18.	Segment Information

We have

three

reportable operating

segments:

brokerage, risk management and corporate.

The brokerage segment is primarily comprised of our retail and wholesale insurance brokerage operations. The brokerage segment generates revenues through commissions paid by underwriting enterprises and through fees charged to our clients. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients and we do not assume net underwriting risks.

The risk management segment provides contract claim settlement and administration services for enterprises and public entities that choose to self-insure some or all of their property/casualty coverages and for underwriting enterprises that choose to outsource some or all of their property/casualty claims departments. These operations also provide claims management, loss control consulting and insurance property appraisal services. Revenues are principally generated on a negotiated per-claim or per-service fee basis. Our risk management segment also provides risk management consulting services that are recognized as the services are delivered.

The corporate segment manages our clean energy and other investments. In addition, the corporate segment reports the financial information related to our debt and other corporate costs, external acquisition-related expenses and the impact of foreign currency translation.

Allocations of investment income and certain expenses are based on reasonable assumptions and estimates primarily using revenue, headcount and other information.

During the six-month period ended June 30, 2019, we reviewed our allocation of corporate costs to our business segments. In conjunction with that review, additional costs were allocated to the business segments reflecting management’s current view of the costs necessary to support the business segments. The amounts were less than

% of the corporate segment’s loss before income taxes for the six-month period ended June 30, 2019 and were not significant to each of the business segments.

We allocate the provision for income taxes to the brokerage and risk management segments using the local country statutory rates. Reported operating results by segment would change if different methods were applied.

Financial information relating to our segments for the three-month and

six-month

periods ended June 30, 2019 and 2018 is as follows (in millions):


	Three-month period ended June 30,						Six-month period ended June 30,
	2019			2018			2019			2018
Brokerage
Total revenues	$	1,131.2		$	1,000.1		$	2,513.1		$	2,195.7

Earnings before income taxes	$	182.3		$	170.6		$	594.7		$	489.5

Identifiable assets at June 30, 2019 and 2018							$	16,464.3		$	13,779.0

Risk Management
Total revenues	$	242.1		$	237.3		$	478.5		$	467.2

Earnings before income taxes	$	21.0		$	24.0		$	43.0		$	45.6

Identifiable assets at June 30, 2019 and 2018							$	847.9		$	739.5

Corporate
Total revenues	$	284.5		$	423.0		$	656.8		$	835.2

Loss before income taxes	$	(97.8	)	$	(91.0	)	$	(210.4	)	$	(189.2	)

Identifiable assets at June 30, 2019 and 2018							$	1,888.1		$	1,712.0

Disaggregation of Revenue

We disaggregate our revenue from contracts with clients by type and geographic location for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.

Revenues by type and segment for the three-month period ended June 30, 2019 are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
Commissions	$	777.7	$	—	$	—	$	777.7
Fees		256.1		208.6		—		464.7
Supplemental revenues		46.9		—		—		46.9
Contingent revenues		29.5		—		—		29.5
Investment income		19.1		0.5		—		19.6
Net gains on divestitures		1.9		—		—		1.9
Revenues from clean coal activities		—		—		284.4		284.4
Other net gains		—		—		0.1		0.1

Revenues before reimbursements		1,131.2		209.1		284.5		1,624.8
Reimbursements		—		33.0		—		33.0

Total revenues	$	1,131.2	$	242.1	$	284.5	$	1,657.8

Revenues by type and segment for the

six-month

period ended June 30, 2019 are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
Commissions	$	1,718.1	$	—	$	—	$	1,718.1
Fees		517.9		411.5		—		929.4
Supplemental revenues		103.6		—		—		103.6
Contingent revenues		77.5		—		—		77.5
Investment income		37.0		0.9		—		37.9
Net gains on divestitures		59.0		—		—		59.0
Revenues from clean coal activities		—		—		656.7		656.7
Other net gains		—		—		0.1		0.1

Revenues before reimbursements		2,513.1		412.4		656.8		3,582.3
Reimbursements		—		66.1		—		66.1

Total revenues	$	2,513.1	$	478.5	$	656.8	$	3,648.4

Revenues by geographical location and segment for the three-month period ended June 30, 2019 are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
United States	$	685.3	$	206.9	$	284.5	$	1,176.7
United Kingdom		248.7		10.0		—		258.7
Australia		58.8		20.0		—		78.8
Canada		58.4		1.1		—		59.5
New Zealand		41.2		4.1		—		45.3
Other foreign		38.8		—		—		38.8

Total revenues	$	1,131.2	$	242.1	$	284.5	$	1,657.8

Revenues by geographical location and segment for the six-month period ended June 30, 2019 are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
United States	$	1,691.8	$	405.4	$	656.8	$	2,754.0
United Kingdom		452.4		20.2		—		472.6
Australia		104.8		42.5		—		147.3
Canada		115.6		2.3		—		117.9
New Zealand		71.5		8.1		—		79.6
Other foreign		77.0		—		—		77.0

Total revenues	$	2,513.1	$	478.5	$	656.8	$	3,648.4

Revenues by type and segment for the three-month period ended June 30, 2018 are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
Commissions	$	688.0	$	—	$	—	$	688.0
Fees		220.4		201.8		—		422.2
Supplemental revenues		48.1		—		—		48.1
Contingent revenues		21.8		—		—		21.8
Investment income		15.7		0.1		—		15.8
Net gains on divestitures		6.1		—		—		6.1
Revenues from clean coal activities		—		—		422.4		422.4
Other net revenues		—		—		0.6		0.6

Revenues before reimbursements		1,000.1		201.9		423.0		1,625.0
Reimbursements		—		35.4		—		35.4

Total revenues	$	1,000.1	$	237.3	$	423.0	$	1,660.4

Revenues by type and segment for the

six-month

period ended June 30, 2018 are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
Commissions	$	1,527.4	$	—	$	—	$	1,527.4
Fees		473.6		396.7		—		870.3
Supplemental revenues		100.1		—		—		100.1
Contingent revenues		56.7		—		—		56.7
Investment income		28.9		0.3		—		29.2
Net gains on divestitures		9.0		—		—		9.0
Revenues from clean coal activities		—		—		834.6		834.6
Other net revenues		—		—		0.6		0.6

Revenues before reimbursements		2,195.7		397.0		835.2		3,427.9
Reimbursements		—		70.2		—		70.2

Total revenues	$	2,195.7	$	467.2	$	835.2	$	3,498.1

Revenues by geographical location and segment for the three-month period ended June 30, 2018 are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
United States	$	615.5	$	197.3	$	423.0	$	1,235.8
United Kingdom		204.4		8.8		—		213.2
Australia		53.9		25.7		—		79.6
Canada		47.8		1.2		—		49.0
New Zealand		39.4		4.3		—		43.7
Other foreign		39.1		—		—		39.1

Total revenues	$	1,000.1	$	237.3	$	423.0	$	1,660.4

Revenues by geographical location and segment for the

six-month

period ended June 30, 2018 are as follows (in millions):


	Brokerage		Risk Management		Corporate		Total
Revenues:
United States	$	1,468.3	$	390.1	$	835.2	$	2,693.6
United Kingdom		395.4		17.7		—		413.1
Australia		97.5		49.4		—		146.9
Canada		90.6		2.2		—		92.8
New Zealand		69.5		7.8		—		77.3
Other foreign		74.4		—		—		74.4

Total revenues	$	2,195.7	$	467.2	$	835.2	$	3,498.1