Brown & Brown (BRO): what its 10-K says it depends on

Customers

Largest Specialty Distribution segment customer

earns from · approximately 7.2% of the segment's total commissions and fees

Our largest Specialty Distribution segment customer represented approximately 7.2% of the segment's total commissions and fees.Business (Item 1)

State insurance funds and assigned risk pools (California, Florida, New York, Washington)

earns fromnamed as a risk

We act as agents and brokers for such state insurance funds and assigned risk pools in California, Florida, New York, Washington as well as certain other states.Risk factors (Item 1A)

Partners and platforms

Insurance carriers (largest single carrier)

depends on · no more than 5% of our total core commissionsnamed as a risk

For the years ended December 31, 2025, 2024 and 2023, no more than 5% of our total core commissions was derived from insurance policies underwritten by one insurance company.Risk factors (Item 1A)

Also named by DRVN

Lloyd's of London

depends on

Our teams across the globe provide industry knowledge, placement across lines, and access to admitted, excess, and surplus lines carriers and Lloyd’s markets.Business (Item 1)

Also named by AJG, CB, CINF, CNA, HIG, L, MKL, VRSK and 1 more

Other companies

U.S. vehicle sales (F&I businesses)

earns from · less than 4% of our annual total revenuesnamed as a risk

For the year ended December 31, 2025, we derived less than 4% of our annual total revenues from our F&I businesses.Risk factors (Item 1A)

Profit-sharing contingent commissions

earns from · 3.7% to 5.6% of our previous year’s total core commissions and feesnamed as a risk

Over the last three years our profit-sharing contingent commissions generally have been in the range of 3.7% to 5.6% of our previous year’s total core commissions and fees.Risk factors (Item 1A)

Accession Risk Management Group, Inc.

named as a risk

We are subject to risks related to Accession’s business and assumed its insurance policies and other obligations.Risk factors (Item 1A)

Oxford Risk Management Group LLC FG Policies litigation

named as a risk

Our results of operations would be negatively impacted if the costs of the claims relating to the FG Policies exceed the value of the cash within the captives, as well as the cash and stock held in the indemnity escrow fund pursuant to the terms of the Merger Agreement.Risk factors (Item 1A)

Places

Florida

concentrated in · approximately 16% of our annual revenuenamed as a risk

A significant portion of our businesses are concentrated in Florida, Michigan, Massachusetts, California, New York and Georgia where for the year ended December 31, 2025, we derived approximately 16%, 9%, 8%, 6%, 6%, and 5% of our annual revenue, respectively.Risk factors (Item 1A)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, CELH and 54 more

United Kingdom

concentrated in · approximately 10% of our annual revenuenamed as a risk

We also derived approximately 10% of our annual revenue from our businesses located in the United Kingdom.Risk factors (Item 1A)

Also named by AGX, AJG, AMP, BAC, BF/B, BGC, C, CACI and 59 more

California

concentrated in · 6%named as a risk

A significant portion of our businesses are concentrated in Florida, Michigan, Massachusetts, California, New York and Georgia where for the year ended December 31, 2025, we derived approximately 16%, 9%, 8%, 6%, 6%, and 5% of our annual revenue, respectively.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

New York

concentrated in · 6%named as a risk

A significant portion of our businesses are concentrated in Florida, Michigan, Massachusetts, California, New York and Georgia where for the year ended December 31, 2025, we derived approximately 16%, 9%, 8%, 6%, 6%, and 5% of our annual revenue, respectively.Risk factors (Item 1A)

Also named by ABR, AXP, BJ, BPOP, BWA, CHE, CINF, CNC and 12 more

Georgia

concentrated in · 5%named as a risk

A significant portion of our businesses are concentrated in Florida, Michigan, Massachusetts, California, New York and Georgia where for the year ended December 31, 2025, we derived approximately 16%, 9%, 8%, 6%, 6%, and 5% of our annual revenue, respectively.Risk factors (Item 1A)

Also named by ABR, ACHR, AXP, CNC, ELV, IMKTA, MKL, MLM and 7 more

Massachusetts

concentrated in · 8%named as a risk

A significant portion of our businesses are concentrated in Florida, Michigan, Massachusetts, California, New York and Georgia where for the year ended December 31, 2025, we derived approximately 16%, 9%, 8%, 6%, 6%, and 5% of our annual revenue, respectively.Risk factors (Item 1A)

Also named by AMRC, ES, KKR, OHI

Michigan

concentrated in · 9%named as a risk

A significant portion of our businesses are concentrated in Florida, Michigan, Massachusetts, California, New York and Georgia where for the year ended December 31, 2025, we derived approximately 16%, 9%, 8%, 6%, 6%, and 5% of our annual revenue, respectively.Risk factors (Item 1A)

Also named by DTE, DTM, JXN

International operations revenue

operates in · $843 million

These operations generated $843 million, $665 million and $527 million of revenues for the years ended December 31, 2025, 2024 and 2023, respectively.Business (Item 1)

Hazards

Hurricanes (Florida and Texas)

operates in · 68 officesnamed as a risk

We are susceptible to losses and interruptions caused by hurricanes (particularly in Florida, where we have 68 offices and our headquarters, as well as in Texas, where we have 34 offices), earthquakes (including in California, where we have 22 offices), power shortages, telecommunications failures, water shortages, floods, fire, extreme weather conditions, geopolitical events such as terrorist acts and other natural or human-made disasters.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, CAVA and 89 more

Earthquakes (California)

operates in · 22 officesnamed as a risk

We are susceptible to losses and interruptions caused by hurricanes (particularly in Florida, where we have 68 offices and our headquarters, as well as in Texas, where we have 34 offices), earthquakes (including in California, where we have 22 offices), power shortages, telecommunications failures, water shortages, floods, fire, extreme weather conditions, geopolitical events such as terrorist acts and other natural or human-made disasters.Risk factors (Item 1A)

Also named by AAPL, AMKR, AN, ANET, APP, CDNS, CEG, CGNX and 37 more

Hurricane Ian

insures or lends tonamed as a risk

While our underwriting risk through our participation in these facilities is limited, we may be subject to claims expenses associated with catastrophic weather events, such as those in the third quarter of 2022 associated with Hurricane Ian.Risk factors (Item 1A)

Commodities and inputs

Secured Overnight Financing Rate (SOFR)

exposed to its price · $632 million

As of December 31, 2025, we had $632 million outstanding under the Second Amended and Restated Credit Agreement and the Loan Agreement tied to the Secured Overnight Financing Rate (“SOFR”).Market risk (Item 7A)

Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, CAT, CGBD and 21 more

British pound

exposed to its price

We are subject to translation exchange rate risk because we have businesses operating outside of the U.S. in the following functional currencies: British pounds, Canadian dollar and euros and, to a lesser extent, other currencies.Market risk (Item 7A)

Also named by ABBV, ADBE, AJG, AME, AMP, APA, BF/B, CACI and 39 more

Regulators

Internal Revenue Service (IRS)

subject tonamed as a risk

The IRS has conducted investigations, and may be conducting investigations, of certain peers of Accession that also provide similar services, with respect to whether or not such third parties are acting as a tax shelter promoter in connection with those operations.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, CAH and 39 more

Financial Conduct Authority (UK)

subject tonamed as a risk

The insurance business in the United Kingdom is regulated at the national level by the Financial Conduct Authority, which may enact laws or otherwise act in ways that adversely affect the insurance industry or our ability to continue acquiring businesses in the United Kingdom.Risk factors (Item 1A)

Also named by AFRM, AJG, AMG, AMP, BGC, CBOE, COF, CPAY and 17 more

Federal Emergency Management Agency (FEMA)

subject to

WNFIC’s underwriting business consists of policies written pursuant to the National Flood Insurance Program (“NFIP”), the program administered by the Federal Emergency Management Agency (“FEMA”) to which premiums and underwriting exposure are ceded, and excess flood policies which are fully reinsured in the private market.Business (Item 1)

Also named by ALL, SIRI

Laws and programs

General Data Protection Regulation (GDPR)

subject to · up to 4% of worldwide revenuenamed as a risk

Failure to comply with GDPR requirements could result in penalties of up to 4% of worldwide revenue.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

National Flood Insurance Program (NFIP)

earns from · less than 5% of our annual total revenuesnamed as a risk

These programs include the National Flood Insurance Program (NFIP), the Social Security disability benefits program or the federal crop insurance program, from which in the aggregate we derive less than 5% of our annual total revenues.Risk factors (Item 1A)

Also named by ALL, PGR, TRV

Social Security disability benefits program

earns from · less than 5% of our annual total revenuesnamed as a risk

These programs include the National Flood Insurance Program (NFIP), the Social Security disability benefits program or the federal crop insurance program, from which in the aggregate we derive less than 5% of our annual total revenues.Risk factors (Item 1A)

Federal crop insurance program

earns from · less than 5% of our annual total revenuesnamed as a risk

These programs include the National Flood Insurance Program (NFIP), the Social Security disability benefits program or the federal crop insurance program, from which in the aggregate we derive less than 5% of our annual total revenues.Risk factors (Item 1A)

Revolving Credit Facility

depends onnamed as a risk

The failure of any lender under our revolving credit facility (which matures in 2026) (the “Revolving Credit Facility”) could adversely affect our ability to borrow on that facility, which over time could negatively impact our ability to consummate significant acquisitions or make other significant capital expenditures.Risk factors (Item 1A)

Also named by AAON, BX, CG, CRGY, FIVE, FIX, HEI, IR and 22 more

Affordable Care Act

subject tonamed as a risk

Other legislative developments that could adversely affect us include: changes in our business compensation model as a result of regulatory developments (for example, potential changes to the Affordable Care Act); and federal and state governments establishing programs to provide health insurance or, in certain cases, property insurance in catastrophe-prone areas or other alternative market types of coverage that compete with or completely replace, insurance products offered by insurance carriers.Risk factors (Item 1A)

Also named by ABBV, ABT, ADP, AFL, BBSI, BWIN, COR, DOC and 8 more

Internal Revenue Code Section 831(b)

subject tonamed as a risk

If the IRS were to disallow 831(b) elections, modify its guidance around 831(b) elections, or otherwise investigate our business and conclude that we are not in compliance with IRS regulations, whether or not merited, those events could harm our business, results of operations and financial condition.Risk factors (Item 1A)

Also named by BWIN