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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

15. Segment Information

We have three reportable segments: brokerage, risk management and corporate.

The brokerage segment is primarily comprised of our retail and wholesale insurance and reinsurance brokerage operations. The brokerage segment (which comprises our retail property/casualty, wholesale, reinsurance, benefits and captive operations) 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 commercial, nonprofit, captive and public sector entities, and various organizations 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.

Revenues in the corporate segment consists of other income related to the run-off of clean energy and legacy investments. In addition, the corporate segment reports the financial information related to our debt, external acquisition-related expenses, other corporate costs and the impact of foreign currency remeasurements.

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

Our Chief Operating Decision Maker (which we refer to as CODM), who is our Chairman and Chief Executive Officer analyzes and evaluates the operating performance of the three reportable segments presented below. We have disclosed for each reportable segment the significant expense categories that are reviewed by the CODM and there are no additional significant expenses within the expense categories presented in the tables below. The key areas of focus by the CODM for allocation of resources are revenues from each reportable segment, as well as their compensation and operating expenses.

Financial information relating to our segments for the three-month periods ended March 31, 2025 and 2024 as follows

(in millions):

 

Three-Month Period Ended March 31, 2025

 

Brokerage

 

 

Risk
Management

 

 

Corporate

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

2,249.2

 

 

$

—

 

 

$

—

 

 

$

2,249.2

 

Fees

 

 

620.2

 

 

 

364.6

 

 

 

—

 

 

 

984.8

 

Supplemental revenues

 

 

113.9

 

 

 

—

 

 

 

—

 

 

 

113.9

 

Contingent revenues

 

 

92.9

 

 

 

—

 

 

 

—

 

 

 

92.9

 

Interest income, premium finance revenues and other income

 

 

238.4

 

 

 

8.8

 

 

 

0.4

 

 

 

247.6

 

Revenues before reimbursements

 

 

3,314.6

 

 

 

373.4

 

 

 

0.4

 

 

 

3,688.4

 

Reimbursements

 

 

—

 

 

 

39.0

 

 

 

—

 

 

 

39.0

 

Total revenues

 

 

3,314.6

 

 

 

412.4

 

 

 

0.4

 

 

 

3,727.4

 

Compensation

 

 

1,617.2

 

 

 

231.1

 

 

 

49.4

 

 

 

1,897.7

 

Operating

 

 

346.4

 

 

 

70.8

 

 

 

73.2

 

 

 

490.4

 

Reimbursements

 

 

—

 

 

 

39.0

 

 

 

—

 

 

 

39.0

 

Interest

 

 

—

 

 

 

—

 

 

 

158.4

 

 

 

158.4

 

Depreciation

 

 

32.9

 

 

 

9.5

 

 

 

1.7

 

 

 

44.1

 

Amortization

 

 

203.6

 

 

 

5.7

 

 

 

—

 

 

 

209.3

 

Change in estimated acquisition earnout payables

 

 

15.4

 

 

 

0.4

 

 

 

—

 

 

 

15.8

 

Total expenses

 

 

2,215.5

 

 

 

356.5

 

 

 

282.7

 

 

 

2,854.7

 

Earnings (loss) before income taxes

 

 

1,099.1

 

 

 

55.9

 

 

 

(282.3

)

 

 

872.7

 

Provision (benefit) for income taxes

 

 

283.0

 

 

 

14.8

 

 

 

(134.0

)

 

 

163.8

 

Net earnings (loss)

 

 

816.1

 

 

 

41.1

 

 

 

(148.3

)

 

 

708.9

 

Net earnings (loss) attributable to noncontrolling interests

 

 

4.5

 

 

 

—

 

 

 

—

 

 

 

4.5

 

Net earnings (loss) attributable to controlling interests

 

$

811.6

 

 

$

41.1

 

 

$

(148.3

)

 

$

704.4

 

Net foreign exchange gain

 

$

0.6

 

 

$

—

 

 

$

23.9

 

 

$

24.5

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

2,131.2

 

 

$

331.8

 

 

$

0.4

 

 

$

2,463.4

 

United Kingdom

 

 

675.5

 

 

 

21.3

 

 

 

—

 

 

 

696.8

 

Australia

 

 

68.6

 

 

 

56.2

 

 

 

—

 

 

 

124.8

 

Canada

 

 

99.0

 

 

 

1.8

 

 

 

—

 

 

 

100.8

 

New Zealand

 

 

39.8

 

 

 

0.1

 

 

 

—

 

 

 

39.9

 

Other foreign

 

 

300.5

 

 

 

1.2

 

 

 

—

 

 

 

301.7

 

Total revenues

 

$

3,314.6

 

 

$

412.4

 

 

$

0.4

 

 

$

3,727.4

 

At March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

22,461.1

 

 

$

1,129.9

 

 

$

17,551.0

 

 

$

41,142.0

 

United Kingdom

 

 

20,826.5

 

 

 

427.4

 

 

 

9.9

 

 

 

21,263.8

 

Australia

 

 

1,582.6

 

 

 

379.6

 

 

 

—

 

 

 

1,962.2

 

Canada

 

 

1,684.9

 

 

 

4.5

 

 

 

—

 

 

 

1,689.4

 

New Zealand

 

 

658.9

 

 

 

13.5

 

 

 

—

 

 

 

672.4

 

Other foreign

 

 

7,213.8

 

 

 

27.5

 

 

 

124.6

 

 

 

7,365.9

 

Total identifiable assets

 

$

54,427.8

 

 

$

1,982.4

 

 

$

17,685.5

 

 

$

74,095.7

 

Goodwill - net

 

$

12,277.0

 

 

$

419.2

 

 

$

18.5

 

 

$

12,714.7

 

Amortizable intangible assets - net

 

 

4,335.4

 

 

 

196.8

 

 

 

—

 

 

 

4,532.2

 

 

 

Three-Month Period Ended March 31, 2024

 

Brokerage

 

 

Risk
Management

 

 

Corporate

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

1,993.6

 

 

$

—

 

 

$

—

 

 

$

1,993.6

 

Fees

 

 

606.7

 

 

 

344.5

 

 

 

—

 

 

 

951.2

 

Supplemental revenues

 

 

93.9

 

 

 

—

 

 

 

—

 

 

 

93.9

 

Contingent revenues

 

 

86.0

 

 

 

—

 

 

 

—

 

 

 

86.0

 

Interest income, premium finance revenues and other income

 

 

84.7

 

 

 

8.3

 

 

 

0.4

 

 

 

93.4

 

Revenues before reimbursements

 

 

2,864.9

 

 

 

352.8

 

 

 

0.4

 

 

 

3,218.1

 

Reimbursements

 

 

—

 

 

 

38.6

 

 

 

—

 

 

 

38.6

 

Total revenues

 

 

2,864.9

 

 

 

391.4

 

 

 

0.4

 

 

 

3,256.7

 

Compensation

 

 

1,476.8

 

 

 

213.9

 

 

 

35.2

 

 

 

1,725.9

 

Operating

 

 

339.4

 

 

 

68.4

 

 

 

27.9

 

 

 

435.7

 

Reimbursements

 

 

—

 

 

 

38.6

 

 

 

—

 

 

 

38.6

 

Interest

 

 

—

 

 

 

—

 

 

 

92.2

 

 

 

92.2

 

Depreciation

 

 

32.8

 

 

 

10.9

 

 

 

1.7

 

 

 

45.4

 

Amortization

 

 

156.0

 

 

 

6.3

 

 

 

—

 

 

 

162.3

 

Change in estimated acquisition earnout payables

 

 

(16.2

)

 

 

0.1

 

 

 

—

 

 

 

(16.1

)

Total expenses

 

 

1,988.8

 

 

 

338.2

 

 

 

157.0

 

 

 

2,484.0

 

Earnings (loss) before income taxes

 

 

876.1

 

 

 

53.2

 

 

 

(156.6

)

 

 

772.7

 

Provision (benefit) for income taxes

 

 

223.5

 

 

 

13.9

 

 

 

(77.4

)

 

 

160.0

 

Net earnings (loss)

 

 

652.6

 

 

 

39.3

 

 

 

(79.2

)

 

 

612.7

 

Net earnings (loss) attributable to noncontrolling interests

 

 

4.3

 

 

 

—

 

 

 

—

 

 

 

4.3

 

Net earnings (loss) attributable to controlling interests

 

$

648.3

 

 

$

39.3

 

 

$

(79.2

)

 

$

608.4

 

Net foreign exchange loss

 

$

(0.7

)

 

$

—

 

 

$

(0.4

)

 

$

(1.1

)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

1,814.0

 

 

$

320.5

 

 

$

0.4

 

 

$

2,134.9

 

United Kingdom

 

 

584.8

 

 

 

14.0

 

 

 

—

 

 

 

598.8

 

Australia

 

 

68.0

 

 

 

53.0

 

 

 

—

 

 

 

121.0

 

Canada

 

 

103.1

 

 

 

1.7

 

 

 

—

 

 

 

104.8

 

New Zealand

 

 

41.7

 

 

 

2.2

 

 

 

—

 

 

 

43.9

 

Other foreign

 

 

253.3

 

 

 

—

 

 

 

—

 

 

 

253.3

 

Total revenues

 

$

2,864.9

 

 

$

391.4

 

 

$

0.4

 

 

$

3,256.7

 

At March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Identifiable assets:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

23,482.4

 

 

$

1,078.8

 

 

$

2,826.8

 

 

$

27,388.0

 

United Kingdom

 

 

21,950.1

 

 

 

119.9

 

 

 

—

 

 

 

22,070.0

 

Australia

 

 

1,579.6

 

 

 

451.7

 

 

 

—

 

 

 

2,031.3

 

Canada

 

 

1,730.1

 

 

 

4.3

 

 

 

—

 

 

 

1,734.4

 

New Zealand

 

 

662.6

 

 

 

18.8

 

 

 

—

 

 

 

681.4

 

Other foreign

 

 

6,966.8

 

 

 

—

 

 

 

104.0

 

 

 

7,070.8

 

Total identifiable assets

 

$

56,371.6

 

 

$

1,673.5

 

 

$

2,930.8

 

 

$

60,975.9

 

Goodwill - net

 

$

11,281.0

 

 

$

232.1

 

 

$

19.0

 

 

$

11,532.1

 

Amortizable intangible assets - net

 

 

4,430.0

 

 

 

191.7

 

 

 

—

 

 

 

4,621.7