| Purchase Price Allocation for Current Year Acquisitions and Adjustments Made for Prior Year Acquisitions |
The following table summarizes the purchase price allocations made as of the date of each acquisition for current year acquisitions and adjustments made during the measurement period for prior year acquisitions. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. These adjustments are made in the period in which the amounts are determined and the current period income effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition date.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name |
|
Business
segment |
|
Effective
date of
acquisition |
|
Cash
paid |
|
|
Common stock issued |
|
|
Other
payable |
|
|
Recorded
earn-out
payable |
|
|
Net assets
acquired |
|
|
Maximum
potential
earn-out payable |
|
Orchid Underwriters Agency, LLC (Orchid) |
|
National Programs |
|
March 31, 2022 |
|
$ |
476.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10.8 |
|
|
$ |
487.0 |
|
|
$ |
20.0 |
|
GRP (Jersey) Holdco Limited (GRP) |
|
Retail
National Programs
Wholesale |
|
July 1, 2022 |
|
|
1,839.8 |
|
|
|
14.7 |
|
|
|
— |
|
|
|
— |
|
|
|
1,854.5 |
|
|
|
— |
|
First Insurance Solutions Ltd. (First) |
|
Retail |
|
July 8, 2022 |
|
|
13.0 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
8.3 |
|
|
|
22.7 |
|
|
|
9.2 |
|
BdB Holdings Limited (BdB) |
|
Wholesale |
|
August 1, 2022 |
|
|
75.3 |
|
|
|
— |
|
|
|
— |
|
|
|
11.1 |
|
|
|
86.4 |
|
|
|
36.3 |
|
Smithwick & Mariners Insurance, Inc. (Smithwick) |
|
Retail |
|
September 1, 2022 |
|
|
23.2 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
1.6 |
|
|
|
25.8 |
|
|
|
6.5 |
|
VistaNational Insurance Group, Inc. (VistaNational) |
|
Retail |
|
September 1, 2022 |
|
|
26.7 |
|
|
|
— |
|
|
|
0.8 |
|
|
|
1.1 |
|
|
|
28.6 |
|
|
|
3.0 |
|
Taylor Berry Knight Limited (Taylor) |
|
Retail |
|
November 16, 2022 |
|
|
27.1 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
17.8 |
|
|
|
45.1 |
|
|
|
17.8 |
|
Other |
|
Various |
|
Various |
|
|
63.1 |
|
|
|
— |
|
|
|
2.2 |
|
|
|
22.6 |
|
|
|
87.9 |
|
|
|
19.6 |
|
Total |
|
|
|
|
|
$ |
2,544.4 |
|
|
$ |
14.7 |
|
|
$ |
5.6 |
|
|
$ |
73.3 |
|
|
$ |
2,638.0 |
|
|
$ |
112.4 |
|
The following table summarizes the purchase price allocation made as of the date of each acquisition for current year acquisitions and significant adjustments made during the measurement period for prior year acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name |
|
Business
segment |
|
Effective
date of
acquisition |
|
Cash
paid |
|
|
Common
stock issued |
|
|
Other
payable |
|
|
Recorded
earn-out
payable |
|
|
Net assets
acquired |
|
|
Maximum
potential earn-
out payable |
|
O'Leary Insurances (O'Leary) |
|
Retail |
|
January 1, 2021 |
|
$ |
117.4 |
|
|
$ |
4.9 |
|
|
$ |
— |
|
|
$ |
15.4 |
|
|
$ |
137.7 |
|
|
$ |
30.6 |
|
Piper Jordan LLC (Piper) |
|
Retail |
|
May 1, 2021 |
|
|
43.4 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
9.9 |
|
|
|
54.7 |
|
|
|
15.0 |
|
Berkshire Insurance Group, Inc. (Berkshire) |
|
Retail |
|
September 1, 2021 |
|
|
41.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41.5 |
|
|
|
— |
|
AGIS Network, Inc. (AGIS) (1) |
|
Retail |
|
September 1, 2021 |
|
|
11.2 |
|
|
|
— |
|
|
|
24.1 |
|
|
|
0.8 |
|
|
|
36.1 |
|
|
|
12.3 |
|
Winston Financial Services, Inc. (Winston) |
|
Retail |
|
October 1, 2021 |
|
|
79.5 |
|
|
|
5.0 |
|
|
|
7.7 |
|
|
|
16.4 |
|
|
|
108.6 |
|
|
|
29.0 |
|
Remedy Analytics, Inc. (Remedy) |
|
Retail |
|
October 1, 2021 |
|
|
40.8 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
7.3 |
|
|
|
48.6 |
|
|
|
25.0 |
|
Heacock Insurance Group, LLC (Heacock) |
|
Retail |
|
October 1, 2021 |
|
|
18.2 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
1.9 |
|
|
|
20.6 |
|
|
|
6.0 |
|
Corporate Insurance Advisors, L.L.C. (CIA) |
|
Retail |
|
December 1, 2021 |
|
|
15.3 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
6.5 |
|
|
|
22.0 |
|
|
|
14.0 |
|
Rainmaker Advisory, LLC (Rainmaker) |
|
Retail |
|
December 1, 2021 |
|
|
14.2 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
5.9 |
|
|
|
20.8 |
|
|
|
10.0 |
|
HARCO Insurance Services, Inc. (HARCO) |
|
Retail |
|
December 31, 2021 |
|
|
24.3 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
4.4 |
|
|
|
29.7 |
|
|
|
7.3 |
|
Other |
|
Various |
|
Various |
|
|
18.8 |
|
|
|
— |
|
|
|
3.1 |
|
|
|
7.2 |
|
|
|
29.1 |
|
|
|
13.1 |
|
Total |
|
|
|
|
|
$ |
424.6 |
|
|
$ |
9.9 |
|
|
$ |
39.2 |
|
|
$ |
75.7 |
|
|
$ |
549.4 |
|
|
$ |
162.3 |
|
The following table summarizes the purchase price allocation made as of the date of each acquisition for current year acquisitions and significant adjustments made during the measurement period for prior year acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name |
|
Business
segment |
|
Effective
date of
acquisition |
|
Cash
paid |
|
|
Common
stock issued |
|
|
Other
payable |
|
|
Recorded
earn-out
payable |
|
|
Net assets
acquired |
|
|
Maximum
potential earn-
out payable |
|
Special Risk Insurance Managers
Ltd. (Special Risk) |
|
National Programs |
|
January 1, 2020 |
|
$ |
70.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9.8 |
|
|
$ |
80.0 |
|
|
$ |
14.7 |
|
Texas All Risk General Agency,
Inc. et al (Texas Risk) |
|
Wholesale Brokerage |
|
January 1, 2020 |
|
|
10.5 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.3 |
|
|
|
11.0 |
|
|
|
1.2 |
|
The Colonial Group, Inc. et al
(Colonial) |
|
Wholesale Brokerage |
|
March 1, 2020 |
|
|
29.0 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
7.6 |
|
|
|
37.1 |
|
|
|
10.2 |
|
RLA Insurance Intermediaries,
LLC (RLA) |
|
Wholesale Brokerage |
|
March 1, 2020 |
|
|
42.5 |
|
|
|
— |
|
|
|
0.8 |
|
|
|
11.7 |
|
|
|
55.0 |
|
|
|
22.5 |
|
Dealer Financial Services of N.C.,
LLC d/b/a The Sterling Group (Sterling) |
|
Retail |
|
April 1, 2020 |
|
|
19.3 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
4.1 |
|
|
|
23.7 |
|
|
|
5.4 |
|
LP Insurance Services, LLC (LP) |
|
National Programs |
|
May 1, 2020 |
|
|
116.0 |
|
|
|
10.0 |
|
|
|
0.3 |
|
|
|
23.4 |
|
|
|
149.7 |
|
|
|
75.8 |
|
First Resource, Inc. (First) |
|
Retail |
|
July 1, 2020 |
|
|
10.7 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
3.8 |
|
|
|
14.9 |
|
|
|
5.8 |
|
Buiten & Associates, LLC (Buiten) |
|
Retail |
|
August 1, 2020 |
|
|
38.2 |
|
|
|
— |
|
|
|
1.2 |
|
|
|
7.4 |
|
|
|
46.8 |
|
|
|
14.2 |
|
Amity Insurance, Inc. (Amity) |
|
Retail |
|
August 1, 2020 |
|
|
14.8 |
|
|
|
2.0 |
|
|
|
0.2 |
|
|
|
1.9 |
|
|
|
18.9 |
|
|
|
4.0 |
|
Frank E. Neal & Co., Inc. (Neal) |
|
Retail |
|
September 1, 2020 |
|
|
32.6 |
|
|
|
3.1 |
|
|
|
0.4 |
|
|
|
5.7 |
|
|
|
41.8 |
|
|
|
10.3 |
|
BrookStone Insurance Group, LLC
(BrookStone) |
|
Retail |
|
September 1, 2020 |
|
|
12.0 |
|
|
|
— |
|
|
|
— |
|
|
|
1.1 |
|
|
|
13.1 |
|
|
|
1.9 |
|
VAS GenPar, LLC (VAS) |
|
Retail |
|
October 1, 2020 |
|
|
114.3 |
|
|
|
15.0 |
|
|
|
— |
|
|
|
23.3 |
|
|
|
152.6 |
|
|
|
48.0 |
|
Bright & Associates, Inc. (Bright) |
|
Retail |
|
October 1, 2020 |
|
|
12.5 |
|
|
|
— |
|
|
|
1.2 |
|
|
|
3.9 |
|
|
|
17.6 |
|
|
|
5.8 |
|
J.E. Brown & Associates Insurance
Services, Inc. (J.E. Brown) |
|
Wholesale Brokerage |
|
October 1, 2020 |
|
|
33.3 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
6.0 |
|
|
|
40.3 |
|
|
|
10.4 |
|
CoverHound, Inc. and CyberPolicy,
Inc. (CoverHound) |
|
Retail |
|
November 1, 2020 |
|
|
27.6 |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
|
|
28.2 |
|
|
|
— |
|
MAJ Companies, Ltd. (MAJ) |
|
Retail |
|
December 1, 2020 |
|
|
19.1 |
|
|
|
— |
|
|
|
0.3 |
|
|
|
2.0 |
|
|
|
21.4 |
|
|
|
6.5 |
|
South & Western General Agency,
Inc. (South & Western) |
|
Wholesale Brokerage |
|
December 1, 2020 |
|
|
69.7 |
|
|
|
— |
|
|
|
1.2 |
|
|
|
7.3 |
|
|
|
78.2 |
|
|
|
18.0 |
|
Berry Insurance Group, Inc. (Berry) |
|
Retail |
|
December 31, 2020 |
|
|
35.3 |
|
|
|
— |
|
|
|
— |
|
|
|
3.7 |
|
|
|
39.0 |
|
|
|
6.5 |
|
Other |
|
Various |
|
Various |
|
|
14.9 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
8.5 |
|
|
|
23.9 |
|
|
|
12.3 |
|
Total |
|
|
|
|
|
$ |
722.5 |
|
|
$ |
30.1 |
|
|
$ |
9.1 |
|
|
$ |
131.5 |
|
|
$ |
893.2 |
|
|
$ |
273.5 |
|
|
| Estimated Fair Values of Aggregate Assets and Liabilities Acquired |
The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Orchid |
|
|
GRP |
|
|
First |
|
|
BdB |
|
|
Smithwick |
|
|
VistaNational |
|
|
Taylor |
|
|
Other (1) |
|
|
Total |
|
Cash and equivalents |
|
$ |
3.2 |
|
|
$ |
80.3 |
|
|
$ |
2.4 |
|
|
$ |
15.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1.0 |
|
|
$ |
1.0 |
|
|
$ |
103.7 |
|
Fiduciary cash |
|
|
40.5 |
|
|
|
457.5 |
|
|
|
1.4 |
|
|
|
13.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
513.0 |
|
Fiduciary receivables |
|
|
12.5 |
|
|
|
141.9 |
|
|
|
— |
|
|
|
21.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
176.0 |
|
Other current assets |
|
|
0.1 |
|
|
|
86.9 |
|
|
|
0.9 |
|
|
|
8.8 |
|
|
|
0.8 |
|
|
|
1.7 |
|
|
|
3.7 |
|
|
|
(7.8 |
) |
|
|
95.1 |
|
Fixed assets |
|
|
1.8 |
|
|
|
12.7 |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
15.5 |
|
Goodwill |
|
|
411.9 |
|
|
|
1,366.5 |
|
|
|
14.5 |
|
|
|
56.0 |
|
|
|
19.7 |
|
|
|
20.9 |
|
|
|
34.7 |
|
|
|
70.3 |
|
|
|
1,994.5 |
|
Purchased customer accounts and other |
|
|
107.8 |
|
|
|
496.8 |
|
|
|
5.2 |
|
|
|
14.0 |
|
|
|
6.7 |
|
|
|
6.1 |
|
|
|
8.7 |
|
|
|
23.9 |
|
|
|
669.2 |
|
Non-compete agreements |
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.3 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
1.0 |
|
|
|
2.0 |
|
Operating lease right-of-use assets |
|
|
6.0 |
|
|
|
18.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24.7 |
|
Other assets |
|
|
1.9 |
|
|
|
8.8 |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
|
|
11.3 |
|
Total assets acquired |
|
|
585.7 |
|
|
|
2,670.1 |
|
|
|
24.6 |
|
|
|
130.7 |
|
|
|
27.6 |
|
|
|
28.9 |
|
|
|
48.6 |
|
|
|
88.8 |
|
|
|
3,605.0 |
|
Fiduciary liabilities |
|
|
(53.0 |
) |
|
|
(599.4 |
) |
|
|
(1.4 |
) |
|
|
(35.2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(689.0 |
) |
Other current liabilities |
|
|
(9.5 |
) |
|
|
(64.6 |
) |
|
|
(0.5 |
) |
|
|
(3.3 |
) |
|
|
(1.8 |
) |
|
|
(0.3 |
) |
|
|
(1.6 |
) |
|
|
(0.9 |
) |
|
|
(82.5 |
) |
Deferred income tax, net |
|
|
(30.2 |
) |
|
|
(122.5 |
) |
|
|
— |
|
|
|
(4.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(156.7 |
) |
Operating lease liabilities |
|
|
(6.0 |
) |
|
|
(18.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24.7 |
) |
Other long-term liabilities |
|
|
— |
|
|
|
(10.4 |
) |
|
|
— |
|
|
|
(1.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1.9 |
) |
|
|
— |
|
|
|
(14.1 |
) |
Total liabilities assumed |
|
|
(98.7 |
) |
|
|
(815.6 |
) |
|
|
(1.9 |
) |
|
|
(44.3 |
) |
|
|
(1.8 |
) |
|
|
(0.3 |
) |
|
|
(3.5 |
) |
|
|
(0.9 |
) |
|
|
(967.0 |
) |
Net assets acquired |
|
$ |
487.0 |
|
|
$ |
1,854.5 |
|
|
$ |
22.7 |
|
|
$ |
86.4 |
|
|
$ |
25.8 |
|
|
$ |
28.6 |
|
|
$ |
45.1 |
|
|
$ |
87.9 |
|
|
$ |
2,638.0 |
|
The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
O'Leary |
|
|
Piper |
|
|
Berkshire |
|
|
AGIS |
|
|
Winston |
|
|
Remedy |
|
Cash |
|
$ |
45.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5.0 |
|
|
$ |
6.7 |
|
Other current assets |
|
|
43.5 |
|
|
|
2.4 |
|
|
|
1.6 |
|
|
|
13.7 |
|
|
|
7.5 |
|
|
|
1.8 |
|
Fixed assets |
|
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.2 |
|
|
|
0.1 |
|
Goodwill |
|
|
84.6 |
|
|
|
40.0 |
|
|
|
27.1 |
|
|
|
8.7 |
|
|
|
74.5 |
|
|
|
33.3 |
|
Purchased customer
accounts |
|
|
40.5 |
|
|
|
12.3 |
|
|
|
12.3 |
|
|
|
13.6 |
|
|
|
25.0 |
|
|
|
13.7 |
|
Non-compete
agreements |
|
|
0.8 |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.9 |
|
|
|
0.5 |
|
Other assets |
|
|
0.1 |
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
|
1.3 |
|
Total assets
acquired |
|
|
215.4 |
|
|
|
54.7 |
|
|
|
41.5 |
|
|
|
36.1 |
|
|
|
114.1 |
|
|
|
57.4 |
|
Other current
liabilities |
|
|
(72.6 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5.5 |
) |
|
|
(5.2 |
) |
Deferred income tax, net |
|
|
(5.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.6 |
) |
Other liabilities |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
Total liabilities
assumed |
|
|
(77.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5.5 |
) |
|
|
(8.8 |
) |
Net assets acquired |
|
$ |
137.7 |
|
|
$ |
54.7 |
|
|
$ |
41.5 |
|
|
$ |
36.1 |
|
|
$ |
108.6 |
|
|
$ |
48.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Heacock |
|
|
CIA |
|
|
Rainmaker |
|
|
HARCO |
|
|
Other |
|
|
Total |
|
Cash |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.7 |
|
|
$ |
57.8 |
|
Other current assets |
|
|
0.8 |
|
|
|
— |
|
|
|
— |
|
|
|
0.7 |
|
|
|
5.0 |
|
|
|
77.0 |
|
Fixed assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
1.9 |
|
Goodwill |
|
|
13.9 |
|
|
|
17.3 |
|
|
|
15.0 |
|
|
|
20.6 |
|
|
|
15.0 |
|
|
|
350.0 |
|
Purchased customer
accounts |
|
|
5.8 |
|
|
|
4.8 |
|
|
|
5.8 |
|
|
|
8.2 |
|
|
|
11.7 |
|
|
|
153.7 |
|
Non-compete
agreements |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
2.5 |
|
Other assets |
|
|
0.4 |
|
|
|
0.3 |
|
|
— |
|
|
|
0.5 |
|
|
|
0.3 |
|
|
|
3.4 |
|
Total assets
acquired |
|
|
20.9 |
|
|
|
22.4 |
|
|
|
20.8 |
|
|
|
30.1 |
|
|
|
32.9 |
|
|
|
646.3 |
|
Other current
liabilities |
|
|
(0.3 |
) |
|
|
(0.4 |
) |
|
|
— |
|
|
|
(0.4 |
) |
|
|
(3.8 |
) |
|
|
(88.2 |
) |
Deferred income tax, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8.7 |
) |
Other liabilities |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
Total liabilities
assumed |
|
|
(0.3 |
) |
|
|
(0.4 |
) |
|
|
— |
|
|
|
(0.4 |
) |
|
|
(3.8 |
) |
|
|
(96.9 |
) |
Net assets acquired |
|
$ |
20.6 |
|
|
$ |
22.0 |
|
|
$ |
20.8 |
|
|
$ |
29.7 |
|
|
$ |
29.1 |
|
|
$ |
549.4 |
|
The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Special Risk |
|
|
Texas Risk |
|
|
Colonial |
|
|
RLA |
|
|
Sterling |
|
|
LP |
|
|
First |
|
|
Buiten |
|
|
Amity |
|
|
Neal |
|
Cash |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Other current assets |
|
|
2.5 |
|
|
|
0.5 |
|
|
|
1.3 |
|
|
— |
|
|
|
0.6 |
|
|
|
3.2 |
|
|
|
0.3 |
|
|
|
2.6 |
|
|
|
0.6 |
|
|
|
2.3 |
|
Fixed assets |
|
|
0.3 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
Goodwill |
|
|
63.1 |
|
|
|
9.0 |
|
|
|
27.9 |
|
|
|
53.6 |
|
|
|
17.3 |
|
|
|
100.0 |
|
|
|
9.5 |
|
|
|
33.6 |
|
|
|
15.5 |
|
|
|
28.9 |
|
Purchased customer
accounts |
|
|
14.3 |
|
|
|
3.2 |
|
|
|
9.2 |
|
|
|
12.3 |
|
|
|
6.0 |
|
|
|
44.8 |
|
|
|
5.1 |
|
|
|
11.3 |
|
|
|
5.6 |
|
|
|
13.2 |
|
Non-compete
agreements |
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
Other assets |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
0.3 |
|
Total assets
acquired |
|
|
80.3 |
|
|
|
12.7 |
|
|
|
38.5 |
|
|
|
66.4 |
|
|
|
23.9 |
|
|
|
149.9 |
|
|
|
14.9 |
|
|
|
47.7 |
|
|
|
21.8 |
|
|
|
44.8 |
|
Other current liabilities |
|
|
(0.3 |
) |
|
|
(1.7 |
) |
|
|
(1.4 |
) |
|
|
(11.4 |
) |
|
|
(0.2 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.9 |
) |
|
|
(2.9 |
) |
|
|
(3.0 |
) |
Other liabilities |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total liabilities
assumed |
|
|
(0.3 |
) |
|
|
(1.7 |
) |
|
|
(1.4 |
) |
|
|
(11.4 |
) |
|
|
(0.2 |
) |
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.9 |
) |
|
|
(2.9 |
) |
|
|
(3.0 |
) |
Net assets acquired |
|
$ |
80.0 |
|
|
$ |
11.0 |
|
|
$ |
37.1 |
|
|
$ |
55.0 |
|
|
$ |
23.7 |
|
|
$ |
149.7 |
|
|
$ |
14.9 |
|
|
$ |
46.8 |
|
|
$ |
18.9 |
|
|
$ |
41.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Brook Stone |
|
|
VAS |
|
|
Bright |
|
|
J.E. Brown |
|
|
Cover Hound |
|
|
MAJ |
|
|
South & Western |
|
|
Berry |
|
|
Other |
|
|
Total |
|
Cash |
|
$ |
— |
|
|
$ |
27.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
27.7 |
|
Other current assets |
|
|
0.5 |
|
|
|
5.5 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
0.9 |
|
|
|
22.0 |
|
Fixed assets |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
6.4 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
9.4 |
|
Goodwill |
|
|
8.6 |
|
|
|
100.8 |
|
|
|
12.2 |
|
|
|
31.5 |
|
|
|
19.5 |
|
|
|
13.0 |
|
|
|
63.1 |
|
|
|
29.7 |
|
|
|
11.3 |
|
|
|
648.1 |
|
Purchased customer
accounts |
|
|
3.7 |
|
|
|
48.2 |
|
|
|
5.1 |
|
|
|
9.5 |
|
|
|
3.7 |
|
|
|
8.0 |
|
|
|
18.5 |
|
|
|
9.7 |
|
|
|
8.6 |
|
|
|
240.0 |
|
Non-compete
agreements |
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.9 |
|
Other assets |
|
|
0.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.1 |
|
|
|
3.7 |
|
Total assets acquired |
|
|
13.2 |
|
|
|
182.4 |
|
|
|
17.7 |
|
|
|
41.0 |
|
|
|
30.0 |
|
|
|
21.4 |
|
|
|
81.8 |
|
|
|
39.4 |
|
|
|
24.0 |
|
|
|
951.8 |
|
Other current liabilities |
|
|
(0.1 |
) |
|
|
(3.7 |
) |
|
|
(0.1 |
) |
|
|
(0.7 |
) |
|
|
(1.8 |
) |
|
|
— |
|
|
|
(3.6 |
) |
|
|
(0.4 |
) |
|
|
(0.1 |
) |
|
|
(32.3 |
) |
Other liabilities |
|
— |
|
|
|
(26.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26.3 |
) |
Total liabilities
assumed |
|
|
(0.1 |
) |
|
|
(29.8 |
) |
|
|
(0.1 |
) |
|
|
(0.7 |
) |
|
|
(1.8 |
) |
|
|
— |
|
|
|
(3.6 |
) |
|
|
(0.4 |
) |
|
|
(0.1 |
) |
|
|
(58.6 |
) |
Net assets acquired |
|
$ |
13.1 |
|
|
$ |
152.6 |
|
|
$ |
17.6 |
|
|
$ |
40.3 |
|
|
$ |
28.2 |
|
|
$ |
21.4 |
|
|
$ |
78.2 |
|
|
$ |
39.0 |
|
|
$ |
23.9 |
|
|
$ |
893.2 |
|
|
| Unaudited Proforma Results |
These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.
|
|
|
|
|
|
|
|
|
|
(UNAUDITED) |
|
Year Ended December 31, |
|
(in millions, except per share data) |
|
2022 |
|
|
2021 |
|
Total revenues |
|
$ |
3,789.8 |
|
|
$ |
3,514.1 |
|
Income before income taxes |
|
$ |
891.4 |
|
|
$ |
776.2 |
|
Net income |
|
$ |
683.5 |
|
|
$ |
597.4 |
|
Net income per share: |
|
|
|
|
|
|
Basic |
|
$ |
2.42 |
|
|
$ |
2.11 |
|
Diluted |
|
$ |
2.41 |
|
|
$ |
2.10 |
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
277,646 |
|
|
|
276,276 |
|
Diluted |
|
|
278,783 |
|
|
|
277,667 |
|
These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.
|
|
|
|
|
|
|
|
|
|
(UNAUDITED) |
|
Year Ended December 31, |
|
(in millions, except per share data) |
|
2021 |
|
|
2020 |
|
Total revenues |
|
$ |
3,128.5 |
|
|
$ |
2,751.2 |
|
Income before income taxes |
|
$ |
779.5 |
|
|
$ |
653.3 |
|
Net income |
|
$ |
600.0 |
|
|
$ |
502.9 |
|
Net income per share: |
|
|
|
|
|
|
Basic |
|
$ |
2.13 |
|
|
$ |
1.78 |
|
Diluted |
|
$ |
2.12 |
|
|
$ |
1.77 |
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
276,024 |
|
|
|
274,334 |
|
Diluted |
|
|
277,414 |
|
|
|
275,867 |
|
These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods.
|
|
|
|
|
|
(UNAUDITED) |
|
Year Ended December 31, |
|
(in millions, except per share data) |
|
2020 |
|
Total revenues |
|
$ |
2,714.3 |
|
Income before income taxes |
|
$ |
650.6 |
|
Net income |
|
$ |
500.9 |
|
Net income per share: |
|
|
|
Basic |
|
$ |
1.77 |
|
Diluted |
|
$ |
1.76 |
|
Weighted average number of shares outstanding: |
|
|
|
Basic |
|
|
274,334 |
|
Diluted |
|
|
275,867 |
|
|