XML 34 R23.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information 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 and nine-month periods ended September 30, 2025 and 2024 as follows
(in millions):
Three-Month Period Ended September 30, 2025BrokerageRisk
Management		CorporateTotal
Revenues:
Commissions$1,908.3 $— $— $1,908.3 
Fees664.5 392.5 — 1,057.0 
Supplemental revenues117.6 — — 117.6 
Contingent revenues75.4 — — 75.4 
Interest income, premium finance revenues and other income157.1 9.6 0.4 167.1 
Revenues before reimbursements2,922.9 402.1 0.4 3,325.4 
Reimbursements— 40.2 — 40.2 
Total revenues2,922.9 442.3 0.4 3,365.6 
Compensation1,649.0 243.8 38.9 1,931.7 
Operating433.6 76.3 70.9 580.8 
Reimbursements— 40.2 — 40.2 
Interest— — 160.8 160.8 
Depreciation41.6 10.5 2.0 54.1 
Amortization218.5 3.7 — 222.2 
Change in estimated acquisition earnout payables28.5 0.4 — 28.9 
Total expenses2,371.2 374.9 272.6 3,018.7 
Earnings (loss) before income taxes551.7 67.4 (272.2)346.9 
Provision (benefit) for income taxes141.3 17.9 (85.9)73.3 
Net earnings (loss)410.4 49.5 (186.3)273.6 
Net earnings attributable to noncontrolling interests0.9 — — 0.9 
Net earnings (loss) attributable to controlling interests$409.5 $49.5 $(186.3)$272.7 
Net foreign exchange (loss) gain$(2.0)$0.2 $3.4 $1.6 
Revenues:
United States$2,021.0 $348.8 $0.4 $2,370.2 
United Kingdom484.5 28.0 — 512.5 
Australia89.6 61.6 — 151.2 
Canada88.0 2.0 — 90.0 
New Zealand54.6 — — 54.6 
Other foreign185.2 1.9 — 187.1 
Total revenues$2,922.9 $442.3 $0.4 $3,365.6 
Nine-Month Period Ended September 30, 2025BrokerageRisk
Management		CorporateTotal
Revenues:
Commissions$5,965.0 $— $— $5,965.0 
Fees1,863.8 1,140.4 — 3,004.2 
Supplemental revenues334.3 — — 334.3 
Contingent revenues241.0 — — 241.0 
Interest income, premium finance revenues and other income619.0 27.0 1.2 647.2 
Revenues before reimbursements9,023.1 1,167.4 1.2 10,191.7 
Reimbursements— 122.1 — 122.1 
Total revenues9,023.1 1,289.5 1.2 10,313.8 
Compensation4,792.4 718.5 121.9 5,632.8 
Operating1,148.9 220.0 221.6 1,590.5 
Reimbursements— 122.1 — 122.1 
Interest— — 477.8 477.8 
Depreciation112.6 29.9 5.4 147.9 
Amortization596.4 16.2 — 612.6 
Change in estimated acquisition earnout payables37.6 1.5 — 39.1 
Total expenses6,687.9 1,108.2 826.7 8,622.8 
Earnings (loss) before income taxes2,335.2 181.3 (825.5)1,691.0 
Provision (benefit) for income taxes600.3 48.1 (306.1)342.3 
Net earnings (loss)1,734.9 133.2 (519.4)1,348.7 
Net earnings attributable to noncontrolling interests5.8 — — 5.8 
Net earnings (loss) attributable to controlling interests$1,729.1 $133.2 $(519.4)$1,342.9 
Net foreign exchange (loss)$(2.5)$(0.4)$(45.8)$(48.7)
Revenues:
United States$5,856.5 $1024.4 $1.2 $6,882.1 
United Kingdom1,803.0 77.4 — 1,880.4 
Australia254.8 176.7 — 431.5 
Canada291.5 5.7 — 297.2 
New Zealand152.0 0.2 — 152.2 
Other foreign665.3 5.1 — 670.4 
Total revenues$9,023.1 $1,289.5 $1.2 $10,313.8 
At September 30, 2025
Identifiable assets:
United States$26,735.3 $1,153.4 $16,806.5 $44,695.2 
United Kingdom21,065.5 419.4 1.5 21,486.4 
Australia1,887.3 439.8 — 2,327.1 
Canada1,725.9 7.3 — 1,733.2 
New Zealand768.1 9.0 — 777.1 
Other foreign7,907.7 18.1 123.1 8,048.9 
Total identifiable assets$60,089.8 $2,047.0 $16,931.1 $79,067.9 
Goodwill - net$21,738.9 $456.6 $17.8 $22,213.3 
Amortizable intangible assets - net10,581.0 173.4 — 10,754.4 
Three-Month Period Ended September 30, 2024BrokerageRisk
Management		CorporateTotal
Revenues:
Commissions$1,537.8 $— $— $1,537.8 
Fees585.2 359.8 — 945.0 
Supplemental revenues79.1 — — 79.1 
Contingent revenues69.3 — — 69.3 
Interest income, premium finance revenues and other income125.0 9.9 0.4 135.3 
Revenues before reimbursements2,396.4 369.7 0.4 2,766.5 
Reimbursements— 40.3 — 40.3 
Total revenues2,396.4 410.0 0.4 2,806.8 
Compensation1,362.9 224.6 34.4 1,621.9 
Operating342.0 71.0 40.7 453.7 
Reimbursements— 40.3 — 40.3 
Interest— — 92.9 92.9 
Depreciation34.0 9.6 1.7 45.3 
Amortization161.0 3.7 — 164.7 
Change in estimated acquisition earnout payables(15.4)0.1 — (15.3)
Total expenses1,884.5 349.3 169.7 2,403.5 
Earnings (loss) before income taxes511.9 60.7 (169.3)403.3 
Provision (benefit) for income taxes128.9 16.1 (55.8)89.2 
Net earnings (loss)383.0 44.6 (113.5)314.1 
Net earnings attributable to noncontrolling interests1.5 — — 1.5 
Net earnings (loss) attributable to controlling interests$381.5 $44.6 $(113.5)$312.6 
Net foreign exchange (loss)$(0.2)$— $(15.2)$(15.4)
Revenues:— 
United States$1,516.6 $332.6 $0.4 $1,849.6 
United Kingdom497.2 15.7 — 512.9 
Australia93.8 58.2 — 152.0 
Canada93.7 1.6 — 95.3 
New Zealand53.2 1.9 — 55.1 
Other foreign141.9 — — 141.9 
Total revenues$2,396.4 $410.0 $0.4 $2,806.8 
Nine-Month Period Ended September 30, 2024BrokerageRisk
Management		CorporateTotal
Revenues:
Commissions$5,193.2 $— $— $5,193.2 
Fees1,669.5 1,053.8 — 2,723.3 
Supplemental revenues261.7 — — 261.7 
Contingent revenues215.1 — — 215.1 
Interest income, premium finance revenues and other income298.1 27.3 1.9 327.3 
Revenues before reimbursements7,637.6 1,081.1 1.9 8,720.6 
Reimbursements— 118.3 — 118.3 
Total revenues7,637.6 1,199.4 1.9 8,838.9 
Compensation4,210.0 657.7 100.2 4,967.9 
Operating1,019.3 206.5 89.2 1,315.0 
Reimbursements— 118.3 — 118.3 
Interest— — 279.4 279.4 
Depreciation99.1 27.3 5.1 131.5 
Amortization487.8 10.0 — 497.8 
Change in estimated acquisition earnout payables(12.9)0.3 — (12.6)
Total expenses5,803.3 1,020.1 473.9 7,297.3 
Earnings (loss) before income taxes1,834.3 179.3 (472.0)1,541.6 
Provision (benefit) for income taxes465.9 47.6 (184.1)329.4 
Net earnings (loss)1,368.4 131.7 (287.9)1,212.2 
Net earnings attributable to noncontrolling interests7.8 — — 7.8 
Net earnings (loss) attributable to controlling interests$1,360.6 $131.7 $(287.9)$1,204.4 
Net foreign exchange (loss) gain$1.2 $— $(17.2)$(16.0)
Revenues:
United States$4,725.2 $977.3 $1.9 $5,704.4 
United Kingdom1,656.6 43.7 — 1,700.3 
Australia252.7 167.2 — 419.9 
Canada307.1 5.0 — 312.1 
New Zealand150.8 6.2 — 157.0 
Other foreign545.2 — — 545.2 
Total revenues$7,637.6 $1,199.4 $1.9 $8,838.9 
At September 30, 2024
Identifiable assets:
United States$22,366.2 $1,187.4 $2,853.8 $26,407.4 
United Kingdom19,357.5 140.9 — 19,498.4 
Australia1,856.9 433.0 — 2,289.9 
Canada1,774.4 4.8 — 1,779.2 
New Zealand816.9 19.5 — 836.4 
Other foreign6,300.7 — 130.7 6,431.4 
Total identifiable assets$52,472.6 $1,785.6 $2,984.5 $57,242.7 
Goodwill - net$11,829.3 $345.2 $18.9 $12,193.4 
Amortizable intangible assets - net4,241.4 111.8 — 4,353.2