Brown & Brown (BRO) 10-Q 26 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	BROWN & BROWN, INC.
Entity Central Index Key	0000079282
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		282,426,839
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	BRO
Security Exchange Name	NYSE
Entity File Number	001-13619
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0864469
Entity Address, Address Line One	300 North Beach Street
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	252-9601
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUES
Commissions and fees	$ 769,654	$ 671,396	$ 2,309,610	$ 1,966,056
Investment income	430	349	909	1,844
Other income, net	221	2,217	2,414	3,364
Total revenues	770,305	673,962	2,312,933	1,971,264
EXPENSES
Employee compensation and benefits	394,997	362,767	1,220,107	1,058,907
Other operating expenses	101,071	91,403	291,690	274,103
(Gain)/loss on disposal	(288)	(994)	(4,332)	(1,285)
Amortization	29,523	27,059	88,562	80,190
Depreciation	9,200	6,647	25,457	18,836
Interest	16,175	13,234	48,802	42,334
Change in estimated acquisition earn-out payables	23,138	15,318	20,643	4,996
Total expenses	573,816	515,434	1,690,929	1,478,081
Income before income taxes	196,489	158,528	622,004	493,183
Income taxes	50,135	24,549	136,617	110,020
Net income	$ 146,354	$ 133,979	$ 485,387	$ 383,163
Net income per share:
Basic (in dollars per share)	$ 0.52	$ 0.47	$ 1.72	$ 1.35
Diluted (in dollars per share)	0.52	0.47	1.71	1.35
Dividends declared per share (in dollars per share)	$ 0.093	$ 0.085	$ 0.278	$ 0.255

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 146,354	$ 133,979	$ 485,387	$ 383,163
Foreign currency translation	(2,918)		(6,700)
Unrealized (loss) gain on available-for-sale debt securities, net of tax	(83)		150
Comprehensive income	$ 143,353	$ 133,979	$ 478,837	$ 383,163

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 943,969	$ 817,398
Restricted cash	481,922	454,517
Short-term investments	14,428	18,332
Premiums, commissions and fees receivable	1,205,655	1,099,248
Reinsurance recoverable	220,430	43,469
Prepaid reinsurance premiums	411,252	377,615
Other current assets	120,621	147,670
Total current assets	3,398,277	2,958,249
Fixed assets, net	208,343	201,115
Operating lease assets	187,828	186,998
Goodwill	4,565,156	4,395,918
Amortizable intangible assets, net	1,045,280	1,049,660
Investments	31,349	24,971
Other assets	192,933	149,581
Total assets	9,629,166	8,966,492
Current Liabilities:
Premiums payable to insurance companies	1,214,835	1,198,529
Losses and loss adjustment reserve	220,430	43,469
Unearned premiums	411,252	377,615
Premium deposits and credits due customers	140,109	102,505
Accounts payable	226,143	190,497
Accrued expenses and other liabilities	386,372	371,737
Current portion of long-term debt	290,000	70,000
Total current liabilities	2,889,141	2,354,352
Long-term debt less unamortized discount and debt issuance costs	1,755,487	2,025,906
Operating lease liabilities	171,571	172,935
Deferred income taxes, net	374,595	344,222
Other liabilities	330,753	314,854
Shareholders’ Equity:
Common stock, par value $0.10 per share; authorized 560,000 shares; issued 300,929 shares and outstanding 282,432 shares at 2021, issued 299,689 shares and outstanding 283,004 shares at 2020	30,093	29,969
Additional paid-in capital	830,066	794,909
Treasury stock, at cost at 18,497 shares at 2021, 16,685 shares at 2020, respectively	(673,902)	(591,338)
Accumulated other comprehensive loss	(6,550)
Retained earnings	3,927,912	3,520,683
Total shareholders’ equity	4,107,619	3,754,223
Total liabilities and shareholders’ equity	$ 9,629,166	$ 8,966,492

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	560,000,000	560,000,000
Common stock, shares issued (in shares)	300,929,000	299,689,000
Common stock, shares outstanding (in shares)	282,432,000	283,004,000
Treasury stock shares (in shares)	18,497,000	16,685,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance, Value at Dec. 31, 2019	$ 3,350,279	$ 29,711	$ 716,049	$ (536,243)		$ 3,140,762
Beginning Balance, Shares at Dec. 31, 2019		281,655
Net income	152,400					152,400
Net unrealized holding (loss) gain on available-for- sale securities	293		194			99
Employee stock purchase plan	2,191		2,191
Common stock issued for stock incentive plan & employee stock benefit plans	9	$ 182	(173)
Common stock issued for stock incentive plan & employee stock benefit plans, Shares		1,828
Purchase of treasury stock	(1,429)			(1,429)
Purchase of treasury stock, Shares		(42)
Cash dividends paid	(23,902)					(23,902)
Ending Balance, Value at Mar. 31, 2020	3,479,841	$ 29,893	718,261	(537,672)		3,269,359
Ending Balance, Shares at Mar. 31, 2020		283,441
Beginning Balance, Value at Dec. 31, 2019	3,350,279	$ 29,711	716,049	(536,243)		3,140,762
Beginning Balance, Shares at Dec. 31, 2019		281,655
Net income	383,163
Ending Balance, Value at Sep. 30, 2020	3,702,010	$ 29,937	763,749	(543,556)		3,451,880
Ending Balance, Shares at Sep. 30, 2020		283,745
Beginning Balance, Value at Mar. 31, 2020	3,479,841	$ 29,893	718,261	(537,672)		3,269,359
Beginning Balance, Shares at Mar. 31, 2020		283,441
Net income	96,784					96,784
Net unrealized holding (loss) gain on available-for- sale securities	315		384			(69)
Employee stock purchase plan	1,349		1,349
Common stock issued for stock incentive plan & employee stock benefit plans	18,726	$ (7)	18,733
Common stock issued for stock incentive plan & employee stock benefit plans, Shares		(73)
Common stock issued for agency acquisitions	10,000	$ 27	9,973
Common stock issued for agency acquisitions, Shares		274
Common stock issued to directors	587	$ 2	585
Common stock issued to directors, Shares		16
Cash dividends paid	(24,084)					(24,084)
Ending Balance, Value at Jun. 30, 2020	3,583,518	$ 29,915	749,285	(537,672)		3,341,990
Ending Balance, Shares at Jun. 30, 2020		283,658
Net income	133,979					133,979
Net unrealized holding (loss) gain on available-for- sale securities	(51)		(51)
Employee stock purchase plan	31,614	$ 96	31,518
Employee stock purchase plan, Shares		962
Common stock issued for stock incentive plan & employee stock benefit plans	(22,197)	$ (86)	(22,111)
Common stock issued for stock incentive plan & employee stock benefit plans, Shares		(856)
Common stock issued for agency acquisitions	5,120	$ 12	5,108
Common stock issued for agency acquisitions, Shares		114
Purchase of treasury stock	(5,884)			(5,884)
Purchase of treasury stock, Shares		(133)
Cash dividends paid	(24,089)					(24,089)
Ending Balance, Value at Sep. 30, 2020	3,702,010	$ 29,937	763,749	(543,556)		3,451,880
Ending Balance, Shares at Sep. 30, 2020		283,745
Beginning Balance, Value at Dec. 31, 2020	$ 3,754,223	$ 29,969	794,909	(591,338)		3,520,683
Beginning Balance, Shares at Dec. 31, 2020	283,004	283,004
Net income	$ 199,744					199,744
Net unrealized holding (loss) gain on available-for- sale securities	(245)		(508)		$ 263
Foreign currency translation	(5,131)				(5,253)	122
Employee stock purchase plan	3,032		3,032
Common stock issued for stock incentive plan & employee stock benefit plans	15,646	$ 140	15,506
Common stock issued for stock incentive plan & employee stock benefit plans, Shares		1,400
Common stock issued for agency acquisitions	4,892	$ 11	4,881
Common stock issued for agency acquisitions, Shares		107
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(45,052)	$ (98)	(44,954)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(973)
Purchase of treasury stock	(70,020)			(70,020)
Purchase of treasury stock, Shares		(1,558)
Cash dividends paid	(26,092)					(26,092)
Ending Balance, Value at Mar. 31, 2021	3,830,997	$ 30,022	772,866	(661,358)	(4,990)	3,694,457
Ending Balance, Shares at Mar. 31, 2021		281,980
Beginning Balance, Value at Dec. 31, 2020	$ 3,754,223	$ 29,969	794,909	(591,338)		3,520,683
Beginning Balance, Shares at Dec. 31, 2020	283,004	283,004
Net income	$ 485,387
Common stock issued for agency acquisitions	4,892
Ending Balance, Value at Sep. 30, 2021	$ 4,107,619	$ 30,093	830,066	(673,902)	(6,550)	3,927,912
Ending Balance, Shares at Sep. 30, 2021	282,432	282,432
Beginning Balance, Value at Mar. 31, 2021	$ 3,830,997	$ 30,022	772,866	(661,358)	(4,990)	3,694,457
Beginning Balance, Shares at Mar. 31, 2021		281,980
Net income	139,290					139,290
Net unrealized holding (loss) gain on available-for- sale securities	(30)				(30)
Foreign currency translation	1,471				1,471
Employee stock purchase plan	1,988		1,988
Common stock issued for stock incentive plan & employee stock benefit plans	12,059	$ (8)	12,067
Common stock issued for stock incentive plan & employee stock benefit plans, Shares		(83)
Common stock issued to directors	899	$ 2	897
Common stock issued to directors, Shares		17
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(3,204)	$ (6)	(3,198)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(61)
Purchase of treasury stock	(11,405)			(11,405)
Purchase of treasury stock, Shares		(232)
Cash dividends paid	(26,063)					(26,063)
Ending Balance, Value at Jun. 30, 2021	3,946,002	$ 30,010	784,620	(672,763)	(3,549)	3,807,684
Ending Balance, Shares at Jun. 30, 2021		281,621
Net income	146,354					146,354
Net unrealized holding (loss) gain on available-for- sale securities	(83)				(83)
Foreign currency translation	(2,918)				(2,918)
Employee stock purchase plan	35,300	$ 85	35,215
Employee stock purchase plan, Shares		851
Common stock issued for stock incentive plan & employee stock benefit plans	11,567		11,567
Common stock issued for stock incentive plan & employee stock benefit plans, Shares		7
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(1,338)	$ (2)	(1,336)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(25)
Purchase of treasury stock	(1,139)			(1,139)
Purchase of treasury stock, Shares		(22)
Cash dividends paid	(26,126)					(26,126)
Ending Balance, Value at Sep. 30, 2021	$ 4,107,619	$ 30,093	$ 830,066	$ (673,902)	$ (6,550)	$ 3,927,912
Ending Balance, Shares at Sep. 30, 2021	282,432	282,432

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares	Aug. 18, 2021	May 19, 2021	Feb. 17, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Cash dividends paid	$ 0.0925	$ 0.0925	$ 0.0925	$ 0.0925	$ 0.0925	$ 0.0925	$ 0.085	$ 0.085	$ 0.085

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 485,387	$ 383,163
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization	88,562	80,190
Depreciation	25,457	18,836
Non-cash stock-based compensation	46,659	43,465
Change in estimated acquisition earn-out payables	20,643	4,996
Deferred income taxes	25,417	4,598
Amortization of debt discount and disposal of deferred financing costs	2,081	1,619
Amortization (accretion) of discounts and premiums, investment	119	26
Net (gain)/loss on sales of investments, fixed assets and customer accounts	(2,019)	(720)
Payments on acquisition earn-outs in excess of original estimated payables	(5,747)	(1,199)
Effect of changes in foreign exchange rate changes	475
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Premiums, commissions and fees receivable (increase) decrease	(66,431)	(63,124)
Reinsurance recoverables (increase) decrease	(176,961)	(48,959)
Prepaid reinsurance premiums (increase) decrease	(33,637)	(31,594)
Other assets (increase) decrease	(6,536)	4,071
Premiums payable to insurance companies increase (decrease)	(37,999)	58,986
Premium deposits and credits due customers increase (decrease)	37,486	1,823
Losses and loss adjustment reserve increase (decrease)	176,961	48,959
Unearned premiums increase (decrease)	33,637	31,594
Accounts payable increase (decrease)	45,847	53,041
Accrued expenses and other liabilities increase (decrease)	(796)	(22,458)
Other liabilities increase (decrease)	(30,762)	(27,725)
Net cash provided by operating activities	627,843	539,588
Cash flows from investing activities:
Additions to fixed assets	(34,617)	(55,820)
Payments for businesses acquired, net of cash acquired	(178,007)	(402,358)
Proceeds from sales of fixed assets and customer accounts	9,327	8,622
Purchases of investments	(12,363)	(10,129)
Proceeds from sales of investments	9,280	7,434
Net cash used in investing activities	(206,380)	(452,251)
Cash flows from financing activities:
Payments on acquisition earn-outs	(36,115)	(9,859)
Proceeds from long-term debt		700,000
Payments on long-term debt	(52,500)	(41,250)
Deferred debt issuance costs		(6,788)
Borrowings on revolving credit facility		250,000
Payments on revolving credit facilities		(350,000)
Issuances of common stock for employee stock benefit plans	33,834	29,940
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(49,594)	(41,126)
Purchase of treasury stock	(82,564)	(7,313)
Cash dividends paid	(78,281)	(72,075)
Net cash (used in) provided by financing activities	(265,220)	451,529
Effect of foreign exchange rate cash changes	(2,267)
Net increase in cash and cash equivalents inclusive of restricted cash	153,976	538,866
Cash and cash equivalents inclusive of restricted cash at beginning of period	1,271,915	962,975
Cash and cash equivalents inclusive of restricted cash at end of period	$ 1,425,891	$ 1,501,841

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations	NOTE 1 Nature of Operations Brown & Brown, Inc., a Florida corporation, and its subsidiaries (collectively, “Brown & Brown” or the “Company”) is a diversified insurance agency, wholesale brokerage, insurance programs and service organization that markets and sells insurance products and services, primarily in the property, casualty and employee benefits areas. Brown & Brown’s business is divided into four reportable segments. The Retail Segment provides a broad range of insurance products and services to commercial, public and quasi-public entities, professional and individual insured customers, and non-insurance risk-mitigating products through our automobile dealer services (“F&I”) businesses. The National Programs Segment, which acts as a managing general agent (“MGA”), provides professional liability and related package products for certain professionals, a range of insurance products for individuals, flood coverage, and targeted products and services designated for specific industries, trade groups, governmental entities and market niches, all of which are delivered through a nationwide network of independent agents, including Brown & Brown retail agents. The Wholesale Brokerage Segment markets and sells excess and surplus commercial and personal lines insurance, primarily through independent agents and brokers, as well as Brown & Brown retail agents. The Services Segment 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 claims adjusting services.

Basis of Financial Reporting

Basis of Financial Reporting	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Financial Reporting	NOTE 2 Basis of Financial Reporting The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair presentation have been included. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosures of contingent assets and liabilities, at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We have evaluated our contracts and the available expedients provided by the new standard and can assert there is no impact to any carrying value of assets or liabilities as our floating-rate debt instruments that are indexed to LIBOR are carried at amortized cost. Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The standard removes specific exceptions in the current rules and eliminates the need for an organization to analyze whether the following apply in a given period: (a) exception to the incremental approach for intra-period tax allocation; (b) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (c) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The standard also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (a) franchise taxes that are partially based on income; (b) transactions with a government that result in a step-up in the tax basis of goodwill; (c) separate financial statements of legal entities that are not subject to tax and (d) enacted changes in tax laws in interim periods. The Company adopted ASU 2019-12 effective January 1, 2021 . The impact of adopting this standard was no t material to the presentation of the Condensed Consolidated Financial Statements.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2021
Revenues [Abstract]
Revenues	NOTE 3 Revenues The following tables present the revenues disaggregated by revenue source: Three months ended September 30, 2021 (in thousands) Retail National Wholesale Services Other (8) Total Base commissions (1) $ 284,536 $ 133,649 $ 90,862 $ — $ 25 $ 509,072 Fees (2) 109,915 49,779 17,938 43,732 ( 428 ) 220,936 Incentive commissions (3) 15,460 444 720 — — 16,624 Profit-sharing contingent commissions (4) 8,705 6,499 2,414 — — 17,618 Guaranteed supplemental commissions (5) 4,454 549 401 — — 5,404 Investment income (6) 236 136 35 — 23 430 Other income, net (7) 115 9 98 — ( 1 ) 221 Total Revenues $ 423,421 $ 191,065 $ 112,468 $ 43,732 $ ( 381 ) $ 770,305 Nine months ended September 30, 2021 (in thousands) Retail National Wholesale Services Other (8) Total Base commissions (1) $ 905,470 $ 369,703 $ 246,233 $ — $ 32 $ 1,521,438 Fees (2) 307,314 125,329 51,574 135,590 ( 1,352 ) 618,455 Incentive commissions (3) 88,219 1,443 2,321 — — 91,983 Profit-sharing contingent commissions (4) 32,848 23,833 6,482 — — 63,163 Guaranteed supplemental commissions (5) 12,383 1,316 872 — — 14,571 Investment income (6) 271 423 120 3 92 909 Other income, net (7) 930 185 332 — 967 2,414 Total Revenues $ 1,347,435 $ 522,232 $ 307,934 $ 135,593 $ ( 261 ) $ 2,312,933 1. Base commissions generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds’ underlying “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, or sales and payroll levels) to determine what premium to charge the insured. Insurance companies establish these premium rates based upon many factors, including loss experience, risk profile and reinsurance rates paid by such insurance companies, none of which we control. 2. Fee revenues relate to fees for services other than securing coverage for our customers, fees negotiated in lieu of commissions, and F&I products and services. 3. Incentive commissions include additional commissions over base commissions received from insurance carriers based on predetermined production levels mutually agreed upon by both parties. 4. Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention. 5. Guaranteed supplemental commissions represent guaranteed fixed-base agreements in lieu of profit-sharing contingent commissions. 6. Investment income consists primarily of interest on cash and investments. 7. Other income consists primarily of legal settlements and other miscellaneous income. 8. Fees within other reflects the elimination of intercompany revenues. Contract Assets and Liabilities The balances of contract assets and contract liabilities arising from contracts with customers as of September 30, 2021 and December 31, 2020 were as follows: (in thousands) September 30, 2021 December 31, 2020 Contract assets $ 375,277 $ 308,755 Contract liabilities $ 84,566 $ 80,997 Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which have not yet been billed in the Company's systems and are reflected in premiums, commissions and fee receivables in the Company's Condensed Consolidated Balance Sheet. The increase in contract assets over the balance as of December 31, 2020 is due to normal seasonality, growth in our business, and from businesses acquired in the current year. Deferred revenue (contract liabilities) relates to payments received in advance of performance under the contract before the transfer of a good or service to the customer. Deferred revenue is reflected within accrued expenses and other liabilities for those to be recognized in less than 12 months and in other liabilities for those to be recognized more than 12 months from the date presented in the Company's Condensed Consolidated Balance Sheet. As of September 30, 2021, deferred revenue consisted of $ 54.5 million as current portion to be recognized within one year and $ 30.1 million in long term to be recognized beyond one year. As of December 31, 2020, deferred revenue consisted of $ 54.0 million as current portion to be recognized within one year and $ 27.0 million in long-term deferred revenue to be recognized beyond one year. During the nine months ended September 30, 2021, the net amount of revenue recognized related to performance obligations satisfied in a previous period was $ 22.0 million , consisting of additional variable consideration received on our incentive and profit-sharing contingent commissions. During the nine months ended September 30, 2020, the net amount of revenue recognized related to performance obligations satisfied in a previous period was $ 7.5 million, consisting of $ 16.7 million of additional variable consideration received on our incentive and profit-sharing contingent commissions, offset by $ 7.1 million of revised estimates related to variable consideration on policies where the exposure units are expected to be impacted by the COVID-19 pandemic (“COVID-19”) and $ 2.1 million of other adjustments. Other Assets and Deferred Cost Incremental cost to obtain - The Company defers certain costs to obtain customer contracts primarily as they relate to commission-based compensation plans in the Retail Segment, in which the Company pays an incremental amount of compensation on new business. These incremental costs are deferred and amortized over a 15-year period. The cost to obtain balance within the other assets caption in the Company's Condensed Consolidated Balance Sheet was $ 54.1 million and $ 42.2 million as of September 30, 2021 and December 31, 2020, respectively. For the nine months ended September 30, 2021, the Company deferred $ 14.6 million of incremental cost to obtain customer contracts. The Company recorded an expense of $ 2.7 million associated with the incremental cost to obtain customer contracts for the nine months ended September 30, 2021. Cost to fulfill - The Company defers certain costs to fulfill contracts and recognizes these costs as the associated performance obligations are fulfilled. The cost to fulfill balance within the other current assets caption in the Company's Condensed Consolidated Balance Sheet as of September 30, 2021 was $ 73.8 million , which is inclusive of deferrals from businesses acquired in the current year. The cost to fulfill balance as of December 31, 2020 was $ 77.8 million . For the nine months ended September 30, 2021, the Company had net expense of $ 7.5 million related to the release of previously deferred contract fulfillment costs associated with performance obligations that were satisfied in the period, net of current year deferrals for costs incurred that related to performance obligations yet to be fulfilled.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income Per Share	NOTE 4 Net Income Per Share Basic net income per share is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the issuance of all potentially issuable common shares. The dilutive effect of potentially issuable common shares is computed by application of the treasury-stock method. The following is a reconciliation between basic and diluted weighted average shares outstanding: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 Net income $ 146,354 $ 133,979 $ 485,387 $ 383,163 Net income attributable to unvested awarded performance stock ( 3,069 ) ( 3,740 ) ( 10,901 ) ( 12,634 ) Net income attributable to common shares $ 143,285 $ 130,239 $ 474,486 $ 370,529 Weighted average number of common shares outstanding – basic 282,132 283,426 282,177 283,139 Less unvested awarded performance stock included in weighted ( 5,917 ) ( 7,911 ) ( 6,337 ) ( 9,336 ) Weighted average number of common shares outstanding for basic 276,215 275,515 275,840 273,803 Dilutive effect of potentially issuable common shares 1,338 1,418 1,306 1,535 Weighted average number of shares outstanding – diluted 277,553 276,933 277,146 275,338 Net income per share: Basic $ 0.52 $ 0.47 $ 1.72 $ 1.35 Diluted $ 0.52 $ 0.47 $ 1.71 $ 1.35

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Business Combinations	NOTE 5 Business Combinations During the nine months ended September 30, 2021 , Brown & Brown acquired all of the share capital of one insurance intermediary, assets and assumed certain liabilities of eight insurance intermediaries, and two books of business (customer accounts) for a total of eleven acquisitions. Additionally, adjustments were recorded to the purchase price allocation of certain prior acquisitions completed within the last 12 months as permitted by Accounting Standards Codification Topic 805 — Business Combinations (“ASC 805”). Such adjustments are presented in the “Other” category within the following two tables. The recorded purchase price for all acquisitions includes an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in the fair value of earn-out obligations will be recorded in the Condensed Consolidated Statements of Income when incurred. The fair value of earn-out obligations is based on the present value of the expected future payments to be made to the sellers of the acquired businesses in accordance with the provisions outlined in the respective purchase agreements. In determining fair value, the acquired business’s future performance is estimated using financial projections developed by management for the acquired business and reflects market participant assumptions regarding revenue growth and/or profitability. The expected future payments are estimated on the basis of the earn-out formula and performance targets specified in each purchase agreement compared to the associated financial projections. These payments are then discounted to present value using a risk-adjusted rate that takes into consideration the likelihood that the forecasted earn-out payments will be made. Based on the acquisition date and the complexity of the underlying valuation work, certain amounts included in the Company’s Condensed Consolidated Financial Statements may be provisional and thus subject to further adjustments within the permitted measurement period, as defined in ASC 805. For the nine months ended September 30, 2021, adjustments were made within the permitted measurement period that resulted in a decrease in the aggregate purchase price of the affected acquisitions of $ 1.5 million . These measurement period adjustments have been reflected as current period adjustments in the nine months ended September 30, 2021 in accordance with the guidance in ASU 2015-16 “Business Combinations.” The measurement period adjustments primarily impacted goodwill, with no effect on earnings or cash in the current period. 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. Cash paid for eleven acquisitions was $ 224.1 million during the nine months ended September 30, 2021. 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 thousands) Name Business Effective Cash Common stock issued Other Recorded Net assets Maximum O'Leary Insurances (O'Leary) Retail January 1, 2021 $ 117,408 $ 4,892 $ — $ 15,348 $ 137,648 $ 30,575 Piper Jordan LLC (Piper) Retail May 1, 2021 43,428 — 1,397 9,854 54,679 15,000 Berkshire Insurance Group, Inc. (Berkshire) Retail September 1, 2021 41,500 — — — 41,500 — AGIS Network Inc. (AGIS) (1) Retail September 1, 2021 11,203 — 24,114 739 36,056 12,289 Other Various Various 10,602 — 2,098 ( 778 ) 11,922 3,388 Total $ 224,141 $ 4,892 $ 27,609 $ 25,163 $ 281,805 $ 61,252 (1) Amount in the "other payable" column relates to additional contingent consideration expected to be paid within 12 months. 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 thousands) O'Leary Piper Berkshire AGIS Other Total Cash $ 45,441 $ — $ — $ — $ 693 $ 46,134 Other current assets 43,354 2,397 1,621 520 5,060 52,952 Fixed assets 544 9 9 20 4 586 Goodwill 84,649 40,019 27,563 21,888 2,539 176,658 Purchased customer accounts 40,459 12,233 12,313 13,577 7,271 85,853 Non-compete agreements 819 21 11 51 109 1,011 Other assets 135 — — — 259 394 Total assets acquired 215,401 54,679 41,517 36,056 15,935 363,588 Other current liabilities ( 72,683 ) — ( 17 ) — ( 4,013 ) ( 76,713 ) Deferred income tax, net ( 5,057 ) — — — — ( 5,057 ) Other liabilities ( 13 ) — — — — ( 13 ) Total liabilities assumed ( 77,753 ) — ( 17 ) — ( 4,013 ) ( 81,783 ) Net assets acquired $ 137,648 $ 54,679 $ 41,500 $ 36,056 $ 11,922 $ 281,805 The other column represents current year acquisitions with total net assets acquired of less than $ 20.0 million and adjustments from prior year acquisitions that were made within the permitted measurement period. The weighted average useful lives for the acquired amortizable intangible assets are as follows: purchased customer accounts, 15 years ; and non-compete agreements, 5 years . Goodwill of $ 176.7 million, which is net of any opening balance sheet adjustments within the allowable measurement period, was allocated to the Retail, National Programs, and Wholesale Brokerage Segments in the amounts of $ 174.5 million , ($ 1.3 ) million , and $ 3.5 million , respectively. Of the total goodwill of $ 176.7 million, the amount currently deductible for income tax purposes is $ 151.5 million and the remaining $ 25.2 million relates to the recorded earn-out payables and will not be deductible until it is earned and paid. For the acquisitions completed during 2021, the results of operations since the acquisition dates have been combined with those of the Company. The total revenues from the acquisitions completed through September 30, 2021, included in the Condensed Consolidated Statement of Income for the nine months ended September 30, 2021, was $ 28.9 million . The income before income taxes, including the intercompany cost of capital charge, from the acquisitions completed through September 30, 2021, included in the Condensed Consolidated Statement of Income for the nine months ended September 30, 2021, was $ 0.5 million . If the acquisitions had occurred as of the beginning of the respective periods, the Company’s estimated results of operations would be as shown in the following table. 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) Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 Total revenues $ 773,593 $ 690,002 $ 2,329,567 $ 2,019,218 Income before income taxes $ 197,444 $ 162,392 $ 627,088 $ 504,731 Net income $ 147,065 $ 137,245 $ 489,355 $ 392,135 Net income per share: Basic $ 0.52 $ 0.48 $ 1.73 $ 1.38 Diluted $ 0.52 $ 0.48 $ 1.73 $ 1.38 Weighted average number of shares outstanding: Basic 276,215 275,515 275,840 273,803 Diluted 277,553 276,933 277,146 275,338 As of September 30, 2021 and 2020, the fair values of the estimated acquisition earn-out payables were re-evaluated and measured at fair value on a recurring basis using unobservable inputs (Level 3) as defined in ASC 820- Fair Value Measurement . The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the nine months ended September 30, 2021 and 2020, were as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Balance as of the beginning of the period $ 242,016 $ 218,467 $ 258,943 $ 161,513 Additions to estimated acquisition earn-out payables 79 22,091 25,163 96,845 Payments for estimated acquisition earn-out payables ( 1,913 ) ( 3,580 ) ( 41,862 ) ( 11,058 ) Subtotal 240,182 236,978 242,244 247,300 Net change in earnings from estimated acquisition earn-out payables: Change in fair value on estimated acquisition earn-out payables 21,855 13,433 15,814 ( 516 ) Interest expense accretion 1,283 1,885 4,829 5,512 Net change in earnings from estimated acquisition 23,138 15,318 20,643 4,996 Foreign currency translation adjustments during the year ( 406 ) — 27 — Balance as of September 30, $ 262,914 $ 252,296 $ 262,914 $ 252,296 Of the $ 262.9 million estimated acquisition earn-out payables as of September 30, 2021, $ 94.2 million was recorded as accounts payable and $ 168.7 million was recorded as other non-current liabilities. As of September 30, 2021, the maximum future acquisition contingency payments related to all acquisitions was $ 512.9 million , inclusive of the $ 262.9 million estimated acquisition earn-out payables as of September 30, 2021 . Included within the additions to estimated acquisition earn-out payables are any adjustments to opening balance sheet items within the allowable measurement period, which may therefore differ from previously reported amounts.

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	NOTE 6 Goodwill Goodwill is subject to at least an annual assessment for impairment by applying a fair value-based test. The Company completed its most recent annual assessment as of November 30, 2020 and identified no impairment as a result of the evaluation. The changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2021 are as follows: (in thousands) Retail National Wholesale Services Total Balance as of December 31, 2020 $ 2,650,470 $ 1,091,122 $ 483,057 $ 171,269 $ 4,395,918 Goodwill of acquired businesses 174,536 ( 1,337 ) 3,459 — 176,658 Goodwill disposed of relating to sales of businesses ( 3,050 ) — — — ( 3,050 ) Foreign currency translation adjustments during the year ( 4,434 ) 64 — — ( 4,370 ) Balance as of September 30, 2021 $ 2,817,522 $ 1,089,849 $ 486,516 $ 171,269 $ 4,565,156

Amortizable Intangible Assets

Amortizable Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Amortizable Intangible Assets	NOTE 7 Amortizable Intangible Assets Amortizable intangible assets at September 30, 2021 and December 31, 2020 consisted of the following: September 30, 2021 December 31, 2020 (in thousands) Gross Accumulated Net Weighted (1) Gross Accumulated Net Weighted (1) Purchased customer $ 2,249,514 $ ( 1,207,247 ) $ 1,042,267 15.0 $ 2,164,968 $ ( 1,118,316 ) $ 1,046,652 15.0 Non-compete agreements 36,080 ( 33,067 ) 3,013 4.4 35,093 ( 32,085 ) 3,008 4.6 Total $ 2,285,594 $ ( 1,240,314 ) $ 1,045,280 $ 2,200,061 $ ( 1,150,401 ) $ 1,049,660 (1) Weighted average life calculated as of the date of acquisition. Amortization expense for amortizable intangible assets for the years ending December 31, 2021, 2022, 2023, 2024 and 2025 is estimated to be $ 118.3 million , $ 115.5 million , $ 108.8 million , $ 104.6 million , and $ 102.2 million , respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 8 Long-Term Debt Long-term debt at September 30, 2021 and December 31, 2020 consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Current portion of long-term debt: Current portion of 5-year term loan facility expires 2022 $ 260,000 $ 40,000 Current portion of 5-year term loan facility expires 2023 30,000 30,000 Total current portion of long-term debt 290,000 70,000 Long-term debt: Note agreements: 4.200 % senior notes, semi-annual interest payments, net of the unamortized discount, 2024 $ 499,534 $ 499,416 4.500 % senior notes, semi-annual interest payments, net of the unamortized discount, 2029 349,582 349,540 2.375 % senior notes, semi-annual interest payments, net of the unamortized discount, 2031 699,306 699,252 Total notes 1,548,422 1,548,208 Credit agreements: 5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750 %, expires June 28, 2022 — 250,000 5-year revolving-loan facility, periodic interest payments, LIBOR plus up to 1.500 %, plus 0.250 %, expires June 28, 2022 — — 5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750 %, expires December 21, 2023 217,500 240,000 Total credit agreements 217,500 490,000 Debt issuance costs (contra) ( 10,435 ) ( 12,302 ) Total long-term debt less unamortized discount and debt issuance costs 1,755,487 2,025,906 Current portion of long-term debt 290,000 70,000 Total debt $ 2,045,487 $ 2,095,906 On June 28, 2017, the Company entered into an amended and restated credit agreement (the “Amended and Restated Credit Agreement”) with the lenders named therein, JPMorgan Chase Bank, N.A. as administrative agent and certain other banks as co-syndication agents and co-documentation agents. The Amended and Restated Credit Agreement amended and restated the credit agreement dated April 17, 2014, among such parties (the “Original Credit Agreement”). The Amended and Restated Credit Agreement extends the applicable maturity date of the existing revolving credit facility (the “Revolving Credit Facility”) of $ 800.0 million to June 28, 2022 and re-evidences unsecured term loans at $ 400.0 million while also extending the applicable maturity date to June 28, 2022. The quarterly term loan principal amortization schedule was reset. At the time of the execution of the Amended and Restated Credit Agreement, $ 67.5 million of principal from the original unsecured term loans was repaid using operating cash balances, and the Company added an additional $ 2.8 million in debt issuance costs related to the Revolving Credit Facility to the Condensed Consolidated Balance Sheet. The Company also expensed to the Condensed Consolidated Statements of Income $ 0.2 million of debt issuance costs related to the Original Credit Agreement due to certain lenders exiting prior to execution of the Amended and Restated Credit Agreement. The Company also carried forward $ 1.6 million on the Condensed Consolidated Balance Sheet the remaining unamortized portion of the Original Credit Agreement debt issuance costs, which will be amortized over the term of the Amended and Restated Credit Agreement. As of September 30, 2021 , there was an outstanding debt balance issued under the term loan of the Amended and Restated Credit Agreement of $ 260.0 million and no borrowings outstanding against the Revolving Credit Facility. As of December 31, 2020, there was an outstanding debt balance issued under the term loan of the Amended and Restated Credit Agreement of $ 290.0 million with no borrowings outstanding against the Revolving Credit Facility. On September 18, 2014, the Company issued $ 500.0 million of 4.200 % unsecured Senior Notes due in 2024. The Senior Notes were given investment grade ratings of BBB-/Baa3 with a stable outlook. The notes are subject to certain covenant restrictions and regulations which are customary for credit rated obligations. At the time of funding, the proceeds were offered at a discount of the original note amount which also excluded an underwriting fee discount. The net proceeds received from the issuance were used to repay the outstanding balance of $ 475.0 million on the Revolving Credit Facility and for other general corporate purposes. As of September 30, 2021 and December 31, 2020, there was an outstanding debt balance of $ 500.0 million exclusive of the associated discount balance. On December 21, 2018, the Company entered into a term loan credit agreement (the “Term Loan Credit Agreement”) with the lenders named therein, Wells Fargo Bank, National Association, as administrative agent, and certain other banks as co-syndication agents and as joint lead arrangers and joint bookrunners. The Term Loan Credit Agreement provides for an unsecured term loan in the initial amount of $ 300.0 million , which may, subject to lenders’ discretion, potentially be increased up to an aggregate amount of $ 450.0 million (the “Term Loan”). The Term Loan is repayable over the five-year term from the effective date of the Term Loan Credit Agreement, which was December 21, 2018. Based on the Company’s net debt leverage ratio or a non-credit enhanced senior unsecured long-term debt rating as determined by Moody’s Investor Service and Standard & Poor’s Rating Service, the rates of interest charged on the term loan are 1.00 % to 1.75 % , above the adjusted 1-Month LIBOR rate. On December 21, 2018, the Company borrowed $ 300.0 million under the Term Loan Credit Agreement and used $ 250.0 million of the proceeds to reduce indebtedness under the Revolving Credit Facility. As of September 30, 2021, there was an outstanding debt balance issued under the Term Loan of $ 247.5 million . As of December 31, 2020, there was an outstanding debt balance issued under the Term Loan of $ 270.0 million . On March 11, 2019, the Company completed the issuance of $ 350.0 million aggregate principal amount of the Company's 4.500 % Senior Notes due 2029. The Senior Notes were given investment grade ratings of BBB-/Baa3 with a stable outlook. The notes are subject to certain covenant restrictions, which are customary for credit rated obligations. At the time of funding, the proceeds were offered at a discount of the original note amount, which also excluded an underwriting fee discount. The net proceeds received from the issuance were used to repay a portion of the outstanding balance of $ 350.0 million on the Revolving Credit Facility, utilized in connection with the financing related to the Hays Companies acquisition and for other general corporate purposes. As of September 30, 2021 and December 31, 2020, there was an outstanding debt balance of $ 350.0 million exclusive of the associated discount balance. On September 24, 2020, the Company completed the issuance of $ 700.0 million aggregate principal amount of the Company's 2.375 % Senior Notes due 2031. The Senior Notes were given investment grade ratings of BBB- stable outlook and Baa3 positive outlook. The notes are subject to certain covenant restrictions, which are customary for credit rated obligations. At the time of funding, the proceeds were offered at a discount of the original note amount, which also excluded an underwriting fee discount. The net proceeds received from the issuance were used to repay a portion of the outstanding balance of $ 200.0 million on the Revolving Credit Facility, utilized in connection with the financing related to the acquisitions of LP Insurance Services, LLP and CKP Insurance, LLC and for other general corporate purposes. As of September 30, 2021 and December 31, 2020, there was an outstanding debt balance of $ 700.0 million exclusive of the associated discount balance. The Amended and Restated Credit Agreement and the Term Loan Credit Agreement require the Company to maintain certain financial ratios and comply with certain other covenants. The Company was in compliance with all such covenants as of September 30, 2021 and December 31, 2020. The 30-day Adjusted LIBOR Rate for the term loan of the Amended and Restated Credit Agreement and the Term Loan Credit Agreement as of September 30, 2021 were each 0.125 %.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	NOTE 9 Leases Substantially all of the Company's operating lease right-of-use assets and operating lease liabilities represent real estate leases for office space used to conduct the Company's business that expire on various dates through 2041 . Leases generally contain renewal options and escalation clauses based upon increases in the lessors’ operating expenses and other charges. The Company anticipates that most of these leases will be renewed or replaced upon expiration. The Company assesses at inception of a contract if it contains a lease. This assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether the Company has the right to direct the use of the asset. The right-of-use asset is initially measured at cost, which is primarily composed of the initial lease liability, plus any initial direct costs incurred, less any lease incentives received. The lease liability is initially measured at the present value of the minimum lease payments through the term of the lease. Minimum lease payments are discounted to present value using the incremental borrowing rate at the lease commencement date, which approximates the rate of interest the Company expects to pay on a secured borrowing in an amount equal to the lease payments for the underlying asset under similar terms and economic conditions. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a total term of 12 months or less. The effect of short-term leases on the Company's right-of-use asset and lease liability would not be significant. The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheet is as follows: (in thousands) September 30, 2021 December 31, 2020 Balance Sheet Assets: Operating lease right-of-use assets Operating lease assets $ 187,828 $ 186,998 Total assets 187,828 186,998 Liabilities: Current operating lease liabilities Accrued expenses and other liabilities 43,097 43,542 Non-current operating lease liabilities Operating lease liabilities 171,571 172,935 Total liabilities $ 214,668 $ 216,477 As of September 30, 2021 , the Company has entered into future lease agreements expected to commence later in 2021 and 2022 consisting of undiscounted lease liabilities of $ 1.6 million and $ 10.6 million, respectively. Lease expense for operating leases consists of the lease payments, inclusive of lease incentives, plus any initial direct costs, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Variable lease cost is lease payments that are based on an index or similar rate. They are initially measured using the index or rate in effect at lease commencement and are based on the minimum payments stated in the lease. Additional payments based on the change in an index or rate, or payments based on a change in the Company's portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred. The components of lease cost for operating leases for the three and nine months ended September 30, 2021 and 2020 were: Three months ended September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Operating leases: Lease cost $ 12,992 $ 13,560 $ 39,600 $ 39,911 Variable lease cost 1,046 892 3,143 2,583 Short-term lease cost 320 122 857 360 Operating lease cost $ 14,358 $ 14,574 $ 43,600 $ 42,854 Sublease income ( 578 ) ( 416 ) ( 1,321 ) ( 1,224 ) Total lease cost net $ 13,780 $ 14,158 $ 42,279 $ 41,630 The weighted average remaining lease term and the weighted average discount rate for operating leases as of September 30, 2021 were: Weighted-average remaining lease term 6.27 Weighted-average discount rate 2.86 % Maturities of the operating lease liabilities by fiscal year at September 30, 2021 for the Company's operating leases are as follows: (in thousands) Operating leases 2021 (Remainder) $ 10,413 2022 49,792 2023 41,772 2024 34,963 2025 28,608 Thereafter 67,616 Total undiscounted lease payments 233,164 Less: Imputed interest 18,496 Present value of lease payments $ 214,668 Supplemental cash flow information for operating leases for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Cash paid for amounts included in measurement of liabilities Operating cash flows from operating leases $ 13,899 $ 13,949 $ 41,743 $ 40,723 Right-of-use assets obtained in exchange for new operating $ 14,117 $ 10,329 $ 34,095 $ 32,510

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities	9 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities	NOTE 10 Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities Throughout 2020, the Company deferred $ 31.1 million in employer-only payroll tax payments as allowed under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act), which was signed into law on March 27, 2020. During the first nine months of 2021, there were no additional deferrals under the CARES Act. The cumulative deferred employer payroll taxes as of December 31, 2020 will be paid in two equal installments by December 31, 2021 and 2022, respectively, as permitted under the CARES Act. During the second quarter of 2021, the Company received an $ 8.1 million reimbursement for capitalizable costs of public infrastructure improvements related to the construction of the Company’s headquarters in accordance with an economic development grant agreement between the Company and the City of Daytona Beach and Volusia County. The reimbursement has been reflected as a reduction to the additions to fixed asset line item on the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021. Cash paid during the period for interest and income taxes are summarized as follows: Nine months ended September 30, (in thousands) 2021 2020 Cash paid during the period for: Interest $ 59,688 $ 49,802 Income taxes, net of refunds $ 103,875 $ 91,661 Significant non-cash investing and financing activities are summarized as follows: Nine months ended September 30, (in thousands) 2021 2020 Other payables issued for agency acquisitions and purchased customer accounts $ 3,495 $ 4,350 Estimated acquisition earn-out payables and related charges $ 25,163 $ 96,845 Contingent payable issued for agency acquisition $ 24,114 $ — Common stock issued for agency acquisition $ 4,892 $ — Notes payable assumed for agency acquisition $ 1,355 $ — The Company's restricted cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, by agreement with carrier partners. The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of September 30, 2021 and 2020. Balance as of September 30, (in thousands) 2021 2020 Table to reconcile cash and cash equivalents inclusive of restricted cash Cash and cash equivalents $ 943,969 $ 1,070,190 Restricted cash 481,922 431,651 Total cash and cash equivalents inclusive of restricted cash at the end of the period $ 1,425,891 $ 1,501,841

Legal and Regulatory Proceeding

Legal and Regulatory Proceedings	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Legal and Regulatory Proceedings	NOTE 11 Legal and Regulatory Proceedings The Company is involved in numerous pending or threatened proceedings by or against Brown & Brown, Inc. or one or more of its subsidiaries that arise in the ordinary course of business. The damages that may be claimed against the Company in these various proceedings are in some cases substantial, including in certain instances claims for punitive or extraordinary damages. Some of these claims and lawsuits have been resolved; others are in the process of being resolved and others are still in the investigation or discovery phase. The Company will continue to respond appropriately to these claims and lawsuits and to vigorously protect its interests. The Company continues to assess certain litigation and claims to determine the amounts, if any, that management believes will be paid as a result of such claims and litigation and, therefore, additional losses may be accrued and paid in the future, which could adversely impact the Company’s operating results, cash flows and overall liquidity. The Company maintains third-party insurance policies to provide coverage for certain legal claims, in an effort to mitigate its overall exposure to unanticipated claims or adverse decisions. However, as (i) one or more of the Company’s insurance carriers could take the position that portions of these claims are not covered by the Company’s insurance, (ii) to the extent that payments are made to resolve claims and lawsuits, applicable insurance policy limits are eroded and (iii) the claims and lawsuits relating to these matters are continuing to develop, it is possible that future results of operations or cash flows for any particular quarterly or annual period could be materially affected by unfavorable resolutions of these matters. Based upon the AM Best Company ratings of these third-party insurers and other factors, management does not believe there is a substantial risk of an insurer’s material non-performance related to any current insured claims. On the basis of current information, the availability of insurance and legal advice, in management’s opinion, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, would have a material adverse effect on its financial condition, operations and/or cash flows.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Information	NOTE 12 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, and non-insurance risk-mitigating products through our F&I businesses, (2) the National Programs Segment, which acts as an MGA, provides professional liability and related package products for certain professionals, a range of insurance products for individuals, flood coverage, and targeted products and services designated for specific industries, trade groups, governmental entities and market niches, all of which are delivered through nationwide networks of independent agents, and Brown & Brown retail agents, (3) the Wholesale Brokerage Segment, which markets and sells excess and surplus commercial and personal lines insurance, primarily through independent agents and brokers, as well as Brown & Brown retail agents, 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 claims adjusting services. Brown & Brown conducts most of its operations within the United States of America. International operations include, Retail operations in Bermuda, the Cayman Islands and Ireland, a National Programs operation in Canada, and a Wholesale Brokerage operation based in England. These operations earned $ 17.4 million and $ 9.1 million of total revenues for the three months ended September 30, 2021 and 2020, respectively. These operations earned $ 54.0 million and $ 25.4 million of total revenues for the nine months ended September 30, 2021 and 2020, respectively. Tangible long-lived assets held outside of the United States as of September 30, 2021 and 2020 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, 2020. Intersegment revenues are eliminated. Summarized financial information concerning the Company’s reportable segments is shown in the following tables. The “Other” column includes any income and expenses not allocated to reportable segments, corporate-related items, including the intercompany interest expense charge to the reporting segment. Three months ended September 30, 2021 (in thousands) Retail National Wholesale Services Other Total Total revenues $ 423,421 $ 191,065 $ 112,468 $ 43,732 $ ( 381 ) $ 770,305 Investment income $ 236 $ 136 $ 35 $ — $ 23 $ 430 Amortization $ 19,057 $ 6,821 $ 2,360 $ 1,285 $ — $ 29,523 Depreciation $ 2,775 $ 2,987 $ 649 $ 374 $ 2,415 $ 9,200 Interest expense $ 22,417 $ 2,190 $ 3,916 $ 680 $ ( 13,028 ) $ 16,175 Income before income taxes $ 71,639 $ 72,358 $ 29,365 $ 7,080 $ 16,047 $ 196,489 Total assets $ 7,385,770 $ 3,789,376 $ 1,918,263 $ 449,494 $ ( 3,913,737 ) $ 9,629,166 Capital expenditures $ 2,092 $ 4,660 $ 210 $ 887 $ 1,626 $ 9,475 Three months ended September 30, 2020 (in thousands) Retail National Wholesale Services Other Total Total revenues $ 359,473 $ 168,018 $ 101,239 $ 43,497 $ 1,735 $ 673,962 Investment income $ 19 $ 205 $ 45 $ — $ 80 $ 349 Amortization $ 16,624 $ 7,100 $ 1,945 $ 1,390 $ — $ 27,059 Depreciation $ 2,347 $ 2,300 $ 548 $ 355 $ 1,097 $ 6,647 Interest expense $ 20,519 $ 5,335 $ 2,488 $ 1,004 $ ( 16,112 ) $ 13,234 Income before income taxes $ 56,057 $ 47,171 $ 35,038 $ 6,041 $ 14,221 $ 158,528 Total assets $ 6,583,606 $ 3,530,345 $ 1,646,287 $ 467,889 $ ( 3,432,748 ) $ 8,795,379 Capital expenditures $ 5,232 $ 2,203 $ 1,170 $ 584 $ 10,693 $ 19,882 Nine months ended September 30, 2021 (in thousands) Retail National Wholesale Services Other Total Total revenues $ 1,347,435 $ 522,232 $ 307,934 $ 135,593 $ ( 261 ) $ 2,312,933 Investment income $ 271 $ 423 $ 120 $ 3 $ 92 $ 909 Amortization $ 56,892 $ 20,558 $ 7,121 $ 3,991 $ — $ 88,562 Depreciation $ 8,337 $ 7,498 $ 1,973 $ 1,120 $ 6,529 $ 25,457 Interest expense $ 67,641 $ 9,188 $ 12,220 $ 2,219 $ ( 42,466 ) $ 48,802 Income before income taxes $ 293,342 $ 180,222 $ 74,539 $ 24,002 $ 49,899 $ 622,004 Total assets $ 7,385,770 $ 3,789,376 $ 1,918,263 $ 449,494 $ ( 3,913,737 ) $ 9,629,166 Capital expenditures $ 5,779 $ 11,313 $ 1,311 $ 1,396 $ 14,818 $ 34,617 Nine months ended September 30, 2020 (in thousands) Retail National Wholesale Services Other Total Total revenues $ 1,119,524 $ 451,098 $ 267,790 $ 130,879 $ 1,973 $ 1,971,264 Investment income $ 143 $ 597 $ 141 $ — $ 963 $ 1,844 Amortization $ 49,363 $ 20,331 $ 6,326 $ 4,170 $ — $ 80,190 Depreciation $ 6,530 $ 6,298 $ 1,446 $ 1,059 $ 3,503 $ 18,836 Interest expense $ 63,620 $ 15,212 $ 6,793 $ 3,137 $ ( 46,428 ) $ 42,334 Income before income taxes $ 221,549 $ 125,160 $ 77,432 $ 22,557 $ 46,485 $ 493,183 Total assets $ 6,583,606 $ 3,530,345 $ 1,646,287 $ 467,889 $ ( 3,432,748 ) $ 8,795,379 Capital expenditures $ 10,959 $ 5,248 $ 2,952 $ 1,057 $ 35,604 $ 55,820

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Investments Debt And Equity Securities [Abstract]
Investments	NOTE 13 Investments At September 30, 2021, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows: (in thousands) Cost Gross Gross Fair value U.S. Treasury securities, obligations of U.S. Government $ 31,756 $ 239 $ ( 172 ) $ 31,823 Corporate debt 8,288 160 ( 23 ) 8,425 Total $ 40,044 $ 399 $ ( 195 ) $ 40,248 At September 30, 2021, the Company held $ 31.8 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $ 8.4 million issued by corporations with investment grade ratings. Of that total, $ 8.9 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one year. Additionally, the Company holds $ 5.5 million in short-term investments, which are related to time deposits held with various financial institutions. For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2021: Less than 12 Months 12 Months or More Total (in thousands) Fair value Unrealized Fair value Unrealized Fair value Unrealized U.S. Treasury securities, obligations of U.S. Government $ 15,987 $ ( 141 ) $ 969 $ ( 31 ) $ 16,956 $ ( 172 ) Corporate debt 2,929 ( 23 ) — — 2,929 ( 23 ) Total $ 18,916 $ ( 164 ) $ 969 $ ( 31 ) $ 19,885 $ ( 195 ) At September 30, 2021 , the Company had 21 securities in an unrealized loss position. The unrealized losses for the period ended September 30, 2021 were caused by interest rate increases. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at September 30, 2021. At December 31, 2020, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows: (in thousands) Cost Gross Gross Fair value U.S. Treasury securities, obligations of U.S. Government $ 28,372 $ 464 $ ( 5 ) $ 28,831 Corporate debt 7,190 239 ( 6 ) 7,423 Total $ 35,562 $ 703 $ ( 11 ) $ 36,254 At December 31, 2020, the Company held $ 28.8 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $ 7.4 million issued by corporations with investment grade ratings. Of that total, $ 11.3 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one year, which also includes $ 7.0 million that is related to time deposits held with various financial institutions. For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2020: Less than 12 Months 12 Months or More Total (in thousands) Fair value Unrealized Fair value Unrealized Fair value Unrealized U.S. Treasury securities, obligations of U.S. Government $ 1,995 $ ( 5 ) $ — $ — $ 1,995 $ ( 5 ) Corporate debt 808 ( 6 ) — — 808 ( 6 ) Total $ 2,803 $ ( 11 ) $ — $ — $ 2,803 $ ( 11 ) The unrealized losses from corporate issuers were caused by interest rate increases. At December 31, 2020, the Company had 3 securities in an unrealized loss position. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at December 31, 2020. The amortized cost and estimated fair value of the fixed maturity securities at September 30, 2021 by contractual maturity are set forth below: (in thousands) Amortized cost Fair value Years to maturity: Due in one year or less $ 8,801 $ 8,899 Due after one year through five years 30,243 30,379 Due after five years 1,000 970 Total $ 40,044 $ 40,248 The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2020 by contractual maturity are set forth below: (in thousands) Amortized cost Fair value Years to maturity: Due in one year or less $ 11,214 $ 11,283 Due after one year through five years 23,348 23,976 Due after five years 1,000 995 Total $ 35,562 $ 36,254 The expected maturities in the foregoing table may differ from the contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalty. Proceeds from the sales and maturity of the Company’s investment in fixed maturity securities were $ 7.70 million. This along with maturing time deposits yielded total cash proceeds from the sale of investments of $ 9.3 million in the period of January 1, 2021 to September 30, 2021. These proceeds were principally used to purchase additional fixed maturity securities and time deposits. The gains and losses realized on the sale of securities for the period from January 1, 2021 to September 30, 2021 were insignificant. Realized gains and losses are reported on the Condensed Consolidated Statements of Income, with the cost of securities sold determined on a specific identification basis. At September 30, 2021, investments with a fair value of approximately $ 4.2 million were on deposit with state insurance departments to satisfy regulatory requirements.

Insurance Company WNFIC

Insurance Company WNFIC	9 Months Ended
	Sep. 30, 2021
Reinsurance Disclosures [Abstract]
Insurance Company WNFIC	NOTE 14 Insurance Company WNFIC Although the reinsurers are liable to the Company for amounts reinsured, our subsidiary, Wright National Flood Insurance Company (“WNFIC”) remains primarily liable to its policyholders for the full amount of the policies written whether or not the reinsurers meet their obligations to the Company when they become due. The effects of reinsurance on premiums written and earned are as follows: Nine months ended September 30, (in thousands) Written Earned Direct premiums $ 577,348 $ 543,712 Ceded premiums ( 577,332 ) ( 543,696 ) Net premiums $ 16 $ 16 All premiums written by WNFIC under the National Flood Insurance Program (“NFIP”) are 100 % ceded to the Federal Emergency Management Agency, or FEMA, for which WNFIC received a 30.0 % expense allowance from January 1, 2021 through September 30, 2021. For the period from January 1, 2021 through September 30, 2021, the Company ceded $ 575.5 million of written premiums to FEMA, with $ 1.8 million ceded to highly rated carriers for excess flood policies which are not within the NFIP. As of September 30, 2021 the Condensed Consolidated Balance Sheet contained reinsurance recoverable of $ 220.4 million and prepaid reinsurance premiums of $ 411.3 million . There was no change in the net balance in the reserve for losses and loss adjustment expense during the period January 1, 2021 through September 30, 2021, as WNFIC’s direct premiums written were 100 % to two reinsurers. The balance of the reserve for losses and loss adjustment expense, excluding related reinsurance recoverable, as of September 30, 2021 was $ 220.4 million . WNFIC maintains capital in excess of the minimum statutory amount of $ 7.5 million as required by regulatory authorities. The unaudited statutory capital and surplus of WNFIC was $ 35.1 million at September 30, 2021 and $ 32.6 million as of December 31, 2020. For the period from January 1, 2021 through September 30, 2021, WNFIC generated statutory net income of $ 1.0 million . For the period from January 1, 2020 through December 31, 2020, WNFIC generated statutory net income of $ 0.8 million . The maximum amount of ordinary dividends that WNFIC can pay to shareholders in a rolling 12-month period is limited to the greater of 10 % of statutory adjusted capital and surplus or 100 % of adjusted net income. There was no dividend payout in 2020 and the maximum dividend payout that may be made in 2021 without prior approval is $ 3.3 million .

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Shareholders' Equity	NOTE 15 Shareholders’ Equity Under the authorization from the Company’s Board of Directors, shares may be purchased from time to time, at the Company’s discretion and subject to the availability of stock, market conditions, the trading price of the stock, alternative uses for capital, the Company’s financial performance and other potential factors. These purchases may be carried out through open market purchases, block trades, accelerated share repurchase plans of up to $ 100.0 million each (unless otherwise approved by the Board of Directors), negotiated private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. From July 1, 2021 to September 30, 2021, the Company completed share repurchases in the open market of 21,795 shares at a total cost of $ 1.1 million, at an average price of $ 52.26 per share. From April 1, 2021 to June 30, 2021, the Company completed share repurchases in the open market of 232,243 shares at a total cost of $ 11.4 million, at an average price of $ 49.11 per share. From January 1, 2021 to March 31, 2021, the Company completed share repurchases in the open market of 1,557,815 shares at a total cost of $ 70.0 million, at an average price of $ 44.95 per share. After completing these open market share repurchases, the Company has outstanding approval to purchase up to approximately $ 323.6 million, in the aggregate, of the Company's outstanding common stock. During the first quarter, the Company issued 106,586 shares at a total value of $ 4.9 million associated with business combinations. During the first quarter, the Company paid a dividend of $ .0925 per share, which was approved by the Board of Directors on January 22, 2021 and paid on February 17, 2021 for a total of $ 26.1 million. During the second quarter, the Company paid a dividend of $ .0925 per share, which was approved by the Board of Directors on April 26, 2021 and paid on May 19, 2021 for a total of $ 26.1 million. During the third quarter, the Company paid a dividend of $ .0925 per share, which was approved by the Board of Directors on July 21, 2021 and paid on August 18, 2021 for a total of $ 26.1 million. On October 19, 2021 the Board of Directors approved a dividend of $ .1025 per share payable on November 17, 2021 to shareholders of record on November 3, 2021 .

Basis of Financial Reporting (P

Basis of Financial Reporting (Policies)	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Accounting	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair presentation have been included. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosures of contingent assets and liabilities, at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We have evaluated our contracts and the available expedients provided by the new standard and can assert there is no impact to any carrying value of assets or liabilities as our floating-rate debt instruments that are indexed to LIBOR are carried at amortized cost.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The standard removes specific exceptions in the current rules and eliminates the need for an organization to analyze whether the following apply in a given period: (a) exception to the incremental approach for intra-period tax allocation; (b) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (c) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The standard also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (a) franchise taxes that are partially based on income; (b) transactions with a government that result in a step-up in the tax basis of goodwill; (c) separate financial statements of legal entities that are not subject to tax and (d) enacted changes in tax laws in interim periods. The Company adopted ASU 2019-12 effective January 1, 2021 . The impact of adopting this standard was no t material to the presentation of the Condensed Consolidated Financial Statements.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2021
Revenues [Abstract]
Schedule of Disaggregated by Revenue	The following tables present the revenues disaggregated by revenue source: Three months ended September 30, 2021 (in thousands) Retail National Wholesale Services Other (8) Total Base commissions (1) $ 284,536 $ 133,649 $ 90,862 $ — $ 25 $ 509,072 Fees (2) 109,915 49,779 17,938 43,732 ( 428 ) 220,936 Incentive commissions (3) 15,460 444 720 — — 16,624 Profit-sharing contingent commissions (4) 8,705 6,499 2,414 — — 17,618 Guaranteed supplemental commissions (5) 4,454 549 401 — — 5,404 Investment income (6) 236 136 35 — 23 430 Other income, net (7) 115 9 98 — ( 1 ) 221 Total Revenues $ 423,421 $ 191,065 $ 112,468 $ 43,732 $ ( 381 ) $ 770,305 Nine months ended September 30, 2021 (in thousands) Retail National Wholesale Services Other (8) Total Base commissions (1) $ 905,470 $ 369,703 $ 246,233 $ — $ 32 $ 1,521,438 Fees (2) 307,314 125,329 51,574 135,590 ( 1,352 ) 618,455 Incentive commissions (3) 88,219 1,443 2,321 — — 91,983 Profit-sharing contingent commissions (4) 32,848 23,833 6,482 — — 63,163 Guaranteed supplemental commissions (5) 12,383 1,316 872 — — 14,571 Investment income (6) 271 423 120 3 92 909 Other income, net (7) 930 185 332 — 967 2,414 Total Revenues $ 1,347,435 $ 522,232 $ 307,934 $ 135,593 $ ( 261 ) $ 2,312,933 1. Base commissions generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds’ underlying “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, or sales and payroll levels) to determine what premium to charge the insured. Insurance companies establish these premium rates based upon many factors, including loss experience, risk profile and reinsurance rates paid by such insurance companies, none of which we control. 2. Fee revenues relate to fees for services other than securing coverage for our customers, fees negotiated in lieu of commissions, and F&I products and services. 3. Incentive commissions include additional commissions over base commissions received from insurance carriers based on predetermined production levels mutually agreed upon by both parties. 4. Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention. 5. Guaranteed supplemental commissions represent guaranteed fixed-base agreements in lieu of profit-sharing contingent commissions. 6. Investment income consists primarily of interest on cash and investments. 7. Other income consists primarily of legal settlements and other miscellaneous income. 8. Fees within other reflects the elimination of intercompany revenues.
Schedule of Balances of Contract Assets and Contract Liabilities Arising from Contracts with Customers	The balances of contract assets and contract liabilities arising from contracts with customers as of September 30, 2021 and December 31, 2020 were as follows: (in thousands) September 30, 2021 December 31, 2020 Contract assets $ 375,277 $ 308,755 Contract liabilities $ 84,566 $ 80,997

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Reconciliation between Basic and Diluted Weighted Average Shares Outstanding	The following is a reconciliation between basic and diluted weighted average shares outstanding: Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 Net income $ 146,354 $ 133,979 $ 485,387 $ 383,163 Net income attributable to unvested awarded performance stock ( 3,069 ) ( 3,740 ) ( 10,901 ) ( 12,634 ) Net income attributable to common shares $ 143,285 $ 130,239 $ 474,486 $ 370,529 Weighted average number of common shares outstanding – basic 282,132 283,426 282,177 283,139 Less unvested awarded performance stock included in weighted ( 5,917 ) ( 7,911 ) ( 6,337 ) ( 9,336 ) Weighted average number of common shares outstanding for basic 276,215 275,515 275,840 273,803 Dilutive effect of potentially issuable common shares 1,338 1,418 1,306 1,535 Weighted average number of shares outstanding – diluted 277,553 276,933 277,146 275,338 Net income per share: Basic $ 0.52 $ 0.47 $ 1.72 $ 1.35 Diluted $ 0.52 $ 0.47 $ 1.71 $ 1.35

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
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. Cash paid for eleven acquisitions was $ 224.1 million during the nine months ended September 30, 2021. 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 thousands) Name Business Effective Cash Common stock issued Other Recorded Net assets Maximum O'Leary Insurances (O'Leary) Retail January 1, 2021 $ 117,408 $ 4,892 $ — $ 15,348 $ 137,648 $ 30,575 Piper Jordan LLC (Piper) Retail May 1, 2021 43,428 — 1,397 9,854 54,679 15,000 Berkshire Insurance Group, Inc. (Berkshire) Retail September 1, 2021 41,500 — — — 41,500 — AGIS Network Inc. (AGIS) (1) Retail September 1, 2021 11,203 — 24,114 739 36,056 12,289 Other Various Various 10,602 — 2,098 ( 778 ) 11,922 3,388 Total $ 224,141 $ 4,892 $ 27,609 $ 25,163 $ 281,805 $ 61,252 (1) Amount in the "other payable" column relates to additional contingent consideration expected to be paid within 12 months.
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 thousands) O'Leary Piper Berkshire AGIS Other Total Cash $ 45,441 $ — $ — $ — $ 693 $ 46,134 Other current assets 43,354 2,397 1,621 520 5,060 52,952 Fixed assets 544 9 9 20 4 586 Goodwill 84,649 40,019 27,563 21,888 2,539 176,658 Purchased customer accounts 40,459 12,233 12,313 13,577 7,271 85,853 Non-compete agreements 819 21 11 51 109 1,011 Other assets 135 — — — 259 394 Total assets acquired 215,401 54,679 41,517 36,056 15,935 363,588 Other current liabilities ( 72,683 ) — ( 17 ) — ( 4,013 ) ( 76,713 ) Deferred income tax, net ( 5,057 ) — — — — ( 5,057 ) Other liabilities ( 13 ) — — — — ( 13 ) Total liabilities assumed ( 77,753 ) — ( 17 ) — ( 4,013 ) ( 81,783 ) Net assets acquired $ 137,648 $ 54,679 $ 41,500 $ 36,056 $ 11,922 $ 281,805
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) Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 Total revenues $ 773,593 $ 690,002 $ 2,329,567 $ 2,019,218 Income before income taxes $ 197,444 $ 162,392 $ 627,088 $ 504,731 Net income $ 147,065 $ 137,245 $ 489,355 $ 392,135 Net income per share: Basic $ 0.52 $ 0.48 $ 1.73 $ 1.38 Diluted $ 0.52 $ 0.48 $ 1.73 $ 1.38 Weighted average number of shares outstanding: Basic 276,215 275,515 275,840 273,803 Diluted 277,553 276,933 277,146 275,338
Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables	The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the nine months ended September 30, 2021 and 2020, were as follows: Three months ended September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Balance as of the beginning of the period $ 242,016 $ 218,467 $ 258,943 $ 161,513 Additions to estimated acquisition earn-out payables 79 22,091 25,163 96,845 Payments for estimated acquisition earn-out payables ( 1,913 ) ( 3,580 ) ( 41,862 ) ( 11,058 ) Subtotal 240,182 236,978 242,244 247,300 Net change in earnings from estimated acquisition earn-out payables: Change in fair value on estimated acquisition earn-out payables 21,855 13,433 15,814 ( 516 ) Interest expense accretion 1,283 1,885 4,829 5,512 Net change in earnings from estimated acquisition 23,138 15,318 20,643 4,996 Foreign currency translation adjustments during the year ( 406 ) — 27 — Balance as of September 30, $ 262,914 $ 252,296 $ 262,914 $ 252,296

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Changes in Carrying Value of Goodwill by Operating Segment	The changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2021 are as follows: (in thousands) Retail National Wholesale Services Total Balance as of December 31, 2020 $ 2,650,470 $ 1,091,122 $ 483,057 $ 171,269 $ 4,395,918 Goodwill of acquired businesses 174,536 ( 1,337 ) 3,459 — 176,658 Goodwill disposed of relating to sales of businesses ( 3,050 ) — — — ( 3,050 ) Foreign currency translation adjustments during the year ( 4,434 ) 64 — — ( 4,370 ) Balance as of September 30, 2021 $ 2,817,522 $ 1,089,849 $ 486,516 $ 171,269 $ 4,565,156

Amortizable Intangible Assets (

Amortizable Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Amortizable Intangible Assets	Amortizable intangible assets at September 30, 2021 and December 31, 2020 consisted of the following: September 30, 2021 December 31, 2020 (in thousands) Gross Accumulated Net Weighted (1) Gross Accumulated Net Weighted (1) Purchased customer $ 2,249,514 $ ( 1,207,247 ) $ 1,042,267 15.0 $ 2,164,968 $ ( 1,118,316 ) $ 1,046,652 15.0 Non-compete agreements 36,080 ( 33,067 ) 3,013 4.4 35,093 ( 32,085 ) 3,008 4.6 Total $ 2,285,594 $ ( 1,240,314 ) $ 1,045,280 $ 2,200,061 $ ( 1,150,401 ) $ 1,049,660 (1) Weighted average life calculated as of the date of acquisition.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt at September 30, 2021 and December 31, 2020 consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Current portion of long-term debt: Current portion of 5-year term loan facility expires 2022 $ 260,000 $ 40,000 Current portion of 5-year term loan facility expires 2023 30,000 30,000 Total current portion of long-term debt 290,000 70,000 Long-term debt: Note agreements: 4.200 % senior notes, semi-annual interest payments, net of the unamortized discount, 2024 $ 499,534 $ 499,416 4.500 % senior notes, semi-annual interest payments, net of the unamortized discount, 2029 349,582 349,540 2.375 % senior notes, semi-annual interest payments, net of the unamortized discount, 2031 699,306 699,252 Total notes 1,548,422 1,548,208 Credit agreements: 5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750 %, expires June 28, 2022 — 250,000 5-year revolving-loan facility, periodic interest payments, LIBOR plus up to 1.500 %, plus 0.250 %, expires June 28, 2022 — — 5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750 %, expires December 21, 2023 217,500 240,000 Total credit agreements 217,500 490,000 Debt issuance costs (contra) ( 10,435 ) ( 12,302 ) Total long-term debt less unamortized discount and debt issuance costs 1,755,487 2,025,906 Current portion of long-term debt 290,000 70,000 Total debt $ 2,045,487 $ 2,095,906

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Balances and Classification of Operating Lease Right-of-Use Assets and Operating Lease Liabilities within Condensed Consolidated Balance Sheet	The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheet is as follows: (in thousands) September 30, 2021 December 31, 2020 Balance Sheet Assets: Operating lease right-of-use assets Operating lease assets $ 187,828 $ 186,998 Total assets 187,828 186,998 Liabilities: Current operating lease liabilities Accrued expenses and other liabilities 43,097 43,542 Non-current operating lease liabilities Operating lease liabilities 171,571 172,935 Total liabilities $ 214,668 $ 216,477
Schedule of Components of Lease Cost for Operating Leases	The components of lease cost for operating leases for the three and nine months ended September 30, 2021 and 2020 were: Three months ended September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Operating leases: Lease cost $ 12,992 $ 13,560 $ 39,600 $ 39,911 Variable lease cost 1,046 892 3,143 2,583 Short-term lease cost 320 122 857 360 Operating lease cost $ 14,358 $ 14,574 $ 43,600 $ 42,854 Sublease income ( 578 ) ( 416 ) ( 1,321 ) ( 1,224 ) Total lease cost net $ 13,780 $ 14,158 $ 42,279 $ 41,630
Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases	The weighted average remaining lease term and the weighted average discount rate for operating leases as of September 30, 2021 were: Weighted-average remaining lease term 6.27 Weighted-average discount rate 2.86 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of the operating lease liabilities by fiscal year at September 30, 2021 for the Company's operating leases are as follows: (in thousands) Operating leases 2021 (Remainder) $ 10,413 2022 49,792 2023 41,772 2024 34,963 2025 28,608 Thereafter 67,616 Total undiscounted lease payments 233,164 Less: Imputed interest 18,496 Present value of lease payments $ 214,668
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information for operating leases for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Cash paid for amounts included in measurement of liabilities Operating cash flows from operating leases $ 13,899 $ 13,949 $ 41,743 $ 40,723 Right-of-use assets obtained in exchange for new operating $ 14,117 $ 10,329 $ 34,095 $ 32,510

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities (Tables)	9 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Summary of Cash Paid for Interest and Income Taxes	Cash paid during the period for interest and income taxes are summarized as follows: Nine months ended September 30, (in thousands) 2021 2020 Cash paid during the period for: Interest $ 59,688 $ 49,802 Income taxes, net of refunds $ 103,875 $ 91,661
Summary of Significant Non-Cash Investing and Financing Activities	Significant non-cash investing and financing activities are summarized as follows: Nine months ended September 30, (in thousands) 2021 2020 Other payables issued for agency acquisitions and purchased customer accounts $ 3,495 $ 4,350 Estimated acquisition earn-out payables and related charges $ 25,163 $ 96,845 Contingent payable issued for agency acquisition $ 24,114 $ — Common stock issued for agency acquisition $ 4,892 $ — Notes payable assumed for agency acquisition $ 1,355 $ —
Schedule of Reconciliation of Cash and Cash Equivalents Inclusive of Restricted Cash	The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of September 30, 2021 and 2020. Balance as of September 30, (in thousands) 2021 2020 Table to reconcile cash and cash equivalents inclusive of restricted cash Cash and cash equivalents $ 943,969 $ 1,070,190 Restricted cash 481,922 431,651 Total cash and cash equivalents inclusive of restricted cash at the end of the period $ 1,425,891 $ 1,501,841

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Summarized Financial Information Reportable Segments	Summarized financial information concerning the Company’s reportable segments is shown in the following tables. The “Other” column includes any income and expenses not allocated to reportable segments, corporate-related items, including the intercompany interest expense charge to the reporting segment. Three months ended September 30, 2021 (in thousands) Retail National Wholesale Services Other Total Total revenues $ 423,421 $ 191,065 $ 112,468 $ 43,732 $ ( 381 ) $ 770,305 Investment income $ 236 $ 136 $ 35 $ — $ 23 $ 430 Amortization $ 19,057 $ 6,821 $ 2,360 $ 1,285 $ — $ 29,523 Depreciation $ 2,775 $ 2,987 $ 649 $ 374 $ 2,415 $ 9,200 Interest expense $ 22,417 $ 2,190 $ 3,916 $ 680 $ ( 13,028 ) $ 16,175 Income before income taxes $ 71,639 $ 72,358 $ 29,365 $ 7,080 $ 16,047 $ 196,489 Total assets $ 7,385,770 $ 3,789,376 $ 1,918,263 $ 449,494 $ ( 3,913,737 ) $ 9,629,166 Capital expenditures $ 2,092 $ 4,660 $ 210 $ 887 $ 1,626 $ 9,475 Three months ended September 30, 2020 (in thousands) Retail National Wholesale Services Other Total Total revenues $ 359,473 $ 168,018 $ 101,239 $ 43,497 $ 1,735 $ 673,962 Investment income $ 19 $ 205 $ 45 $ — $ 80 $ 349 Amortization $ 16,624 $ 7,100 $ 1,945 $ 1,390 $ — $ 27,059 Depreciation $ 2,347 $ 2,300 $ 548 $ 355 $ 1,097 $ 6,647 Interest expense $ 20,519 $ 5,335 $ 2,488 $ 1,004 $ ( 16,112 ) $ 13,234 Income before income taxes $ 56,057 $ 47,171 $ 35,038 $ 6,041 $ 14,221 $ 158,528 Total assets $ 6,583,606 $ 3,530,345 $ 1,646,287 $ 467,889 $ ( 3,432,748 ) $ 8,795,379 Capital expenditures $ 5,232 $ 2,203 $ 1,170 $ 584 $ 10,693 $ 19,882 Nine months ended September 30, 2021 (in thousands) Retail National Wholesale Services Other Total Total revenues $ 1,347,435 $ 522,232 $ 307,934 $ 135,593 $ ( 261 ) $ 2,312,933 Investment income $ 271 $ 423 $ 120 $ 3 $ 92 $ 909 Amortization $ 56,892 $ 20,558 $ 7,121 $ 3,991 $ — $ 88,562 Depreciation $ 8,337 $ 7,498 $ 1,973 $ 1,120 $ 6,529 $ 25,457 Interest expense $ 67,641 $ 9,188 $ 12,220 $ 2,219 $ ( 42,466 ) $ 48,802 Income before income taxes $ 293,342 $ 180,222 $ 74,539 $ 24,002 $ 49,899 $ 622,004 Total assets $ 7,385,770 $ 3,789,376 $ 1,918,263 $ 449,494 $ ( 3,913,737 ) $ 9,629,166 Capital expenditures $ 5,779 $ 11,313 $ 1,311 $ 1,396 $ 14,818 $ 34,617 Nine months ended September 30, 2020 (in thousands) Retail National Wholesale Services Other Total Total revenues $ 1,119,524 $ 451,098 $ 267,790 $ 130,879 $ 1,973 $ 1,971,264 Investment income $ 143 $ 597 $ 141 $ — $ 963 $ 1,844 Amortization $ 49,363 $ 20,331 $ 6,326 $ 4,170 $ — $ 80,190 Depreciation $ 6,530 $ 6,298 $ 1,446 $ 1,059 $ 3,503 $ 18,836 Interest expense $ 63,620 $ 15,212 $ 6,793 $ 3,137 $ ( 46,428 ) $ 42,334 Income before income taxes $ 221,549 $ 125,160 $ 77,432 $ 22,557 $ 46,485 $ 493,183 Total assets $ 6,583,606 $ 3,530,345 $ 1,646,287 $ 467,889 $ ( 3,432,748 ) $ 8,795,379 Capital expenditures $ 10,959 $ 5,248 $ 2,952 $ 1,057 $ 35,604 $ 55,820

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Investments Debt And Equity Securities [Abstract]
Summary of Amortized Cost and Fair Values of Fixed Maturity Securities	At September 30, 2021, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows: (in thousands) Cost Gross Gross Fair value U.S. Treasury securities, obligations of U.S. Government $ 31,756 $ 239 $ ( 172 ) $ 31,823 Corporate debt 8,288 160 ( 23 ) 8,425 Total $ 40,044 $ 399 $ ( 195 ) $ 40,248 At December 31, 2020, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows: (in thousands) Cost Gross Gross Fair value U.S. Treasury securities, obligations of U.S. Government $ 28,372 $ 464 $ ( 5 ) $ 28,831 Corporate debt 7,190 239 ( 6 ) 7,423 Total $ 35,562 $ 703 $ ( 11 ) $ 36,254
Schedule of Investments' Gross Unrealized Loss and Fair Value	For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2021: Less than 12 Months 12 Months or More Total (in thousands) Fair value Unrealized Fair value Unrealized Fair value Unrealized U.S. Treasury securities, obligations of U.S. Government $ 15,987 $ ( 141 ) $ 969 $ ( 31 ) $ 16,956 $ ( 172 ) Corporate debt 2,929 ( 23 ) — — 2,929 ( 23 ) Total $ 18,916 $ ( 164 ) $ 969 $ ( 31 ) $ 19,885 $ ( 195 ) For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2020: Less than 12 Months 12 Months or More Total (in thousands) Fair value Unrealized Fair value Unrealized Fair value Unrealized U.S. Treasury securities, obligations of U.S. Government $ 1,995 $ ( 5 ) $ — $ — $ 1,995 $ ( 5 ) Corporate debt 808 ( 6 ) — — 808 ( 6 ) Total $ 2,803 $ ( 11 ) $ — $ — $ 2,803 $ ( 11 )
Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity	The amortized cost and estimated fair value of the fixed maturity securities at September 30, 2021 by contractual maturity are set forth below: (in thousands) Amortized cost Fair value Years to maturity: Due in one year or less $ 8,801 $ 8,899 Due after one year through five years 30,243 30,379 Due after five years 1,000 970 Total $ 40,044 $ 40,248 The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2020 by contractual maturity are set forth below: (in thousands) Amortized cost Fair value Years to maturity: Due in one year or less $ 11,214 $ 11,283 Due after one year through five years 23,348 23,976 Due after five years 1,000 995 Total $ 35,562 $ 36,254

Insurance Company WNFIC (Tables

Insurance Company WNFIC (Tables)	9 Months Ended
	Sep. 30, 2021
Reinsurance Disclosures [Abstract]
Effects of Reinsurance on Premiums Written and Earned	The effects of reinsurance on premiums written and earned are as follows: Nine months ended September 30, (in thousands) Written Earned Direct premiums $ 577,348 $ 543,712 Ceded premiums ( 577,332 ) ( 543,696 ) Net premiums $ 16 $ 16

Nature of Operations - Addition

Nature of Operations - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of reportable segments	4

Basis of Financial Reporting -

Basis of Financial Reporting - Additional Information (Details) - ASU 2019-12	Sep. 30, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect	true

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated by Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	$ 430	$ 349	$ 909	$ 1,844
Other income, net	221	2,217	2,414	3,364
Total revenues	770,305	673,962	2,312,933	1,971,264
Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	509,072		1,521,438
Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	220,936		618,455
Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	16,624		91,983
Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	17,618		63,163
Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	5,404		14,571
Retail | Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	284,536		905,470
Retail | Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	109,915		307,314
Retail | Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	15,460		88,219
Retail | Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	8,705		32,848
Retail | Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	4,454		12,383
National Programs | Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	133,649		369,703
National Programs | Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	49,779		125,329
National Programs | Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	444		1,443
National Programs | Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	6,499		23,833
National Programs | Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	549		1,316
Wholesale Brokerage | Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	90,862		246,233
Wholesale Brokerage | Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	17,938		51,574
Wholesale Brokerage | Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	720		2,321
Wholesale Brokerage | Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	2,414		6,482
Wholesale Brokerage | Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	401		872
Services | Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other
Services | Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	43,732		135,590
Services | Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0
Services | Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0
Services | Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0
Operating Segments | Retail
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	236	19	271	143
Other income, net	115		930
Total revenues	423,421	359,473	1,347,435	1,119,524
Operating Segments | National Programs
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	136	205	423	597
Other income, net	9		185
Total revenues	191,065	168,018	522,232	451,098
Operating Segments | Wholesale Brokerage
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	35	45	120	141
Other income, net	98		332
Total revenues	112,468	101,239	307,934	267,790
Operating Segments | Services
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0	0	3	0
Total revenues	43,732	$ 43,497	135,593	$ 130,879
Corporate, Non-Segment
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	23		92
Other income, net	(1)		967
Total revenues	(381)		(261)
Corporate, Non-Segment | Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	25		32
Corporate, Non-Segment | Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	$ (428)		$ (1,352)

Revenues - Schedule of Balances

Revenues - Schedule of Balances of Contract Assets and Contract Liabilities Arising from contracts with Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Revenues [Abstract]
Contract assets	$ 375,277	$ 308,755
Contract liabilities	$ 84,566	$ 80,997

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Contract with Customer, Liability	$ 54.5		$ 54
Contract with Customer, Liability, Noncurrent	30.1		27
Offset of revised estimated variable consideration		$ 7.1
Other adjustments		2.1
Deferred Costs	54.1		42.2
Incentive and Profit-sharing Contingent Commissions
Segment Reporting Information [Line Items]
Deferred Revenue, Revenue Recognized	$ 22	7.5
Variable consideration, Received		$ 16.7
Cost to Obtain
Segment Reporting Information [Line Items]
Capitalized contract cost, amortization period	15 years
Deferred Costs	$ 14.6
Capitalized Contract Cost, Amortization	2.7
Cost to Fulfill
Segment Reporting Information [Line Items]
Deferred Costs	73.8		$ 77.8
Capitalized Contract Cost, Amortization	$ 7.5

Net Income Per Share - Reconcil

Net Income Per Share - Reconciliation between Basic and Diluted Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 146,354	$ 139,290	$ 199,744	$ 133,979	$ 96,784	$ 152,400	$ 485,387	$ 383,163
Net income attributable to unvested awarded performance stock	(3,069)			(3,740)			(10,901)	(12,634)
Net income attributable to common shares	$ 143,285			$ 130,239			$ 474,486	$ 370,529
Weighted average number of common shares outstanding – basic	282,132			283,426			282,177	283,139
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic	(5,917)			(7,911)			(6,337)	(9,336)
Weighted average number of common shares outstanding for basic net income per common share	276,215			275,515			275,840	273,803
Dilutive effect of potentially issuable common shares	1,338			1,418			1,306	1,535
Weighted average number of shares outstanding – diluted	277,553			276,933			277,146	275,338
Basic (in dollars per share)	$ 0.52			$ 0.47			$ 1.72	$ 1.35
Diluted (in dollars per share)	$ 0.52			$ 0.47			$ 1.71	$ 1.35

Business Combinations - Additio

Business Combinations - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)Acquisition	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Number of acquisitions | Acquisition	11
Aggregate purchase price of acquisitions	$ 1,500
Payments to Acquire Businesses, Gross	224,141
Net assets acquired	281,805
Goodwill, Acquired During Period	176,658
Goodwill currently deductible for income tax purposes	151,500
Goodwill related to the recorded earn-out payables	25,200
Total revenues related to acquisitions	28,900
Income before income taxes related to acquisitions	500
Estimated acquisition earn-out payables	262,914	$ 242,016	$ 258,943	$ 252,296	$ 218,467	$ 161,513
Maximum Future Contingency payments Acquisitions	512,900
Other Noncurrent Liabilities
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	168,700
Accounts payable
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	94,200
Retail
Business Acquisition [Line Items]
Goodwill, Acquired During Period	174,536
National Programs
Business Acquisition [Line Items]
Goodwill, Acquired During Period	(1,337)
Wholesale Brokerage
Business Acquisition [Line Items]
Goodwill, Acquired During Period	$ 3,459
Purchased Customer Accounts
Business Acquisition [Line Items]
Weighted average life (years)	15 years
Non-compete Agreements
Business Acquisition [Line Items]
Weighted average life (years)	5 years
Business Combinations - Asset Deals
Business Acquisition [Line Items]
Number of acquisitions | Acquisition	1
Assets and Assumed Certain Liabilities
Business Acquisition [Line Items]
Number of acquisitions | Acquisition	8
Book of Business Purchases
Business Acquisition [Line Items]
Number of acquisitions | Acquisition	2
Other Acquisitions
Business Acquisition [Line Items]
Net assets acquired	$ 11,922
Other Acquisitions | Maximum
Business Acquisition [Line Items]
Net assets acquired	$ 20,000

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation for Current Year Acquisitions and Adjustments Made for Prior Year Acquisitions (Details) - USD ($) $ in Thousands	Sep. 01, 2021	May 01, 2021	Jan. 01, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021
Business Combination Separately Recognized Transactions [Line Items]
Cash paid							$ 224,141
Common stock issued				$ 4,892	$ 5,120	$ 10,000	4,892
Other payable							27,609
Recorded earn-out payable							25,163
Net assets acquired							281,805
Maximum potential earn- out payable							61,252
O'Leary Insurances (O'Leary)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired							137,648
O'Leary Insurances (O'Leary) | Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition			Jan. 1, 2021
Cash paid			$ 117,408
Common stock issued			4,892
Recorded earn-out payable			15,348
Net assets acquired			137,648
Maximum potential earn- out payable			$ 30,575
Piper Jordan LLC (Piper)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired							54,679
Piper Jordan LLC (Piper) | Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition		May 1, 2021
Cash paid		$ 43,428
Other payable		1,397
Recorded earn-out payable		9,854
Net assets acquired		54,679
Maximum potential earn- out payable		$ 15,000
Berkshire Insurance Group, Inc. (Berkshire)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired							41,500
Berkshire Insurance Group, Inc. (Berkshire) | Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition	Sep. 1, 2021
Cash paid	$ 41,500
Net assets acquired	$ 41,500
AGIS Network Inc. (AGIS)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired							36,056
AGIS Network Inc. (AGIS) | Retail
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition	Sep. 1, 2021
Cash paid	$ 11,203
Other payable	24,114
Recorded earn-out payable	739
Net assets acquired	36,056
Maximum potential earn- out payable	$ 12,289
Other Acquisitions
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired							11,922
Other Acquisitions | Various
Business Combination Separately Recognized Transactions [Line Items]
Cash paid							10,602
Other payable							2,098
Recorded earn-out payable							(778)
Net assets acquired							11,922
Maximum potential earn- out payable							$ 3,388

Business Combinations - Estimat

Business Combinations - Estimated Fair Values of Aggregate Assets and Liabilities Acquired (Details) $ in Thousands	Sep. 30, 2021USD ($)
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash	$ 46,134
Other current assets	52,952
Fixed assets	586
Goodwill	176,658
Other assets	394
Total assets acquired	363,588
Other current liabilities	(76,713)
Deferred income tax, net	(5,057)
Other liabilities	(13)
Total liabilities assumed	(81,783)
Net assets acquired	281,805
O'Leary Insurances (O'Leary)
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash	45,441
Other current assets	43,354
Fixed assets	544
Goodwill	84,649
Other assets	135
Total assets acquired	215,401
Other current liabilities	(72,683)
Deferred income tax, net	(5,057)
Other liabilities	(13)
Total liabilities assumed	(77,753)
Net assets acquired	137,648
Piper Jordan LLC (Piper)
Fair Value Of Assets And Liabilities Statement [Line Items]
Other current assets	2,397
Fixed assets	9
Goodwill	40,019
Total assets acquired	54,679
Net assets acquired	54,679
Berkshire Insurance Group, Inc. (Berkshire)
Fair Value Of Assets And Liabilities Statement [Line Items]
Other current assets	1,621
Fixed assets	9
Goodwill	27,563
Total assets acquired	41,517
Other current liabilities	(17)
Total liabilities assumed	(17)
Net assets acquired	41,500
AGIS Network Inc. (AGIS)
Fair Value Of Assets And Liabilities Statement [Line Items]
Other current assets	520
Fixed assets	20
Goodwill	21,888
Total assets acquired	36,056
Net assets acquired	36,056
Other Acquisitions
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash	693
Other current assets	5,060
Fixed assets	4
Goodwill	2,539
Other assets	259
Total assets acquired	15,935
Other current liabilities	(4,013)
Total liabilities assumed	(4,013)
Net assets acquired	11,922
Purchased Customer Accounts
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	85,853
Purchased Customer Accounts | O'Leary Insurances (O'Leary)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	40,459
Purchased Customer Accounts | Piper Jordan LLC (Piper)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	12,233
Purchased Customer Accounts | Berkshire Insurance Group, Inc. (Berkshire)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	12,313
Purchased Customer Accounts | AGIS Network Inc. (AGIS)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	13,577
Purchased Customer Accounts | Other Acquisitions
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	7,271
Non-compete Agreements
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	1,011
Non-compete Agreements | O'Leary Insurances (O'Leary)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	819
Non-compete Agreements | Piper Jordan LLC (Piper)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	21
Non-compete Agreements | Berkshire Insurance Group, Inc. (Berkshire)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	11
Non-compete Agreements | AGIS Network Inc. (AGIS)
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	51
Non-compete Agreements | Other Acquisitions
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	$ 109

Business Combinations - Unaudit

Business Combinations - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Combinations [Abstract]
Total revenues	$ 773,593	$ 690,002	$ 2,329,567	$ 2,019,218
Income before income taxes	197,444	162,392	627,088	504,731
Net income	$ 147,065	$ 137,245	$ 489,355	$ 392,135
Net income per share:
Basic	$ 0.52	$ 0.48	$ 1.73	$ 1.38
Diluted	$ 0.52	$ 0.48	$ 1.73	$ 1.38
Weighted average number of shares outstanding:
Basic	276,215	275,515	275,840	273,803
Diluted	277,553	276,933	277,146	275,338

Business Combinations - Addit_2

Business Combinations - Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Combinations [Abstract]
Beginning balance	$ 242,016	$ 218,467	$ 258,943	$ 161,513
Additions to estimated acquisition earn-out payables	79	22,091	25,163	96,845
Payments for estimated acquisition earn-out payables	(1,913)	(3,580)	(41,862)	(11,058)
Subtotal	240,182	236,978	242,244	247,300
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables	21,855	13,433	15,814	(516)
Interest expense accretion	1,283	1,885	4,829	5,512
Net change in earnings from estimated acquisition earn-out payables	23,138	15,318	20,643	4,996
Foreign currency translation adjustments during the year	(406)		27
Ending balance	$ 262,914	$ 252,296	$ 262,914	$ 252,296

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Value of Goodwill by Operating Segment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Line Items]
Beginning balance	$ 4,395,918
Goodwill of acquired businesses	176,658
Goodwill disposed of relating to sales of businesses	(3,050)
Foreign currency translation adjustments during the year	(4,370)
Ending balance	4,565,156
Retail
Goodwill [Line Items]
Beginning balance	2,650,470
Goodwill of acquired businesses	174,536
Goodwill disposed of relating to sales of businesses	(3,050)
Foreign currency translation adjustments during the year	(4,434)
Ending balance	2,817,522
National Programs
Goodwill [Line Items]
Beginning balance	1,091,122
Goodwill of acquired businesses	(1,337)
Goodwill disposed of relating to sales of businesses	0
Foreign currency translation adjustments during the year	64
Ending balance	1,089,849
Wholesale Brokerage
Goodwill [Line Items]
Beginning balance	483,057
Goodwill of acquired businesses	3,459
Goodwill disposed of relating to sales of businesses	0
Foreign currency translation adjustments during the year
Ending balance	486,516
Services
Goodwill [Line Items]
Beginning balance	171,269
Goodwill of acquired businesses
Goodwill disposed of relating to sales of businesses	0
Foreign currency translation adjustments during the year
Ending balance	$ 171,269

Amortizable Intangible Assets -

Amortizable Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 2,285,594	$ 2,200,061
Accumulated amortization	(1,240,314)	(1,150,401)
Net carrying value	1,045,280	1,049,660
Purchased Customer Accounts
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	2,249,514	2,164,968
Accumulated amortization	(1,207,247)	(1,118,316)
Net carrying value	$ 1,042,267	$ 1,046,652
Weighted average life (years)	15 years	15 years
Non-compete Agreements
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 36,080	$ 35,093
Accumulated amortization	(33,067)	(32,085)
Net carrying value	$ 3,013	$ 3,008
Weighted average life (years)	4 years 4 months 24 days	4 years 7 months 6 days

Amortizable Intangible Assets_2

Amortizable Intangible Assets - Additional Information (Details) $ in Millions	Sep. 30, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense estimated, year one (2021)	$ 118.3
Amortization expense estimated, year two (2022)	115.5
Amortization expense estimated, year three (2023)	108.8
Amortization expense estimated, year four (2024)	104.6
Amortization expense estimated, year five (2025)	$ 102.2

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total current portion of long-term debt	$ 290,000	$ 70,000
Total notes	1,548,422	1,548,208
Long-term credit agreements	217,500	490,000
Debt issuance costs (contra)	(10,435)	(12,302)
Total long-term debt less unamortized discount and debt issuance costs	1,755,487	2,025,906
Current portion of long-term debt	290,000	70,000
Total debt	2,045,487	2,095,906
5-year Term-Loan Facility Expires in 2022
Debt Instrument [Line Items]
Total current portion of long-term debt	260,000	40,000
Long-term credit agreements	0	250,000
5-year Term-Loan Facility Expires in 2023
Debt Instrument [Line Items]
Total current portion of long-term debt	30,000	30,000
Long-term credit agreements	217,500	240,000
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2024
Debt Instrument [Line Items]
Total notes	499,534	499,416
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Total notes	349,582	349,540
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Total notes	$ 699,306	$ 699,252

Long-Term Debt - Schedule of _2

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Maximum
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%
Minimum
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.00%
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2024
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.20%	4.20%
Debt instrument maturity year	2024	2024
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.50%	4.50%
Debt instrument maturity year	2029	2029
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	2.375%	2.375%
Debt instrument maturity year	2031	2031
5-year Term-Loan Facility Expires in 2022
Debt Instrument [Line Items]
Debt instrument maturity year	2022	2022
Line of credit facility, expiration term	5 years	5 years
Line of credit facility, expiration date	Jun. 28, 2022	Jun. 28, 2022
5-year Term-Loan Facility Expires in 2022 | Maximum | LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.250%, Expires June 28, 2022
Debt Instrument [Line Items]
Line of credit facility, expiration term	5 years	5 years
Line of credit facility, expiration date	Jun. 28, 2022	Jun. 28, 2022
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.250%, Expires June 28, 2022 | Maximum
Debt Instrument [Line Items]
Commitment fee, percentage	0.25%	0.25%
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.250%, Expires June 28, 2022 | Maximum | LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.50%	1.50%
5-year Term-Loan Facility Expires in 2023
Debt Instrument [Line Items]
Debt instrument maturity year	2023	2023
Line of credit facility, expiration term	5 years	5 years
Line of credit facility, expiration date	Dec. 21, 2023	Dec. 21, 2023
5-year Term-Loan Facility Expires in 2023 | Maximum | LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	Dec. 21, 2018	Dec. 31, 2018	Jun. 30, 2017	Sep. 30, 2021	Dec. 31, 2020	Sep. 24, 2020	Mar. 31, 2019	Mar. 11, 2019	Jun. 28, 2017	Sep. 18, 2014
Debt Instrument [Line Items]
Unsecured revolving credit facility				$ 0	$ 0				$ 800,000,000
Proceeds from issuance of debt		$ 2,800,000
Write off of deferred debt issuance cost			$ 200,000
Debt issuance costs									1,600,000
Unsecured term loans				260,000,000	290,000,000				$ 400,000,000
Outstanding debt balance				$ 2,045,487,000	2,095,906,000
Debt instrument, periodic payment, principal	$ 250,000,000
Minimum
Debt Instrument [Line Items]
Debt instrument, variable interest rate				1.00%
Maximum
Debt Instrument [Line Items]
Debt instrument, variable interest rate				1.75%
Unsecured Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount										$ 500,000,000
Debt instrument interest rate stated percentage						2.375%		4.50%		4.20%
Outstanding debt balance				$ 500,000,000	$ 500,000,000	$ 200,000,000	$ 350,000,000
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage				4.50%	4.50%
Senior notes				$ 350,000,000	$ 350,000,000			$ 350,000,000
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage				2.375%	2.375%
Senior notes				$ 700,000,000	$ 700,000,000	$ 700,000,000
Term Loan
Debt Instrument [Line Items]
Debt instrument, periodic payment, principal		$ 67,500,000
Unsecured term loans	$ 300,000,000			$ 247,500,000	$ 270,000,000
Loan repayment term	5 years
Term Loan | LIBOR
Debt Instrument [Line Items]
30-day Adjusted LIBOR Rate				0.125%
Term Loan | Minimum
Debt Instrument [Line Items]
Unsecured term loans	$ 300,000,000
Term Loan | Maximum
Debt Instrument [Line Items]
Unsecured term loans	$ 450,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, outstanding amount										$ 475,000,000
Long-term Debt | LIBOR
Debt Instrument [Line Items]
30-day Adjusted LIBOR Rate				0.125%

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Lessee Lease Description [Line Items]
Operating lease expiration term	2041
Future Lease Agreements
Lessee Lease Description [Line Items]
Operating lease expected to commence undiscounted lease liabilities in 2021	$ 1.6
Operating lease expected to commence undiscounted lease liabilities in 2022	$ 10.6

Leases - Schedule of Balances a

Leases - Schedule of Balances and Classification of Operating Lease Right-of-Use Assets and Operating Lease Liabilities within Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Operating lease right-of-use assets	$ 187,828	$ 186,998
Total assets	187,828	186,998
Liabilities:
Current operating lease liabilities	$ 43,097	$ 43,542
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	bro:AccruedExpenseAndOtherLiabilityMember	bro:AccruedExpenseAndOtherLiabilityMember
Non-current operating lease liabilities	$ 171,571	$ 172,935
Total liabilities	$ 214,668	$ 216,477

Leases - Schedule of Components

Leases - Schedule of Components of Lease Cost for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating leases:
Lease cost	$ 12,992	$ 13,560	$ 39,600	$ 39,911
Variable lease cost	1,046	892	3,143	2,583
Short-term lease cost	320	122	857	360
Operating lease cost	14,358	14,574	43,600	42,854
Sublease income	(578)	(416)	(1,321)	(1,224)
Total lease cost net	$ 13,780	$ 14,158	$ 42,279	$ 41,630

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases (Details)	Sep. 30, 2021
Leases [Abstract]
Weighted-average remaining lease term	6 years 3 months 7 days
Weighted-average discount rate	2.86%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021 (Remainder)	$ 10,413
2022	49,792
2023	41,772
2024	34,963
2025	28,608
Thereafter	67,616
Total undiscounted lease payments	233,164
Less: Imputed interest	18,496
Present value of lease payments	$ 214,668	$ 216,477

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$ 13,899	$ 13,949	$ 41,743	$ 40,723
Right-of-use assets obtained in exchange for new operating liabilities	$ 14,117	$ 10,329	$ 34,095	$ 32,510

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Additional Information (Details)	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)	Sep. 30, 2021USD ($)Installment	Dec. 31, 2020USD ($)
Supplemental Cash Flow Elements [Abstract]
Deferred employer only payroll tax payments, CARES Act		$ 0	$ 31,100,000
Number of installment in cumulative deferred employer payroll taxes to be paid, CARES Act | Installment		2
Reimbursement for capitalizable costs of public infrastructure improvements	$ 8,100,000

Supplemental Disclosures of C_4

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Summary of Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid during the period for:
Interest	$ 59,688	$ 49,802
Income taxes, net of refunds	$ 103,875	$ 91,661

Supplemental Disclosures of C_5

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Summary of Significant Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Significant non-cash investing and financing activities
Other payable issued for agency acquisitions and purchased customer accounts	$ 3,495	$ 4,350
Estimated acquisition earn-out payables and related charges	25,163	$ 96,845
Contingent payable issued for agency acquisition	24,114
Common stock issued for agency acquisition	4,892
Notes payable assumed for agency acquisition	$ 1,355

Supplemental Disclosures of C_6

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Schedule of Reconciliation of Cash and Cash Equivalents Inclusive of Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 943,969	$ 817,398	$ 1,070,190
Restricted cash	481,922		431,651
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$ 1,425,891	$ 1,271,915	$ 1,501,841	$ 962,975

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Segment	Sep. 30, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			4
Revenues	$ 770,305	$ 673,962	$ 2,312,933	$ 1,971,264
Bermuda, Cayman Islands, Ireland and London
Segment Reporting Information [Line Items]
Revenues	$ 17,400	$ 9,100	$ 54,000	$ 25,400

Segment Information - Summarize

Segment Information - Summarized Financial Information Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 770,305	$ 673,962	$ 2,312,933	$ 1,971,264
Investment income	430	349	909	1,844
Amortization	29,523	27,059	88,562	80,190
Depreciation	9,200	6,647	25,457	18,836
Interest expense	16,175	13,234	48,802	42,334
Income before income taxes	196,489	158,528	622,004	493,183
Total assets	9,629,166	8,795,379	9,629,166	8,795,379	$ 8,966,492
Capital expenditures	9,475	19,882	34,617	55,820
Operating Segments | Retail
Segment Reporting Information [Line Items]
Total revenues	423,421	359,473	1,347,435	1,119,524
Investment income	236	19	271	143
Amortization	19,057	16,624	56,892	49,363
Depreciation	2,775	2,347	8,337	6,530
Interest expense	22,417	20,519	67,641	63,620
Income before income taxes	71,639	56,057	293,342	221,549
Total assets	7,385,770	6,583,606	7,385,770	6,583,606
Capital expenditures	2,092	5,232	5,779	10,959
Operating Segments | National Programs
Segment Reporting Information [Line Items]
Total revenues	191,065	168,018	522,232	451,098
Investment income	136	205	423	597
Amortization	6,821	7,100	20,558	20,331
Depreciation	2,987	2,300	7,498	6,298
Interest expense	2,190	5,335	9,188	15,212
Income before income taxes	72,358	47,171	180,222	125,160
Total assets	3,789,376	3,530,345	3,789,376	3,530,345
Capital expenditures	4,660	2,203	11,313	5,248
Operating Segments | Wholesale Brokerage
Segment Reporting Information [Line Items]
Total revenues	112,468	101,239	307,934	267,790
Investment income	35	45	120	141
Amortization	2,360	1,945	7,121	6,326
Depreciation	649	548	1,973	1,446
Interest expense	3,916	2,488	12,220	6,793
Income before income taxes	29,365	35,038	74,539	77,432
Total assets	1,918,263	1,646,287	1,918,263	1,646,287
Capital expenditures	210	1,170	1,311	2,952
Operating Segments | Services
Segment Reporting Information [Line Items]
Total revenues	43,732	43,497	135,593	130,879
Investment income	0	0	3	0
Amortization	1,285	1,390	3,991	4,170
Depreciation	374	355	1,120	1,059
Interest expense	680	1,004	2,219	3,137
Income before income taxes	7,080	6,041	24,002	22,557
Total assets	449,494	467,889	449,494	467,889
Capital expenditures	887	584	1,396	1,057
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	(381)	1,735	(261)	1,973
Investment income	23	80	92	963
Amortization	0	0	0	0
Depreciation	2,415	1,097	6,529	3,503
Interest expense	(13,028)	(16,112)	(42,466)	(46,428)
Income before income taxes	16,047	14,221	49,899	46,485
Total assets	(3,913,737)	(3,432,748)	(3,913,737)	(3,432,748)
Capital expenditures	$ 1,626	$ 10,693	$ 14,818	$ 35,604

Investments - Summary of Amorti

Investments - Summary of Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Cost	$ 40,044	$ 35,562
Gross unrealized gains	399	703
Gross unrealized losses	(195)	(11)
Fair value	40,248	36,254
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Cost	31,756	28,372
Gross unrealized gains	239	464
Gross unrealized losses	(172)	(5)
Fair value	31,823	28,831
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Cost	8,288	7,190
Gross unrealized gains	160	239
Gross unrealized losses	(23)	(6)
Fair value	$ 8,425	$ 7,423

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)Security	Dec. 31, 2020USD ($)Security
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 40,248	$ 36,254
Number of securities in unrealized loss position | Security	21	3
Proceeds from sale of investment in fixed maturity securities	$ 7,700
Proceeds from Sale of Other Investments	9,300
Investments on deposit with the state insurance department	4,200
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	31,823	$ 28,831
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities | Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	8,900	11,300
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities | Bank Time Deposits
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	5,500	7,000
Corporate Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 8,425	$ 7,423

Investments - Schedule of Inves

Investments - Schedule of Investments' Gross Unrealized Loss and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 18,916	$ 2,803
Unrealized Losses, Less than 12 Months	(164)	(11)
Fair Value, 12 Months or More	969	0
Unrealized Losses, 12 Months or More	(31)	0
Fair Value	19,885	2,803
Unrealized Losses	(195)	(11)
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	15,987	1,995
Unrealized Losses, Less than 12 Months	(141)	(5)
Fair Value, 12 Months or More	969	0
Unrealized Losses, 12 Months or More	(31)	0
Fair Value	16,956	1,995
Unrealized Losses	(172)	(5)
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	2,929	808
Unrealized Losses, Less than 12 Months	(23)	(6)
Fair Value, 12 Months or More	0	0
Unrealized Losses, 12 Months or More	0	0
Fair Value	2,929	808
Unrealized Losses	$ (23)	$ (6)

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Amortized cost
Due in one year or less	$ 8,801	$ 11,214
Due after one year through five years	30,243	23,348
Due after five years	1,000	1,000
Amortized Cost, Total	40,044	35,562
Fair value
Due in one year or less	8,899	11,283
Due after one year through five years	30,379	23,976
Due after five years	970	995
Fair Value, Total	$ 40,248	$ 36,254

Insurance Company WNFIC - Effec

Insurance Company WNFIC - Effects of Reinsurance on Premiums Written and Earned (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Written
Direct premiums	$ 577,348
Ceded premiums	(577,332)
Net premiums	16
Earned
Direct premiums	543,712
Ceded premiums	(543,696)
Net premiums	$ 16

Insurance Company WNFIC - Addit

Insurance Company WNFIC - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)Reinsurer	Dec. 31, 2020USD ($)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded rate of premiums under insurance program	100.00%
Premiums written net	$ 577,332
Ceded unpaid loss	220,400
Prepaid reinsurance premiums	411,252	$ 377,615
Increase (decrease) in loss and loss adjustment expense reserve	0
Reserve for losses and loss adjustment expense	$ 220,400
Number of reinsurers | Reinsurer	2
Wright National Flood Insurance Company
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded rate of premiums under insurance program	100.00%
Expenses and allowance rate received in premiums	30.00%
Premiums written net	$ 575,500
Ceded to highly rated carriers for excess flood policies	1,800
Statutory capital and surplus required	7,500
Statutory capital and surplus	35,100	32,600
Statutory net Income	$ 1,000	$ 800
Percentage of adjusted net income	100.00%
Maximum dividend payout that may be made without prior approval	$ 3,300
Wright National Flood Insurance Company | Maximum
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Preferred stock, dividend rate, percentage	10.00%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)	Oct. 19, 2021	Aug. 18, 2021	May 19, 2021	Feb. 17, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Accelerated Share Repurchases [Line Items]
Treasury stock shares (in shares)					18,497,000						16,685,000
Fair value of common stock repurchased					$ 673,902,000						$ 591,338,000
Business combination, shares issued							106,586
Business combination, total value							$ 4,900,000
Cash dividends paid		$ 0.0925	$ 0.0925	$ 0.0925	$ 0.0925	$ 0.0925	$ 0.0925	$ 0.085	$ 0.085	$ 0.085
Dividend paid		$ 26,100,000	$ 26,100,000	$ 26,100,000	$ 26,126,000	$ 26,063,000	$ 26,092,000	$ 24,089,000	$ 24,084,000	$ 23,902,000
Dividend payable per share	$ 0.1025
Subsequent Event
Accelerated Share Repurchases [Line Items]
Dividend payable, record date	Nov. 3, 2021
Dividend payable date	Nov. 17, 2021
Second Accelerated Share Repurchase Agreement | Maximum
Accelerated Share Repurchases [Line Items]
Shares repurchased, authorized amount					$ 100,000,000
Accelerated Share Repurchase Agreement
Accelerated Share Repurchases [Line Items]
Treasury stock shares (in shares)					21,795	232,243	1,557,815
Fair value of common stock repurchased					$ 1,100,000	$ 11,400,000	$ 70,000,000
Treasury stock, average cost per share					$ 52.26	$ 49.11	$ 44.95
Stock repurchase program, remaining authorized repurchase amount					$ 323,600,000