Risk Sleuth
AJG · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

Arthur J. Gallagher

33 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Underwriting enterprises (insurance and reinsurance carriers)

earns fromnamed as a risk
We have a significant amount of receivables from certain of the underwriting enterprises with which we place insurance and reinsurance.Risk factors (Item 1A)

Suppliers

Microsoft

depends on
Identity management is a core component of our cyber program and solutions from Ping and Microsoft are in-place.Cybersecurity (Item 1C)

Also named by AAOI, AAON, AES, AMD, BLK, CDW, CEG, CG and 13 more

ReliaQuest

depends on
ReliaQuest supports the operation of Gallagher’s SOC, and performs triage and escalation of event data from the security information and event management (which we refer to as SIEM) solution.Cybersecurity (Item 1C)

Partners and platforms

Lloyd's of London

depends on
We also have specialty, wholesale, underwriting and reinsurance intermediary operations in London for clients to access Lloyd’s of London and other international underwriting enterprises, and a program operation offering customized riskBusiness (Item 1)

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

Other companies

Workers' compensation claims

earns from · Approximately 59% of our risk management segment’s revenues
Approximately 59% of our risk management segment’s revenues are from workers’ compensation-related claims, 34% are from general and commercial auto liability-related claims and 7% are from property-related claims in 2025.Business (Item 1)

Contingent and supplemental commissions

earns fromnamed as a risk
A meaningful portion of our revenues consists of contingent and supplemental revenues from underwriting enterprises.Risk factors (Item 1A)

AssuredPartners

named as a risk
Integration efforts relating to larger acquisitions (including, for example, AssuredPartners, the largest acquisition in our history) are more complex, including with respect to technology systems, which may divert management’s attention and resources and could adversely affect our operating results.Risk factors (Item 1A)

Woodruff Sawyer

named as a risk
For example, our acquisitions of Woodruff Sawyer and Caytons Law added legal consulting services related to directors' and officers’ liability insurance and a U.K.-based claims and legal solutions firm.Risk factors (Item 1A)

Casanueva Perez S.A.P.I. de C.V.

named as a risk
We own interests in firms where we do not exercise management control (such as Casanueva Perez S.A.P.I. de C.V. in Mexico and Renomia, A.S. in the Czech Republic) andRisk factors (Item 1A)

Places

United States

earns from · approximately 67% of our revenues
We generate approximately 67% of our revenues from the combined brokerage and risk management segments in the U.S., with the remaining 33% generated internationally, primarily in Australia, Canada, New Zealand and the U.K.Business (Item 1)

Also named by ABBV, ADP, AMGN, APA, AXGN, AXP, BALL, BAM and 139 more

United Kingdom

operates in · approximately 128 locations
In the U.K., we operate as a retail broker from approximately 128 locations.Business (Item 1)

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

Canada

operates in · 40 locations
We operate as a retail commercial property and casualty broker throughout 47 locations in Australia, 40 locations in Canada and 37 locations in New Zealand.Business (Item 1)

Also named by AAP, ALL, AMRC, AOS, ARE, BBY, BF/B, BR and 97 more

Australia

operates in · 47 locations
We operate as a retail commercial property and casualty broker throughout 47 locations in Australia, 40 locations in Canada and 37 locations in New Zealand.Business (Item 1)

Also named by ARWR, AXP, BF/B, BTU, CL, CSGP, CVX, DECK and 15 more

New Zealand

operates in · 37 locations
We operate as a retail commercial property and casualty broker throughout 47 locations in Australia, 40 locations in Canada and 37 locations in New Zealand.Business (Item 1)

Also named by ARWR, RYN, STZ

India

concentrated innamed as a risk
For example, we have substantial operations in India that provide important client support and other services for our global organization.Risk factors (Item 1A)

Also named by A, AAPL, ACN, AKAM, AMZN, AOS, AVGO, AVY and 54 more

Bermuda

operates in
In Bermuda, we act principally as a wholesale broker for clients looking to access Bermuda-based underwriting enterprises and we also provide management and administrative services for captive insurance entities.Business (Item 1)

Also named by APO, KKR, PGR, WTM

Commodities and inputs

Health care costs

exposed to its price · approximately 20%named as a risk
In 2025, our health care costs rose by approximately 20% compared to 2024 (includes impact of inflation, increased utilization and increased headcount) and our consolidated compensation expense ratio in 2025 as a percent of total consolidated revenue at 56.2% decreased slightly compared to 2024.Risk factors (Item 1A)

British pound

exposed to its pricenamed as a risk
We are subject to foreign currency exchange rate risk primarily from one of our larger U.K. based brokerage subsidiaries that incurs expenses denominated primarily in British pounds while receiving a substantial portion of its revenues in U.S. dollars.Market risk (Item 7A)

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

Indian rupee

exposed to its pricenamed as a risk
In addition, during 2025, 2024 and 2023, we had several monthly put/call options in place with an external financial institution that were designed to hedge a significant portion of our Indian currency disbursements through various future payment dates.Market risk (Item 7A)

Also named by ACN, ADBE, AVY, BEN, CIEN, CTSH, EEFT, FDS and 11 more

Regulators

Internal Revenue Service (IRS)

subject tonamed as a risk
For example, our micro-captive advisory services business has been under investigation by the IRS since 2013.Risk factors (Item 1A)

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

Financial Conduct Authority (FCA)

subject tonamed as a risk
Many of our activities throughout the world, especially regulated businesses such as our insurance brokerage, securities broker-dealer and investment advisory services, are subject to supervision and regulations promulgated by regulatory or self-regulatory bodies such as the SEC, the NYSE, the DOJ, the IRS, the Financial Crimes Enforcement Network, the FTC and FINRA in the U.S., the FCA in the U.K., the Australian Securities and Investments Commission in Australia and insurance regulators in nearly every jurisdiction in which we operate.Risk factors (Item 1A)

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

FINRA

subject tonamed as a risk
Many of our activities throughout the world, especially regulated businesses such as our insurance brokerage, securities broker-dealer and investment advisory services, are subject to supervision and regulations promulgated by regulatory or self-regulatory bodies such as the SEC, the NYSE, the DOJ, the IRS, the Financial Crimes Enforcement Network, the FTC and FINRA in the U.S., the FCA in the U.K., the Australian Securities and Investments Commission in Australia and insurance regulators in nearly every jurisdiction in which we operate.Risk factors (Item 1A)

Also named by ARES, BGC, CBOE, CG, GLXY, JXN, KKR, LNC and 7 more

Australian Securities and Investments Commission

subject tonamed as a risk
Many of our activities throughout the world, especially regulated businesses such as our insurance brokerage, securities broker-dealer and investment advisory services, are subject to supervision and regulations promulgated by regulatory or self-regulatory bodies such as the SEC, the NYSE, the DOJ, the IRS, the Financial Crimes Enforcement Network, the FTC and FINRA in the U.S., the FCA in the U.K., the Australian Securities and Investments Commission in Australia and insurance regulators in nearly every jurisdiction in which we operate.Risk factors (Item 1A)

Also named by AFRM, SPGI, TW, XYZ

European Insurance and Occupational Pensions Authority (EIOPA)

subject tonamed as a risk
Although this “reverse branch” model is typical of other brokers of a similar size, EEA, regulators continue to assess their approach to this model, including as a result of, among other developments, the supervisory statement issued by the European Insurance and Occupational Pensions Authority (EIOPA) in February 2023.Risk factors (Item 1A)

Laws and programs

General Data Protection Regulation (GDPR)

subject to · fines of up to 4% of worldwide revenuenamed as a risk
Some of these laws carry heavy penalties for violations, e.g., fines of up to 4% of worldwide revenue under the U.K. Data Protection Act and the European Union General Data Protection Regulation (which we refer to as GDPR), up to $20,000 per violation under the Colorado Privacy Act (which we refer to as CPA), and up to $7,500 per intentional violation under the California Consumer Privacy Act (which we refer to as CCPA).Risk factors (Item 1A)

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

IRC Section 45 tax credits

subject to · $604 million remain unusednamed as a risk
As of December 31, 2025, we had generated a total of $1,706 million in IRC Section 45 tax credits, of which approximately $1,102 million have been used to offset U.S. federal tax liabilities and $604 million remain unused and available to offset future U.S. federal tax liabilities.Risk factors (Item 1A)

Premium Financing Debt Facility

$226 million of borrowings outstanding
As of December 31, 2025, there were no borrowings outstanding under our Credit Agreement and $226 million of borrowings outstanding under our Premium Financing Debt Facility.Market risk (Item 7A)

Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk
There is a risk that our third party representatives engage in business practices that are prohibited by our internal policies or violate applicable laws and regulations, such as the FCPA and the U.K. Anti-Bribery Act.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, ALB, AME, AMZN, AOS and 112 more

OECD Pillar 2 global minimum tax

subject tonamed as a risk
Should the jurisdictions in which we operate, and those in which we and our subsidiaries are based, choose not to implement the OECD’s January 2026 guidance in their tax treaties and domestic tax laws, particularly if the U.S. does not adopt Pillar 2, although we do not anticipate a material financial impact, we could be adversely affected by a top-up.Risk factors (Item 1A)

Also named by C, GTLB, GTX, IR, NOW, PPG, WELL, ZBH

New York State Department of Financial Services Cybersecurity Regulation

subject tonamed as a risk
For example, we are subject to the New York State Department of Financial Services Cybersecurity Regulation for Financial Services Companies, which were substantively amended in 2023.Risk factors (Item 1A)

Also named by RLI

IRDAI (Maintenance of Insurance Records) Regulation, 2015

subject tonamed as a risk
India and other countries where we have operations outside the U.S. have proposed or have enacted sweeping data protection laws, and in some cases we are subject to sector and personal data localization laws that may require that data or personal data stay within their borders, such as India's IRDIA (Maintenance of Insurance Records) Regulation, 2015.Risk factors (Item 1A)

Technology

RISX-FACS

depends onnamed as a risk
A disruption affecting RISX-FACS®, third-party cloud services or any other infrastructure supporting our business, including key client relationship management software, could have a material adverse effect on our operations, cause reputational harm and damage our employee and client relationships;Risk factors (Item 1A)

The Chem-Mod Solution

named as a risk
In addition to the possibility of being named in such actions, we and our partners could face the risk of environmental and product liability claims related to concrete incorporating fly ash produced using The Chem-Mod™ Solution.Risk factors (Item 1A)