Brown & Brown Inc.: 10-K Risk Factor Changes

2026 vs 2025  ·  SEC EDGAR  ·  2026-06-01
Other years: 2025 vs 2024 · 2024 vs 2023
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65
New Risks
1
Removed
14
Modified
22
Unchanged
🟢 New in Current Filing

FINANCING THE TRANSACTION RESULTED IN AN INCREASE IN OUR INDEBTEDNESS, WHICH COULD ADVERSELY AFFECT US, INCLUDING BY DECREASING OUR BUSINESS FLEXIBILITY AND INCREASING OUR INTEREST EXPENSE.

As of December 31, 2025, our total debt was $7,613 million. We financed the purchase price of the Transaction with the net proceeds of certain securities offerings and cash on hand. These increases in our indebtedness may, among other things, reduce our flexibility to respond to…

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As of December 31, 2025, our total debt was $7,613 million. We financed the purchase price of the Transaction with the net proceeds of certain securities offerings and cash on hand. These increases in our indebtedness may, among other things, reduce our flexibility to respond to changing business and economic conditions or to fund capital expenditures or working capital needs. In addition, the amount of cash required to pay interest on our indebtedness, and thus the demands on our cash resources, will materially increase as a result of the Transaction.

🟢 New in Current Filing WE HAVE MADE CERTAIN ASSUMPTIONS RELATING TO THE TRANSACTION WHICH MAY PROVE TO BE MATERIALLY INACCURATE. 🔒
🟢 New in Current Filing WE ARE SUBJECT TO RISKS RELATED TO ACCESSION’S BUSINESS, INCLUDING UNDERWRITING RISK IN CONNECTION WITH CERTAIN CAPTIVE INSURANCE COMPANIES. 🔒
🟢 New in Current Filing FUTURE SALES OR OTHER DILUTION OF OUR EQUITY COULD ADVERSELY AFFECT THE MARKET PRICE OF OUR COMMON STOCK. 🔒
🟢 New in Current Filing CHANGES IN OUR ACCOUNTING ESTIMATES AND ASSUMPTIONS COULD NEGATIVELY AFFECT OUR FINANCIAL POSITION AND RESULTS OF OPERATIONS. 🔒
🟢 New in Current Filing Issuances of Unregistered Securities 🔒
🟢 New in Current Filing Issuer Purchases of Equity Securities 🔒
🟢 New in Current Filing Approximatedollar value ofshares that mayyet be purchasedunderthe plans orprograms (in millions) 🔒
🟢 New in Current Filing Performance Graph 🔒
🟢 New in Current Filing S&P 500 Composite Index 🔒
🟢 New in Current Filing Company Overview 🔒
🟢 New in Current Filing Information Regarding Non-GAAP Financial Measures 🔒
🟢 New in Current Filing Non-GAAP Revenue Measures 🔒
🟢 New in Current Filing Non-GAAP Earnings Measures 🔒
🟢 New in Current Filing Definitions Related to Certain Components of Non-GAAP Measures 🔒
🟢 New in Current Filing Acquisitions 🔒
🟢 New in Current Filing Revenue Recognition 🔒
🟢 New in Current Filing Business Combinations and Purchase Price Allocations 🔒
🟢 New in Current Filing Intangible Assets Impairment 🔒
🟢 New in Current Filing Non-Cash Stock-Based Compensation 🔒
🟢 New in Current Filing Litigation and Claims 🔒
🟢 New in Current Filing RESULTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 🔒
🟢 New in Current Filing (in millions, except percentages) 🔒
🟢 New in Current Filing Net income attributable to the Company 🔒
🟢 New in Current Filing Commissions and Fees 🔒
🟢 New in Current Filing Investment and Other Income 🔒
🟢 New in Current Filing Employee Compensation and Benefits 🔒
🟢 New in Current Filing Other Operating Expenses 🔒
🟢 New in Current Filing Gain or Loss on Disposal 🔒
🟢 New in Current Filing Amortization 🔒
🟢 New in Current Filing Depreciation 🔒
🟢 New in Current Filing Interest Expense 🔒
🟢 New in Current Filing Change in Estimated Acquisition Earn-Out Payables 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing Income Taxes 🔒
🟢 New in Current Filing RESULTS OF OPERATIONS — SEGMENT INFORMATION 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing Specialty Distribution 🔒
🟢 New in Current Filing Specialty Distribution 🔒
🟢 New in Current Filing Retail Segment 🔒
🟢 New in Current Filing (in millions, except percentages) 🔒
🟢 New in Current Filing Specialty Distribution Segment 🔒
🟢 New in Current Filing (in millions, except percentages) 🔒
🟢 New in Current Filing LIQUIDITY AND CAPITAL RESOURCES 🔒
🟢 New in Current Filing Operating Cash Flows 🔒
🟢 New in Current Filing Investing Cash Flows 🔒
🟢 New in Current Filing Financing Cash Flows 🔒
🟢 New in Current Filing Contractual Cash Obligations 🔒
🟢 New in Current Filing After 5Years 🔒
🟢 New in Current Filing Index to Consolidated Financial Statements 🔒
🟢 New in Current Filing (in millions, except per share data) 🔒
🟢 New in Current Filing (in millions) 🔒
🟢 New in Current Filing December 31,2024 🔒
🟢 New in Current Filing LIABILITIES AND EQUITY 🔒
🟢 New in Current Filing Balance at January 1, 2023 🔒
🟢 New in Current Filing Balance at December 31, 2023 🔒
🟢 New in Current Filing Balance at December 31, 2024 🔒
🟢 New in Current Filing Balance at December 31, 2025 🔒
🟢 New in Current Filing Cash flows from operating activities: 🔒
🟢 New in Current Filing Cash flows from investing activities: 🔒
🟢 New in Current Filing Cash flows from financing activities: 🔒
🟢 New in Current Filing Net cash provided by (used in) financing activities 🔒
🟢 New in Current Filing Net increase in cash, cash equivalents and restricted cash inclusive of fiduciary cash 🔒
🟢 New in Current Filing Cash, cash equivalents and restricted cash inclusive of fiduciary cash at end of period 🔒
🔴 No Match in Current Filing FUTURE PANDEMICS, EPIDEMICS OR OUTBREAKS OF INFECTIOUS DISEASE, AND THE RESULTING GOVERNMENTAL AND SOCIETAL RESPONSES MAY MATERIALLY AND ADVERSELY AFFECT OUR BUSINESS, LIQUIDITY, CUSTOMERS, INSURANCE CARRIERS AND THIRD PARTIES. 🔒
🟡 Modified A CYBERSECURITY ATTACK, OR ANY OTHER INTERRUPTION IN INFORMATION TECHNOLOGY AND/OR DATA SECURITY THAT MAY IMPACT OUR OPERATIONS OR THE OPERATIONS OF THIRD PARTIES THAT SUPPORT US, COULD ADVERSELY AFFECT OUR BUSINESS, FINANCIAL CONDITION AND REPUTATION. 🔒
🟡 Modified OUR GROWTH STRATEGY DEPENDS, IN PART, ON THE ACQUISITION OF OTHER INSURANCE INTERMEDIARIES AND RELATED BUSINESSES, WHICH MAY NOT BE AVAILABLE ON ACCEPTABLE TERMS IN THE FUTURE OR WHICH, IF CONSUMMATED, MAY NOT BE ADVANTAGEOUS TO US. 🔒
🟡 Modified INCREASING SCRUTINY AND CHANGING LAWS OR COMPETING EXPECTATIONS FROM REGULATORS, INVESTORS AND CUSTOMERS WITH RESPECT TO OUR ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”) PRACTICES AND DISCLOSURE CAN IMPOSE ADDITIONAL COSTS ON US OR EXPOSE US TO REPUTATIONAL, LITIGATION OR OTHER RISKS. 🔒
🟡 Modified WE HAVE OPERATIONS INTERNATIONALLY, WHICH MAY RESULT IN A NUMBER OF ADDITIONAL RISKS OR REQUIRE MORE MANAGEMENT TIME AND EXPENSE THAN OUR DOMESTIC OPERATIONS TO ACHIEVE OR MAINTAIN PROFITABILITY. 🔒
🟡 Modified OUR CURRENT MARKET SHARE MAY DECREASE AS A RESULT OF DISINTERMEDIATION WITHIN THE INSURANCE INDUSTRY, INCLUDING INCREASED COMPETITION FROM INSURANCE COMPANIES, TECHNOLOGY COMPANIES AND THE FINANCIAL SERVICES INDUSTRY, AS WELL AS THE SHIFT AWAY FROM TRADITIONAL INSURANCE MARKETS. 🔒
🟡 Modified BECAUSE A SIGNIFICANT PORTION OF OUR BUSINESSES ARE CONCENTRATED IN FLORIDA, CALIFORNIA, MASSACHUSETTS, GEORGIA, MICHIGAN, AND NEW YORK, AS WELL AS IN THE UNITED KINGDOM, ADVERSE ECONOMIC CONDITIONS, NATURAL DISASTERS, OR REGULATORY CHANGES IN THESE JURISDICTIONS COULD ADVERSELY AFFECT OUR FINANCIAL CONDITION. 🔒
🟡 Modified OUR BUSINESS, AND THEREFORE OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION, MAY BE ADVERSELY AFFECTED BY FURTHER CHANGES IN THE U.S. CREDIT MARKETS. 🔒
🟡 Modified RAPID TECHNOLOGICAL CHANGE MAY REQUIRE ADDITIONAL RESOURCES AND TIME TO ADEQUATELY RESPOND TO DYNAMICS, WHICH MAY ADVERSELY AFFECT OUR BUSINESS AND OPERATING RESULTS. 🔒
🟡 Modified WE ARE EXPOSED TO INTANGIBLE ASSET RISK; SPECIFICALLY, OUR GOODWILL MAY BECOME IMPAIRED IN THE FUTURE. 🔒
🟡 Modified OUR BUSINESS PRACTICES AND COMPENSATION ARRANGEMENTS WITH INSURANCE CARRIERS ARE SUBJECT TO UNCERTAINTY DUE TO POTENTIAL CHANGES IN REGULATIONS. 🔒
🟡 Modified IMPROPER DISCLOSURE OF CONFIDENTIAL INFORMATION COULD NEGATIVELY IMPACT OUR BUSINESS. 🔒
🟡 Modified WE ARE SUBJECT TO LIMITED UNDERWRITING RISK THROUGH OUR PARTICIPATION IN CAPTIVE INSURANCE FACILITIES, WHICH MAY SUBJECT US TO LIMITED CLAIMS EXPENSES. 🔒
🟡 Modified CERTAIN OF OUR SHAREHOLDERS HAVE SIGNIFICANT CONTROL. 🔒
🟡 Modified Critical Accounting Policies and Estimates 🔒
79 more changes in this filing

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