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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Acquisition Method for Recording Business Combinations | During the nine-month period ended September 30, 2020, 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):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | Maximum |
|  | Common |  |  | Common |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recorded |  |  | Recorded |  |  | Potential |
Name and Effective |  | Shares |  |  | Share |  |  |  |  |  |  | Accrued |  |  | Escrow |  |  | Earnout |  |  | Purchase |  |  | Earnout |
Date of Acquisition |  | Issued |  |  | Value |  |  | Cash Paid |  |  | Liability |  |  | Deposited |  |  | Payable |  |  | Price |  |  | Payable |
|  | (000s) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capsicum Reinsurance Brokers LLP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 1, 2020 (CRB) |  |  | 584 |  |  | $ | 62.9 |  |  | $ | 64.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 129.9 |  |  | $ | 257.3 |  |  | $ | 209.1 |
Hanover Excess & Surplus, Inc. and Hanover Premium Finance, Inc. (HES) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 1, 2020 |  |  | — |  |  |  | — |  |  |  | 30.1 |  |  |  | — |  |  |  | 3.0 |  |  |  | — |  |  |  | 33.1 |  |  |  | 9.3 |
CRES Insurance Services, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 1, 2020 (CRES) |  |  | 288 |  |  |  | 28.5 |  |  |  | 1.5 |  |  |  | — |  |  |  | 1.0 |  |  |  | 5.5 |  |  |  | 36.5 |  |  |  | 7.3 |
Fourteen other acquisitions completed in 2020 |  |  | 314 |  |  |  | 27.9 |  |  |  | 60.3 |  |  |  | 1.8 |  |  |  | 7.6 |  |  |  | 25.3 |  |  |  | 122.9 |  |  |  | 50.0 |
|  |  | 1,186 |  |  | $ | 119.3 |  |  | $ | 156.4 |  |  | $ | 1.8 |  |  | $ | 11.6 |  |  | $ | 160.7 |  |  | $ | 449.8 |  |  | $ | 275.7 |
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 the nine‑month period ended September 30, 2020 (in millions):
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fourteen Other |  |  |  |  |
|  | CRB |  |  | HES |  |  | CRES |  |  | Acquisitions |  |  | Total |
Cash |  | $ | — |  |  | $ | 0.3 |  |  | $ | 1.5 |  |  | $ | 2.5 |  |  | $ | 4.3 |
Other current assets |  |  | — |  |  |  | 4.0 |  |  |  | 15.2 |  |  |  | 26.5 |  |  |  | 45.7 |
Fixed assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.5 |  |  |  | 0.5 |
Noncurrent assets |  |  | 7.6 |  |  |  | 0.8 |  |  |  | — |  |  |  | 2.8 |  |  |  | 11.2 |
Goodwill |  |  | 108.4 |  |  |  | 19.1 |  |  |  | 21.3 |  |  |  | 51.9 |  |  |  | 200.7 |
Expiration lists |  |  | 133.7 |  |  |  | 13.7 |  |  |  | 13.9 |  |  |  | 67.9 |  |  |  | 229.2 |
Non-compete agreements |  |  | 2.9 |  |  |  | 0.1 |  |  |  | — |  |  |  | 0.6 |  |  |  | 3.6 |
Trade names |  |  | 4.7 |  |  |  | — |  |  |  | 0.3 |  |  |  | — |  |  |  | 5.0 |
Total assets acquired |  |  | 257.3 |  |  |  | 38.0 |  |  |  | 52.2 |  |  |  | 152.7 |  |  |  | 500.2 |
Current liabilities |  |  | — |  |  |  | 4.4 |  |  |  | 15.7 |  |  |  | 23.5 |  |  |  | 43.6 |
Noncurrent liabilities |  |  | — |  |  |  | 0.5 |  |  |  | — |  |  |  | 6.3 |  |  |  | 6.8 |
Total liabilities assumed |  |  | — |  |  |  | 4.9 |  |  |  | 15.7 |  |  |  | 29.8 |  |  |  | 50.4 |
Total net assets acquired |  | $ | 257.3 |  |  | $ | 33.1 |  |  | $ | 36.5 |  |  | $ | 122.9 |  |  | $ | 449.8 |
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, 2019 (in millions, except per share data):
| Three-month period ended |  |  | Nine-month period ended |
| September 30, |  |  | September 30, |
| 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Total revenues | $ | 1,850.6 |  |  | $ | 1,839.2 |  |  | $ | 5,315.7 |  |  | $ | 5,515.9 |
Net earnings attributable to controlling interests |  | 176.6 |  |  |  | 126.0 |  |  |  | 677.6 |  |  |  | 575.9 |
Basic net earnings per share |  | 0.92 |  |  |  | 0.67 |  |  |  | 3.55 |  |  |  | 3.08 |
Diluted net earnings per share |  | 0.90 |  |  |  | 0.66 |  |  |  | 3.47 |  |  |  | 3.02 |

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