Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Acquisition Method for Recording Business Combinations

During 2023, we acquired substantially all of the ownership interests or net assets, as applicable, 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)
First Ireland Risk    Management Ltd.       January 1, 2023 (FIR)		—	$	—	$	86.4	$	—	$	5.3	$	6.1	$	97.8	$	6.6
BCHR Holdings, L.P. dba Buck     April 1, 2023 (BCHR)		—		—		600.8		0.5		19.5		—		620.8		—
Boley-Featherston-Huffman    & Deal Co.      April 1, 2023 (BFH)		243		45.2		8.8		—		6.0		9.3		69.3		15.0
Tay River Holdings Limited    April 1, 2022 (TRH)		—		—		40.3		4.3		2.4		32.0		79.0		88.7
Insurance by Ken Brown    May 1, 2023 (IKB)		273		53.9		1.8		—		2.9		11.3		69.9		17.5
RHP General Agency    May 1, 2023 (RHP)		335		65.7		1.3		—		5.0		4.4		76.4		11.0
Clements & Co    October 1, 2023 (CLM)		193		43.3		7.1		—		3.0		30.9		84.3		70.0
Eastern Insurance Group, LLC    October 31, 2023 (EIG)		—		—		511.4		3.7		—		—		515.1		—
Cadence Insurance, Inc.    November 30, 2023 (CDI)		—		—		880.1		5.9		—		—		886.0		—
My Plan Manager    December 1, 2023 (MPM)		—		—		298.6		—		3.0		—		301.6		—
Forty-one other acquisitions    completed in 2023		450		98.0		671.6		11.7		47.6		113.5		942.4		191.4
		1,494	$	306.1	$	3,108.2	$	26.1	$	94.7	$	207.5	$	3,742.6	$	400.2

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 2023 (in millions):

	FIR		BCHR		BFH		TRH		IKB		RHP		CLM		EIG		CDI		MPM		Forty-one Other Acquisitions		Total
Cash and cash equivalents	$	13.0	$	25.8	$	0.6	$	5.3	$	2.0	$	—	$	—	$	0.5	$	58.7	$	5.0	$	35.1	$	146.0
Fiduciary assets		13.8		—		3.7		—		0.5		3.0		15.8		22.9		42.3		—		88.4		190.4
Other current assets		1.4		60.9		1.4		8.3		2.6		1.5		3.3		20.4		40.7		5.5		31.2		177.2
Fixed assets		0.8		36.8		—		—		0.2		—		1.5		0.1		12.3		59.6		0.8		112.1
Noncurrent assets		8.6		35.0		0.2		0.2		0.5		0.3		4.0		1.5		16.0		4.8		14.5		85.6
Goodwill		63.8		366.8		50.6		61.9		49.8		43.7		59.9		191.1		314.7		121.8		465.1		1,789.2
Expiration lists		25.9		207.6		22.7		7.5		22.3		43.5		34.5		322.0		499.5		88.0		447.5		1,721.0
Non-compete agreements		0.1		—		0.6		—		0.5		—		0.6		1.0		1.6		14.7		11.4		30.5
Trade names		0.4		2.6		—		0.4		—		0.2		—		—		—		58.7		2.0		64.3
Total assets acquired		127.8		735.5		79.8		83.6		78.4		92.2		119.6		559.5		985.8		358.1		1,096.0		4,316.3
Fiduciary liabilities		13.8		—		3.7		—		0.5		3.0		15.8		22.9		42.3		—		88.4		190.4
Current liabilities		3.9		50.4		0.6		2.6		1.7		1.3		3.8		20.4		38.6		4.8		21.7		149.8
Noncurrent liabilities		12.3		64.3		6.2		2.0		6.3		11.5		15.7		1.1		18.9		51.7		43.5		233.5
Total liabilities assumed		30.0		114.7		10.5		4.6		8.5		15.8		35.3		44.4		99.8		56.5		153.6		573.7
Total net assets acquired	$	97.8	$	620.8	$	69.3	$	79.0	$	69.9	$	76.4	$	84.3	$	515.1	$	886.0	$	301.6	$	942.4	$	3,742.6

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, 2022 (in millions, except per share data):

	Year Ended December 31,
	2023		2022
Total revenues	$	10,579.8	$	9,390.7
Net earnings attributable to controlling interests		954.4		1,091.5
Basic net earnings per share		4.42		5.15
Diluted net earnings per share		4.33		5.05