Arthur J. Gallagher & Co.

“are engaged in providing insurance brokerage, reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals around the world”

“The brokerage and risk management segments contributed approximately 87% and 13%, respectively, to 2025 revenues.”

“provide brokerage and consulting services to entities of all types, including commercial, nonprofit, public sector entities, insurance companies and insurance capital providers, and to a lesser extent, individuals”

“Our retail insurance brokerage operations accounted for 75% of our brokerage segment revenues in 2025. Our retail brokerage operations place nearly all lines of commercial property/casualty and health and welfare insurance coverage.”

“Our reinsurance brokerage operations (which we refer to as Gallagher Re) accounted for 12% of our brokerage segment revenues in 2025. Gallagher Re operates from more than 77 offices across 27 countries”

“Our risk management segment operations provide contract claim settlement, claim administration, loss control services and risk management consulting for commercial, nonprofit, captive and public sector entities”

“Our retail brokerage operations are organized and operate within certain key niche/practice groups, which account for approximately 74% of our retail brokerage revenues.”

“Our wholesale insurance brokerage operations accounted for 13% of our brokerage segment revenues in 2025.”

“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.”

“Revenues$12,192 $12,168 $9,934 $9,941 23 %22 %”

“Commissions$8,024 $6,694 $5,865 Fees4,195 3,607 3,145 Supplemental revenues466 359 314 Contingent revenues324 268 235”

“Certain of our non-U.S. subsidiaries receive revenues or incur obligations in currencies that differ from their functional currencies. We must also translate the financial results of our non-U.S. subsidiaries into U.S. dollars.”

“a network of more than 650 sales and service offices located throughout the U.S. and approximately 400 sales and service offices in approximately 60 countries”

“capital necessary for covering events of loss is provided by “underwriting enterprises,” which we define as insurance companies, reinsurance companies and various other risk-taking entities”

“Acquisition of AssuredPartners and Woodruff Sawyer”

“the primary factors determining our competitive position with other organizations in our industry are the quality of the services we offer, our data analytics capabilities, the personalized attention we provide”

“Two of the firms we compete with in the global brokerage and risk management markets have larger revenues than ours.”

“We anticipate that our retail brokerage operations’ greatest revenue growth over the next several years will continue to come from: •Our niche/practice groups and middle-market accounts; •Cross-selling other brokerage products to existing clients; •Mergers and acquisitions”

“the world’s third largest insurance broker/risk manager based on revenues according to Business Insurance magazine’s June/July 2025 edition”

“We anticipate growing Gallagher Re by increasing the number of underwriting enterprise clients, deepening our relationships with current underwriting enterprise clients, developing new products, further building out our facultative capabilities, and through mergers and acquisitions.”

“expenses associated with the acquisitions completed in the twelve-month period ended December 31, 2025 - $233 million, additional investments in technology, partially offset by lesser real estate costs - $39 million in the aggregate”

“Corporate related borrowings - noncurrent12,104 12,732”

“We anticipate reporting an effective tax rate of approximately 24.5% to 26.5% in our brokerage segment based on known changes in tax rates in future periods.”

“Cash and cash equivalents$1,396 $14,987”

“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”

“We could be adversely affected by violations or alleged violations of laws that impose requirements for the conduct of our overseas operations, including the FCPA, the U.K. Bribery Act or other anti-corruption laws, sanctions laws and FATCA.”

“this safe harbor may substantially reduce or eliminate the application of Pillar 2 “top-up taxes,” including the Income Inclusion Rule and Undertaxed Profits Rule for affected MNE groups for fiscal years beginning on or after January 1, 2026”

“We have a significant amount of receivables from certain of the underwriting enterprises with which we place insurance and reinsurance.”

“our IRC 831(b) (or “micro-captive”) advisory services business has been under a promoter investigation by the IRS since 2013”

“geo-economic fragmentation and protectionism resulting in greater restrictions on international trade and market uncertainty, tariffs, trade wars and other governmental actions affecting the flow of goods, services or currency, military actions and war, including between Russia and Ukraine, the Middle East, Latin America and the Caribbean”

“Improper disclosure of confidential, personal or proprietary information and cybersecurity attacks or other security breach of our information systems, or those of third-party vendors we rely on”

“lower interest rates benefit us by reducing our cost of borrowing, they also reduce investment earnings on our cash, revenue from our premium financing operations and short-term investments of fiduciary and operating funds”

“Contingent and supplemental revenues we receive from underwriting enterprises are less predictable than standard commission revenues”

“net after-tax (loss) earnings from our clean energy investments was $(5) million in both 2025 and 2024. At this time, we anticipate our clean energy investments will produce after-tax losses in 2026.”

“If we are unable to apply technology, data analytics and AI effectively in driving value for our clients through technology-based solutions or gain internal efficiencies”

“Our success depends, in part, on our ability to attract and retain qualified talent, including our senior management team.”