Business Combinations (Tables)

12 Months Ended

Dec. 31, 2017

Acquisition Method for Recording Business Combinations

During 2017, we acquired substantially all of the net assets of the following firms in exchange for our common stock and/or cash. These acquisitions have been accounted for using the acquisition method for recording business combinations (in millions, except share data):


Name and Effective Date of Acquisition	Common Shares Issued			Common Share Value		Cash Paid		Accrued Liability		Escrow Deposited		Recorded Earnout Payable		Total Recorded Purchase Price		Maximum Potential Earnout Payable
	(000s	)
Construction Risk Solutions, LLC (CRS) January 1, 2017	—		$	—	$	27.9	$	—	$	3.1	$	4.4	$	35.4	$	10.0
Hill, Chesson & Woody (HCW) January 1, 2017	—			—		34.8		—		0.7		15.9		51.4		24.4
Presidio Group, Inc. (PG) January 1, 2017	—			—		41.8		—		4.8		7.0		53.6		15.0
Commercial Insurance Brokers (CIB) April 1, 2017	—			—		17.7		—		2.0		0.8		20.5		3.6
Williams – Manny Insurance Group (WMI) May 1, 2017	170			9.8		28.2		—		2.0		5.4		45.4		11.5
GPL Assurance Inc. (GPL) August 1, 2017	—			—		37.8		—		4.2		5.8		47.8		8.0
Lutgert Insurance (LI) September 1, 2017	—			—		25.2		—		1.3		6.4		32.9		10.2
DiBrina Group (DBG) October 1, 2017	—			—		38.6		—		4.5		13.1		56.2		24.2
31 other acquisitions completed in 2017	518			27.9		120.4		—		12.0		42.4		202.7		94.1

	688		$	37.7	$	372.4	$	—	$	34.6	$	101.2	$	545.9	$	201.0

Summary of Estimated Fair Values of Net Assets Acquired

The following is a summary of the estimated fair values of the net assets acquired at the date of each acquisition made in 2017 (in millions):


	CRS		HCW		PG		CIB		WMI		GPL		LI		DBG		31 Other Acquisitions		Total
Cash	$	—	$	—	$	—	$	0.1	$	0.3	$	0.4	$	0.2	$	—	$	8.9	$	9.9
Other current assets		3.6		2.1		2.4		3.6		1.8		13.6		1.2		0.3		9.6		38.2
Fixed assets		—		—		0.5		0.1		0.2		1.0		0.6		0.9		1.3		4.6
Noncurrent assets		—		0.2		—		—		—		—		—		—		—		0.2
Goodwill		20.3		29.9		25.6		11.7		26.1		33.4		18.9		33.5		105.1		304.5
Expiration lists		14.6		19.2		27.9		9.0		18.5		14.5		12.9		21.6		103.2		241.4
Non-compete agreements		0.1		0.1		0.1		—		0.1		0.5		0.1		—		2.6		3.6
Trade names		—		—		—		—		—		0.1		—		—		—		0.1

Total assets acquired		38.6		51.5		56.5		24.5		47.0		63.5		33.9		56.3		230.7		602.5

Current liabilities		3.2		0.1		2.9		4.0		1.6		11.6		1.0		0.1		12.5		37.0
Noncurrent liabilities		—		—		—		—		—		4.1		—		—		15.5		19.6

Total liabilities assumed		3.2		0.1		2.9		4.0		1.6		15.7		1.0		0.1		28.0		56.6

Total net assets acquired	$	35.4	$	51.4	$	53.6	$	20.5	$	45.4	$	47.8	$	32.9	$	56.2	$	202.7	$	545.9

Summary of Unaudited Pro Forma Historical Results

The following is a summary of the unaudited pro forma historical results, as if these entities had been acquired at January 1, 2016 (in millions, except per share data):


	Year Ended December 31,
	2017		2016
Total revenues	$	6,222.8	$	5,765.9
Net earnings attributable to controlling interests		466.3		414.5
Basic earnings per share		2.58		2.33
Diluted earnings per share		2.56		2.31