Segment Information

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

Brown & Brown’s business is divided into four reportable segments: (1) the Retail Segment, which provides a broad range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers; (2) the National Programs Segment, which provides professional liability and related package products for certain professionals delivered through nationwide networks of independent agents and Brown & Brown retail agents, and markets targeted products and services designed for specific industries, trade groups, public and quasi-public entities, market niches and provides flood coverage; (3) the Wholesale Brokerage Segment, which markets and sells excess and surplus commercial and personal lines insurance, primarily through independent agents and brokers; and (4) the Services Segment, which provides insurance-related services, including third-party claims administration and comprehensive medical utilization management services in both the workers’ compensation and all-lines liability arenas, as well as Medicare Set-aside services, Social Security disability and Medicare benefits advocacy services and catastrophe claims adjusting services.

Brown & Brown conducts all of its operations within the United States of America, except for one wholesale brokerage operation based in London, England, and retail operations in Bermuda and the Cayman Islands. These operations earned $2.7 million and $2.4 million of total revenues for the three months ended March 31, 2015 and 2014, respectively. Long-lived assets held outside of the United States during the three months ended March 31, 2015 and 2014 were not material.

The accounting policies of the reportable segments are the same as those described in Note 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Company evaluates the performance of its segments based upon revenues and income before income taxes. Inter-segment revenues are eliminated.

Summarized financial information concerning the Company’s reportable segments is shown in the following table. The “Other” column includes any income and expenses not allocated to reportable segments and corporate-related items, including the inter-company interest expense charge to the reporting segment.

	For the three months ended March 31, 2015
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	218,344	$	99,555	$	51,828	$	34,788	$	(217	)	$	404,298
Investment income	$	22	$	45	$	72	$	—	$	81		$	220
Amortization	$	10,934	$	7,235	$	2,423	$	1,023	$	10		$	21,625
Depreciation	$	1,642	$	1,766	$	563	$	530	$	682		$	5,183
Interest expense	$	10,158	$	14,955	$	229	$	1,599	$	(17,090	)	$	9,851
Income before income taxes	$	47,009	$	9,476	$	14,484	$	4,502	$	18,307		$	93,778
Total assets	$	3,305,917	$	2,407,695	$	858,149	$	300,155	$	(2,032,974	)	$	4,838,942
Capital expenditures	$	1,424	$	1,489	$	451	$	240	$	123		$	3,727

	For the three months ended March 31, 2014
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	205,470	$	76,675	$	50,001	$	31,642	$	(194	)	$	363,594
Investment income	$	16	$	5	$	4	$	2	$	76		$	103
Amortization	$	10,269	$	3,864	$	2,676	$	1,057	$	10		$	17,876
Depreciation	$	1,593	$	1,489	$	619	$	463	$	476		$	4,640
Interest expense	$	10,745	$	5,442	$	386	$	1,970	$	(14,471	)	$	4,072
Income before income taxes	$	41,217	$	16,944	$	10,747	$	2,769	$	15,160		$	86,837
Total assets	$	3,057,253	$	1,376,590	$	877,555	$	276,219	$	(1,913,328	)	$	3,674,289
Capital expenditures	$	2,116	$	1,889	$	287	$	291	$	144		$	4,727