Brown & Brown
31 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.
Customers
Largest Specialty Distribution segment customer
earns from · approximately 7.2% of the segment's total commissions and feesOur 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 riskWe 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 riskFor 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
Other companies
U.S. vehicle sales (F&I businesses)
earns from · less than 4% of our annual total revenuesnamed as a riskFor 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 riskOver 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 riskWe 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 riskOur 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 riskA 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 riskWe 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 riskA 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 riskA 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 riskA 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 riskA 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)
Michigan
concentrated in · 9%named as a riskA 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)
International operations revenue
operates in · $843 millionThese 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 riskWe 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 riskWe 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 riskWhile 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 millionAs 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 priceWe 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 riskThe 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 riskThe 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 toWNFIC’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)
Laws and programs
General Data Protection Regulation (GDPR)
subject to · up to 4% of worldwide revenuenamed as a riskFailure 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 riskThese 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)
Social Security disability benefits program
earns from · less than 5% of our annual total revenuesnamed as a riskThese 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 riskThese 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 riskThe 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 riskOther 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 riskIf 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