Segment Information

9 Months Ended

Sep. 30, 2017

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 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 generally 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. In addition, the corporate segment reports the financial information related to our debt, and certain corporate and acquisition-related activities.

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 using the local country statutory rates. Reported operating results by segment would change if different methods were applied.

Financial information relating to our segments for the three-month and nine-month periods ended September 30, 2017 and 2016 is as follows (in millions):


	Three-month period						Nine-month period
	ended September 30,						ended September 30,
	2017			2016			2017			2016
Brokerage
Total revenues	$	953.7		$	877.6		$	2,830.3		$	2,642.2

Earnings before income taxes	$	161.6		$	149.1		$	491.8		$	427.3

Identifiable assets at September 30, 2017 and 2016							$	10,275.9		$	8,972.7

Risk Management
Total revenues	$	200.2		$	176.7		$	571.5		$	532.5

Earnings before income taxes	$	27.8		$	21.5		$	73.6		$	67.9

Identifiable assets at September 30, 2017 and 2016							$	733.0		$	679.6

Corporate
Total revenues	$	430.6		$	428.0		$	1,158.8		$	1,035.1

Loss before income taxes	$	(92.7	)	$	(75.7	)	$	(269.4	)	$	(207.1	)

Identifiable assets at September 30, 2017 and 2016							$	1,801.5		$	1,548.0