Business Combinations (Tables)

12 Months Ended

Dec. 31, 2021

Acquisition Method for Recording Business Combinations

During 2021, 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)
Atlas General Holdings, LLC January 1, 2021 (AGH)		—	$	—	$	95.2	$	—	$	5.4	$	8.7	$	109.3	$	35.0
Bollington Wilson Group February 5, 2021 (BWG)		—		—		328.0		—		1.4		—		329.4		—
LDJ American Online Benefits Group, LLC May 1, 2021 (LDJ)		—		—		38.2		—		7.1		14.8		60.1		20.0
Edelweiss Gallagher Insurance Brokers Limited (EDW) October 1, 2021		—		—		35.7		5.3		—		8.5		49.5		9.9
Manchester Underwriting Agencies Limited (MUA) October 1, 2021		—		—		33.0		3.9		1.4		16.5		54.8		20.6
Willis Reinsurance operations (WRE) December 1, 2021		—		—		3,278.9		—		—		300.0		3,578.9		750.0
Thirty-two other acquisitions completed in 2021		1,008		149.9		224.2		19.0		30.1		66.3		489.5		133.9
		1,008	$	149.9	$	4,033.2	$	28.2	$	45.4	$	414.8	$	4,671.5	$	969.4

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 2021 (in millions):

	AGH		BWG		LDG		EDW		MUA		WRE		Thirty-two Other Acquisitions		Total
Cash and restricted cash	$	32.8	$	24.9	$	0.7	$	2.7	$	5.8	$	748.7	$	24.5	$	840.1
Premiums and fees receivable		111.4		8.7		7.8		8.2		4.0		5,410.8		68.4		5,619.3
Other current assets		0.6		6.6		8.0		3.7		2.4		41.4		4.4		67.1
Fixed assets		7.4		3.8		—		0.3		0.3		51.5		0.3		63.6
Noncurrent assets		1.2		5.3		0.2		3.1		0.5		14.6		8.3		33.2
Goodwill		45.9		257.1		25.7		40.3		32.1		1,930.8		229.6		2,561.5
Expiration lists		39.7		81.6		25.4		24.3		17.5		1,588.2		251.1		2,027.8
Non-compete agreements		0.3		1.2		0.2		0.5		1.5		—		3.6		7.3
Trade names		—		3.4		0.2		—		0.3		—		1.3		5.2
Total assets acquired		239.3		392.6		68.2		83.1		64.4		9,786.0		591.5		11,225.1
Premiums payables to underwriting enterprises		125.2		18.5		6.4		2.9		1.5		5,936.4		63.8		6,154.7
Other current liabilities		4.6		21.1		1.6		3.5		2.4		197.8		16.5		247.5
Noncurrent liabilities		0.2		23.6		0.1		27.2		5.7		72.9		21.7		151.4
Total liabilities assumed		130.0		63.2		8.1		33.6		9.6		6,207.1		102.0		6,553.6
Total net assets acquired	$	109.3	$	329.4	$	60.1	$	49.5	$	54.8	$	3,578.9	$	489.5	$	4,671.5

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, 2020 (in millions, except per share data):

	Year Ended December 31,
	2021		2020
Total revenues	$	9,065.5	$	7,979.4
Net earnings attributable to controlling interests		1,004.2		881.8
Basic net earnings per share		4.84		4.36
Diluted net earnings per share		4.74		4.27