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Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Financial information relating to our segments for the three and nine-month periods ended September 30, 2024 and 2023 as follows

(in millions):

	Three-month period ended September 30,								Nine-month period ended September 30,
	2024				2023				2024				2023
Brokerage
Total revenues	$	2,396.4			$	2,122.1			$	7,637.6			$	6,585.7
Earnings before income taxes	$	511.9			$	454.0			$	1,834.3			$	1,535.4
Identifiable assets at September 30, 2024 and 2023									$	52,472.6			$	49,325.8
Risk Management
Total revenues	$	410.0			$	369.4			$	1,199.4			$	1,053.8
Earnings before income taxes	$	60.7			$	56.4			$	179.3			$	151.8
Identifiable assets at September 30, 2024 and 2023									$	1,785.6			$	1,275.9
Corporate
Total revenues	$	0.4			$	0.5			$	1.9			$	0.5
Loss before income taxes	$	(169.3	)		$	(146.3	)		$	(472.0	)		$	(419.9	)
Identifiable assets at September 30, 2024 and 2023									$	2,984.5			$	2,602.2
Total
Total revenues	$	2,806.8			$	2,492.0			$	8,838.9			$	7,640.0
Earnings before income taxes	$	403.3			$	364.1			$	1,541.6			$	1,267.3
Identifiable assets at September 30, 2024 and 2023									$	57,242.7			$	53,203.9

Summary of Revenues by Type and Segment

Revenues by type and segment for the three-month period ended September 30, 2024 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
Commissions		$	1,537.8			$	—			$	—			$	1,537.8
Fees			585.2				359.8				—				945.0
Supplemental revenues			79.1				—				—				79.1
Contingent revenues			69.3				—				—				69.3
Interest income, premium finance revenues and other income			125.0				9.9				0.4				135.3
Revenues before reimbursements			2,396.4				369.7				0.4				2,766.5
Reimbursements			—				40.3				—				40.3
Total revenues		$	2,396.4			$	410.0			$	0.4			$	2,806.8

Revenues by type and segment for the nine-month period ended September 30, 2024 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
Commissions		$	5,193.2			$	—			$	—			$	5,193.2
Fees			1,669.5				1,053.8				—				2,723.3
Supplemental revenues			261.7				—				—				261.7
Contingent revenues			215.1				—				—				215.1
Interest income, premium finance revenues and other income			298.1				27.3				1.9				327.3
Revenues before reimbursements			7,637.6				1,081.1				1.9				8,720.6
Reimbursements			—				118.3				—				118.3
Total revenues		$	7,637.6			$	1,199.4			$	1.9			$	8,838.9

Revenues by type and segment for the three-month period ended September 30, 2023 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
Commissions		$	1,381.2			$	—			$	—			$	1,381.2
Fees			523.0				323.1				—				846.1
Supplemental revenues			70.8				—				—				70.8
Contingent revenues			53.9				—				—				53.9
Interest income, premium finance revenues and other income			93.2				7.9				0.5				101.6
Revenues before reimbursements			2,122.1				331.0				0.5				2,453.6
Reimbursements			—				38.4				—				38.4
Total revenues		$	2,122.1			$	369.4			$	0.5			$	2,492.0

Revenues by type and segment for the nine-month period ended September 30, 2023 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
Commissions		$	4,539.0			$	—			$	—			$	4,539.0
Fees			1,414.2				928.1				—				2,342.3
Supplemental revenues			223.6				—				—				223.6
Contingent revenues			179.9				—				—				179.9
Interest income, premium finance revenues and other income			229.0				19.1				0.5				248.6
Revenues before reimbursements			6,585.7				947.2				0.5				7,533.4
Reimbursements			—				106.6				—				106.6
Total revenues		$	6,585.7			$	1,053.8			$	0.5			$	7,640.0

Summary of Geographical Location and Segment

Revenues by geographical location and segment for the three-month period ended September 30, 2024 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
United States		$	1,516.6			$	332.6			$	0.4			$	1,849.6
United Kingdom			497.2				15.7				—				512.9
Australia			93.8				58.2				—				152.0
Canada			93.7				1.6				—				95.3
New Zealand			53.2				1.9				—				55.1
Other foreign			141.9				—				—				141.9
Total revenues		$	2,396.4			$	410.0			$	0.4			$	2,806.8

Revenues by geographical location and segment for the nine-month period ended September 30, 2024 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
United States		$	4,725.2			$	977.3			$	1.9			$	5,704.4
United Kingdom			1,656.6				43.7				—				1,700.3
Australia			252.7				167.2				—				419.9
Canada			307.1				5.0				—				312.1
New Zealand			150.8				6.2				—				157.0
Other foreign			545.2				—				—				545.2
Total revenues		$	7,637.6			$	1,199.4			$	1.9			$	8,838.9

Revenues by geographical location and segment for the three-month period ended September 30, 2023 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
United States		$	1,349.0			$	313.2			$	0.5			$	1,662.7
United Kingdom			427.3				11.9				—				439.2
Australia			79.8				38.5				—				118.3
Canada			89.8				1.8				—				91.6
New Zealand			49.6				4.0				—				53.6
Other foreign			126.6				—				—				126.6
Total revenues		$	2,122.1			$	369.4			$	0.5			$	2,492.0

Revenues by geographical location and segment for the nine-month period ended September 30, 2023 are as follows (in millions):

						Risk
		Brokerage				Management				Corporate				Total
Revenues:
United States		$	4,024.0			$	892.0			$	0.5			$	4,916.5
United Kingdom			1,468.4				34.8				—				1,503.2
Australia			227.8				110.0				—				337.8
Canada			288.1				4.8				—				292.9
New Zealand			140.6				12.2				—				152.8
Other foreign			436.8				—				—				436.8
Total revenues		$	6,585.7			$	1,053.8			$	0.5			$	7,640.0

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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
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-Name Accounting Standards Codification
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