Marsh & McLennan
31 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
Guy Carpenter reinsurance clients concentration
concentrated innamed as a riskGuy Carpenter is especially susceptible to this risk given the limited number of insurance company clients and reinsurers in the marketplace.Risk factors (Item 1A)
Suppliers
CrowdStrike
depends onnamed as a riskOur systems’ availability could be impacted by poor or improperly tested software code and updates deployed to our environment by a third-party through normal and expected processes, which occurred with the CrowdStrike event in July 2024.Risk factors (Item 1A)
Other companies
Defined benefit pension plans
approximately $11.7 billionnamed as a riskThe Company has significant defined benefit pension obligations to its current and former employees, totaling approximately $11.7 billion, and related plan assets of approximately $13.1 billion, at December 31, 2025 in accordance with U.S. GAAP.Risk factors (Item 1A)
Also named by MDLZ
Insurance compensation from insurers (contingent commissions)
earns from · approximately 7% of Marsh Risk's revenue in 2025named as a riskThe amount of other compensation that we receive from insurance companies, separate from retail fees and commissions, has increased in the last several years, both on an underlying basis and through acquisition, and represented approximately 7% of Marsh Risk's revenue in 2025.Risk factors (Item 1A)
McGriff Insurance Services
named as a riskWe may not be able to successfully integrate the businesses that we acquire into our own business, or achieve any expected cost savings or synergies from the integration of such businesses, including McGriff and Cardano.Risk factors (Item 1A)
Cardano (Gerolamo Holding S.À.R.L.)
named as a riskWe have a history of making acquisitions and investments, including a total of 102 in the period from 2021 to 2025, including our acquisitions of McGriff Insurance Services, LLC ("McGriff") and Gerolamo Holding S.À.R.L. ("Cardano").Risk factors (Item 1A)
Places
Non-U.S. operations
earns from · Approximately 51% of our total revenuenamed as a riskApproximately 51% of our total revenue reported in 2025 was from business outside of the U.S.Risk factors (Item 1A)
Middle East conflict / Iran
named as a riskFor example, the war in Ukraine, the conflict throughout the Middle East, including heightened regional instability and tensions involving Iran, and recent developments in Latin America, have resulted in worldwide geopolitical and macroeconomic uncertainty and may negatively impact other regional and global economic markets (including Europe, the Middle East, Latin America and the U.S.), companies in other countries and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas, and may increase financial market volatility and adversely impact regional and global economic markets, industries and companies.Risk factors (Item 1A)
Continental Europe
concentrated inIn Continental Europe, the largest amount of revenue from renewals for the Risk and Insurance Services segment occurs in the first quarter.Market risk (Item 7A)
Commodities and inputs
Fiduciary cash interest income
exposed to its price · $11,473named as a riskBased on the above balances at December 31, 2025, if short-term interest rates increased or decreased by 10%, or 31 basis points for the year 2026, annual interest income, including interest earned on cash and cash equivalents held in a fiduciary capacity, would increase or decrease by approximately $44 million.Market risk (Item 7A)
Mercer assets under management
exposed to its price · approximately $692 billion in assetsnamed as a riskChanges in the value of equity, debt, currency, real estate, commodities, alternatives or other asset classes could cause the value of assets under management, advisement or administration, and the fees received by Mercer, to decline.Risk factors (Item 1A)
Commercial insurance premium rates
exposed to its pricenamed as a riskOur revenues and profitability are subject to change to the extent that premium rates fluctuate or trend in a particular direction.Risk factors (Item 1A)
Property and casualty insurance market
exposed to its pricenamed as a riskFor example, the property and casualty insurance market has seen softer pricing recently, which may continue to impact profitability.Risk factors (Item 1A)
Regulators
New York State Department of Financial Services (NYDFS)
subject tonamed as a riskFor example, in November 2025, the final amendments made by the New York State Department of Financial Services (NYDFS) to its previous cybersecurity regulations came into effect, which imposed obligations on companies such as Marsh, including for example, requiring companies to provide evidence of how they are implementing their data retention, data governance and data classifications policies and procedures.Risk factors (Item 1A)
Also named by AFL, AIG, AMP, BPOP, COIN, EFX, FNF, GS and 9 more
Financial Industry Regulatory Authority (FINRA)
subject toIt is a member of the Financial Industry Regulatory Authority ("FINRA"), the National Futures Association and the Securities Investor Protection Corporation ("SIPC”).Business (Item 1)
Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more
Financial Conduct Authority (FCA)
subject toOur business is regulated by the Financial Conduct Authority ("FCA") in the U.K.Business (Item 1)
Also named by AFRM, AJG, AMG, AMP, BGC, BRO, CBOE, COF and 17 more
U.S. Department of Labor
subject toMercer’s trustee services, investment services (including advice to persons, institutions and other entities on the investment of pension assets and assumption of discretionary investment management responsibilities) and retirement and employee benefit program administrative services provided by Mercer and its subsidiaries and affiliates may be subject to investment and securities regulations, including (but not limited to) regulations imposed or enforced by the Securities and Exchange Commission (SEC) and the U.S. Department of Labor, the Ontario Securities Commission, the FCA, the Central Bank of Ireland, the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission.Business (Item 1)
Also named by ADP, AMG, BBSI, FLO, HCC, PAYX, PFG, TROW and 1 more
Laws and programs
General Data Protection Regulation (GDPR)
subject to · 4% or more of our global revenuenamed as a riskDespite a proliferation of regulatory guidance papers, there remains uncertainty in key areas related to these laws, and that uncertainty could result in potential liability for our failure to meet our obligations, including the possibility of significant fines some of which can amount to 4% or more of our global revenue.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
California Consumer Privacy Act (CCPA)
subject tonamed as a riskMany of these laws diverge from the CCPA and create their own set of rules, and this proliferation of inconsistent state level privacy laws will add operational complexity and increased risk of noncompliance or violations which could trigger enforcement action or litigation.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
U.S. Foreign Corrupt Practices Act
subject tonamed as a riskThere is a risk that our third-party providers or introducers engage in business practices that are prohibited by our internal policies or violate applicable laws and regulations, such as the U.S. Foreign Corrupt Practices Act and the U.K. Anti-Bribery Act.Risk factors (Item 1A)
Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more
Medicaid
earns fromnamed as a riskChanges to U.S. government health programs, like Medicaid, could also impact our consulting and ancillary services for government clients that manage these programs.Risk factors (Item 1A)
Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more
EU AI Act
subject tonamed as a riskAdditionally, certain foreign, U.S. federal and U.S. state governments are increasingly enacting, or are considering enacting, AI-related laws and regulations, such as the EU's AI Act, the AI Transparency Act of California and the AI Act of Colorado, which impose complex new obligations on developers and providers of AI systems.Risk factors (Item 1A)
Also named by ACN, ADBE, AMD, AXON, CGNX, CRM, CRWD, CTSH and 36 more
OECD Pillar Two minimum tax
subject tonamed as a risk•the implementation of the Organization for Economic Cooperation and Development (OECD) international tax framework, including the implementation of the Pillar Two minimum tax regime (and the "side-by-side" arrangement for U.S. companies), and the Pillar One profit reallocation regime (or compensating digital services taxes), potentially resulting in an adverse effect on our effective tax rate, tax payments and results of operations, particularly as key jurisdictions adopt these changes, either partially or in full, alongside potential shifts in tax laws in response to such implementation;Risk factors (Item 1A)
Also named by WSM
U.S. Department of Justice Bulk Data Transfer Rule
subject tonamed as a riskIn addition, the U.S. Department of Justice Bulk Data Transfer Rule recently effected rules restricting the sending of certain data to "countries of concern" and requiring regular compliance monitoring around such transfers.Risk factors (Item 1A)
Pharmacy benefit management legislation
subject tonamed as a riskLegislation seeking to regulate pharmacy benefit management services introduced or enacted at the federal or state level could impact the compensation structure and how much we are paid where we advise clients on prescription drug coverage.Risk factors (Item 1A)
U.S. employer-sponsored health insurance
earns fromnamed as a riskFor example, legislation or regulatory action that has the impact of disincentivizing U.S. companies from offering employer-sponsored health insurance could ultimately reduce the revenue we receive when consulting on and broking these policies on behalf of our corporate clients.Risk factors (Item 1A)
U.S. NCTI/GILTI, BEAT and CAMT tax provisions
subject tonamed as a riskCurrent tax legislation includes, among other provisions, limitations on the deductibility of net interest expense, a minimum tax on most non-U.S. income called Net Controlled Foreign Corporation Tested Income ("NCTI") (formerly known as Global Intangible Low-Taxed Income (“GILTI”), the Base Erosion and Anti-Abuse Tax ("BEAT") and a corporate book minimum tax ("CAMT").Risk factors (Item 1A)
U.S.-E.U. Data Privacy Framework
subject tonamed as a riskFurther, despite developments such as the U.S.- E.U. Data Privacy Framework and the U.S.- U.K. Data Bridge, there remains a high level of uncertainty concerning the flow of personal information between the U.S. and EU, between the U.S. and the U.K. and between the U.K. and the EU.Risk factors (Item 1A)
ERISA
subject toIn the U.S., contributions to these plans are based on ERISA guidelines.Risk factors (Item 1A)
Foreign Account Tax Compliance Act (FATCA)
subject toThe regulations impose certain client financial account obligations on Mercer and MMA relating to non-U.S. financial institution and insurance clients.Business (Item 1)