Acquisitions and Dispositions

Acquisitions

During the three months ended June 30, 2014, the Company completed the acquisition of two businesses in the Risk Solutions segment. During the six months ended June 30, 2014, the Company completed the acquisition of three businesses in the Risk Solutions segment and one business in the HR Solutions segment. During the three months ended June 30, 2013, the Company completed the acquisition of four businesses in the Risk Solutions segment. During the six months ended June 30, 2013, the Company completed the acquisition of four businesses in the Risk Solutions segment and one business in the HR Solutions segment.

The following table includes the aggregate consideration transferred and the preliminary value of intangible assets recorded as a result of the Company’s acquisitions (in millions):



	Six months ended June 30,
	2014		2013
Consideration	$	83	$	23
Intangible assets:
Goodwill	$	52	$	16
Other intangible assets	48		11
Total	$	100	$	27

The results of operations of these acquisitions are included in the Condensed Consolidated Financial Statements as of the acquisition date. The results of operations of the Company would not have been materially different if these acquisitions had been reported from the beginning of the period in which they were acquired.

Subsequent Event

On July 15, 2014, the Company acquired StoneRiver National Flood Services, Inc. and related entities ("National Flood Services") from StoneRiver Group, L.P.

National Flood Services is a leader in U.S. flood insurance processing and technology, and has more than 800 employees and offices in Kalispell, Montana, Overland Park, Kansas and Lakeland and Coral Springs, Florida. National Flood Services administers policies issued in all fifty states and every U.S. territory.

Dispositions

During the three months ended June 30, 2014, the Company had no dispositions of businesses. During the six months ended June 30, 2014, the Company completed the disposition of one business in the Risk Solutions segment. Total pretax gain of $1 million was recognized on this sale, which is included in Other (expense) income in the Condensed Consolidated Statements of Income. During the three months ended June 30, 2013, the Company completed the disposition of one business in the Risk Solutions segment. During the six months ended June 30, 2013, the Company completed the disposition of four businesses in the Risk Solutions segment. No gain or loss was recognized on these dispositions.