Business Combinations (Tables)

12 Months Ended

Dec. 31, 2020

Acquisition Method for Recording Business Combinations

During 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):

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)
Capsicum Reinsurance Brokers LLP (CRB) January 1, 2020		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 (CRES) June 1, 2020		288		28.5		1.5		-		1.0		5.5		36.5		7.3
Optimum Talent Inc. (OTI) November 1, 2020		102		11.1		14.1		-		3.4		14.0		42.6		21.1
Cool Insuring Agency, Inc. (CIA) December 1, 2020		406		48.4		65.0		-		7.2		8.5		129.1		30.0
Harden & Associates, Inc. (HAI) December 1, 2020		49		-		95.6		-		6.2		10.0		111.8		22.5
Ashton Tiffany, LLC (AT) December 31, 2020		-		-		48.3		48.2		-		9.0		105.5		20.0
Twenty other acquisitions completed in 2020		414		38.8		79.2		1.8		9.9		30.5		160.2		68.6
		1,843	$	189.7	$	398.3	$	50.0	$	30.7	$	207.4	$	876.1	$	387.9

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 2020 (in millions):

	CRB		HES		CRES		OTI		CIA		HAI		AT		Twenty Other Acquisitions		Total
Cash and restricted cash	$	-	$	3.3	$	4.3	$	0.6	$	4.2	$	2.3	$	6.0	$	13.3	$	34.0
Other current assets		-		1.0		12.4		3.0		28.8		9.0		8.6		25.2		88.0
Fixed assets		-		-		-		0.9		0.1		1.1		0.5		0.6		3.2
Noncurrent assets		7.6		0.8		-		6.7		0.9		6.4		2.1		3.1		27.6
Goodwill		108.4		19.1		21.3		25.4		58.9		45.7		14.8		66.0		359.6
Expiration lists		133.7		13.7		13.9		18.3		56.2		62.5		78.2		90.7		467.2
Non-compete agreements		2.9		0.1		-		0.4		0.8		0.7		5.8		0.7		11.4
Trade names		4.7		-		0.3		-		7.5		-		-		-		12.5
Total assets acquired		257.3		38.0		52.2		55.3		157.4		127.7		116.0		199.6		1,003.5
Current liabilities		-		4.4		15.7		5.2		28.1		9.5		8.4		32.3		103.6
Noncurrent liabilities		-		0.5		-		7.5		0.2		6.4		2.1		7.1		23.8
Total liabilities assumed		-		4.9		15.7		12.7		28.3		15.9		10.5		39.4		127.4
Total net assets acquired	$	257.3	$	33.1	$	36.5	$	42.6	$	129.1	$	111.8	$	105.5	$	160.2	$	876.1

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):

	Year Ended December 31,
	2020		2019
Total revenues	$	7,108.7	$	7,352.7
Net earnings attributable to controlling interests		817.6		670.5
Basic net earnings per share		4.26		3.57
Diluted net earnings per share		4.17		3.49