q2 2015	52,600	$1,728	$14.82	$14.29 - $15.34
Q1 2015	53,300	$1,765	$14.58	$13.73 - $15.08
Q4 2014	56,100	$1,846	$14.46	$13.90 - $15.05
Q3 2014	56,200	$1,807	$14.20	$13.44 - $15.03
Q2 2014	56,000	$1,720	$13.44	$12.61 - $13.96
Q1 2014	56,100	$1,726	$13.68	$12.39 - $14.62
Q4 2013	55,800	$1,752	$14.08	$12.34 - $14.94
Q3 2013	55,400	$1,778	$14.46	$13.54 - $15.53
Q2 2013	54,300	$1,751	$13.98	$13.22 - $14.70