Segment Information

27 Months Ended

Sep. 30, 2012

Segment Information

14. Segment Information

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

The brokerage segment is primarily comprised of our retail and wholesale insurance brokerage operations. The brokerage segment generates revenues through commissions paid by insurance underwriters and through fees charged to our clients. Our brokers, agents and administrators act as intermediaries between insurers and their customers and we do not assume underwriting risks.

The risk management segment provides contract claim settlement and administration services for enterprises that choose to self-insure some or all of their property/casualty coverages and for insurance companies 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.

The corporate segment manages our clean energy and other investments. This segment also holds all of our corporate debt.

Allocations of investment 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 as if those segments were preparing income tax provisions on a separate company basis. Reported operating results by segment would change if different methods were applied.

Financial information relating to our segments for 2012 and 2011 is as follows (in millions):

	Three-month period ended  September 30,						Nine-month period ended September 30,
	2012			2011			2012			2011
Brokerage
Total revenues	$	479.7		$	421.9		$	1,338.5		$	1,143.1
Earnings before income taxes	$	82.0		$	75.0		$	203.8		$	178.6
Identifiable assets at September 30, 2012 and 2011							$	3,835.0		$	3,220.2
Risk Management
Total revenues	$	142.2		$	139.0		$	426.9		$	403.1
Earnings before income taxes	$	18.2		$	13.5		$	54.9		$	34.6
Identifiable assets at September 30, 2012 and 2011							$	547.9		$	510.0
Corporate
Total revenues	$	28.5		$	1.9		$	81.7		$	10.1
Loss before income taxes	$	(23.9	)	$	(17.5	)	$	(58.8	)	$	(52.8	)
Identifiable assets at September 30, 2012 and 2011							$	626.4		$	517.0