Brown & Brown (BRO) 10-Q 27 Jul 23 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 24, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		283,613,083
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 Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES
Commissions and fees	$ 1,035.9	$ 838.7	$ 2,143.9	$ 1,743.1
Investment income	10.3	0.4	17.3	0.6
Other income, net	1.1	0.6	2.1	0.8
Total revenues	1,047.3	839.7	2,163.3	1,744.5
EXPENSES
Employee compensation and benefits	530.2	412.1	1,101.3	871
Other operating expenses	162	154	322.7	280.8
(Gain)/loss on disposal	(0.4)	(0.7)	(6.1)	(0.9)
Amortization	41.2	33.6	82.6	64.7
Depreciation	10.2	8.9	20.1	17.1
Interest	47.9	36	94.6	54.3
Change in estimated acquisition earn-out payables	1.8	(3)	(0.5)	(6.4)
Total expenses	792.9	640.9	1,614.7	1,280.6
Income before income taxes	254.4	198.8	548.6	463.9
Income taxes	64	53.6	122.7	98.4
Net income	$ 190.4	$ 145.2	$ 425.9	$ 365.5
Net income per share:
Basic (in dollars per share)	$ 0.67	$ 0.51	$ 1.50	$ 1.29
Diluted (in dollars per share)	0.67	0.51	1.50	1.29
Dividends declared per share (in dollars per share)	$ 0.115	$ 0.103	$ 0.230	$ 0.205

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 190.4	$ 145.2	$ 425.9	$ 365.5
Foreign currency translation	50.7	(130.1)	97.8	(132.2)
Unrealized gain/(loss) on available-for-sale debt securities, net of tax	(0.2)	(0.3)	0.1	(1.2)
Comprehensive (loss) income	$ 240.9	$ 14.8	$ 523.8	$ 232.1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 627.9	$ 650
Fiduciary cash	1,635.5	1,383.2
Short-term investments	10.1	12
Commission, fees and other receivables	751.3	642.9
Fiduciary receivables	1,005	881.4
Reinsurance recoverable	187.2	831
Prepaid reinsurance premiums	450.6	393.2
Other current assets	227.3	202.3
Total current assets	4,894.9	4,996
Fixed assets, net	244.7	239.9
Operating lease assets	204.9	214.9
Goodwill	6,865.1	6,674.2
Amortizable intangible assets, net	1,562.5	1,595.2
Investments	27.5	22.4
Other assets	271.9	230.9
Total assets	14,071.5	13,973.5
Current Liabilities:
Fiduciary liabilities	2,640.5	2,264.6
Losses and loss adjustment reserve	198.8	841.1
Unearned premiums	487.5	412.3
Accounts payable	329.1	286.5
Accrued expenses and other liabilities	448.6	541.5
Current portion of long-term debt	53.1	250.6
Total current liabilities	4,157.6	4,596.6
Long-term debt less unamortized discount and debt issuance costs	3,762.4	3,691.5
Operating lease liabilities	186	195.9
Deferred income taxes, net	571.9	584
Other liabilities	321.1	298.9
Shareholders’ Equity:
Common stock, par value $0.10 per share; authorized 560.0 shares; issued 303.3 shares and outstanding 283.6 shares at 2023, issued 302.9 shares and outstanding 283.2 shares at 2022, respectively	30.3	30.3
Additional paid-in capital	927.1	919.7
Treasury stock, at cost 19.7 shares at 2023, 19.7 shares at 2022, respectively.	(748.1)	(748)
Accumulated other comprehensive loss	(50.5)	(148.4)
Retained earnings	4,913.7	4,553
Total shareholders’ equity	5,072.5	4,606.6
Total liabilities and shareholders’ equity	$ 14,071.5	$ 13,973.5

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	560	560
Common stock, shares issued (in shares)	303.3	302.9
Common stock, shares outstanding (in shares)	283.6	283.2
Treasury stock shares (in shares)	19.7	19.7

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance, Value at Dec. 31, 2021	$ 4,196.9	$ 30.1	$ 849.4	$ (673.9)	$ (9.4)	$ 4,000.7
Beginning Balance, Shares at Dec. 31, 2021		282.5
Net income	220.3					220.3
Net unrealized holding (loss) gain on available-for- sale securities	(0.9)				(0.9)
Foreign currency translation	(2.1)				(2.1)
Employee stock purchase plan	2.7		2.7
Stock incentive plans	17.5	$ 0.2	17.3
Stock incentive plans, Shares		1.7
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(46)	$ (0.1)	(45.9)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(0.7)
Purchase of treasury stock	(24.1)			(24.1)
Purchase of treasury stock, Shares		(0.4)
Cash dividends paid	(28.9)					(28.9)
Ending Balance, Value at Mar. 31, 2022	4,335.4	$ 30.2	823.5	(698)	(12.4)	4,192.1
Ending Balance, Shares at Mar. 31, 2022		283.1
Beginning Balance, Value at Dec. 31, 2021	4,196.9	$ 30.1	849.4	(673.9)	(9.4)	4,000.7
Beginning Balance, Shares at Dec. 31, 2021		282.5
Net income	365.5
Ending Balance, Value at Jun. 30, 2022	4,283.4	$ 30.2	835.7	(748)	(142.8)	4,308.3
Ending Balance, Shares at Jun. 30, 2022		282.2
Beginning Balance, Value at Mar. 31, 2022	4,335.4	$ 30.2	823.5	(698)	(12.4)	4,192.1
Beginning Balance, Shares at Mar. 31, 2022		283.1
Net income	145.2					145.2
Net unrealized holding (loss) gain on available-for- sale securities	(0.3)				(0.3)
Foreign currency translation	(130.2)		(0.1)		(130.1)
Employee stock purchase plan	1.7		1.7
Stock incentive plans	12.1		12.1
Stock incentive plans, Shares		(0.1)
Directors	0.9		0.9
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(2.4)		(2.4)
Purchase of treasury stock	(50)			(50)
Purchase of treasury stock, Shares		(0.8)
Cash dividends paid	(29)					(29)
Ending Balance, Value at Jun. 30, 2022	4,283.4	$ 30.2	835.7	(748)	(142.8)	4,308.3
Ending Balance, Shares at Jun. 30, 2022		282.2
Beginning Balance, Value at Dec. 31, 2022	$ 4,606.6	$ 30.3	919.7	(748)	(148.4)	4,553
Beginning Balance, Shares at Dec. 31, 2022	283.2	283.2
Net income	$ 235.5					235.5
Net unrealized holding (loss) gain on available-for- sale securities	0.3				0.3
Foreign currency translation	47.1				47.1
Employee stock purchase plan	3.4		3.4
Stock incentive plans	21	$ 0.1	20.9
Stock incentive plans, Shares		1
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(36.2)	$ (0.1)	(36.1)
Repurchase shares to fund tax withholdings for non-cash stock-based compensation, shares		(0.6)
Purchase of treasury stock	(0.1)			(0.1)
Cash dividends paid	(32.6)					(32.6)
Ending Balance, Value at Mar. 31, 2023	4,845	$ 30.3	907.9	(748.1)	(101)	4,755.9
Ending Balance, Shares at Mar. 31, 2023		283.6
Beginning Balance, Value at Dec. 31, 2022	$ 4,606.6	$ 30.3	919.7	(748)	(148.4)	4,553
Beginning Balance, Shares at Dec. 31, 2022	283.2	283.2
Net income	$ 425.9
Ending Balance, Value at Jun. 30, 2023	$ 5,072.5	$ 30.3	927.1	(748.1)	(50.5)	4,913.7
Ending Balance, Shares at Jun. 30, 2023	283.6	283.6
Beginning Balance, Value at Mar. 31, 2023	$ 4,845	$ 30.3	907.9	(748.1)	(101)	4,755.9
Beginning Balance, Shares at Mar. 31, 2023		283.6
Net income	190.4					190.4
Net unrealized holding (loss) gain on available-for- sale securities	(0.2)				(0.2)
Foreign currency translation	50.5		(0.2)		50.7
Employee stock purchase plan	2.4		2.4
Stock incentive plans	18.7		18.7
Directors	1.1		1.1
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(2.8)		(2.8)
Cash dividends paid	(32.6)					(32.6)
Ending Balance, Value at Jun. 30, 2023	$ 5,072.5	$ 30.3	$ 927.1	$ (748.1)	$ (50.5)	$ 4,913.7
Ending Balance, Shares at Jun. 30, 2023	283.6	283.6

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares		3 Months Ended
	Feb. 15, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends paid	$ 0.1150	$ 0.1150	$ 0.1150	$ 0.1025	$ 0.1025

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 425.9	$ 365.5
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization	82.6	64.7
Depreciation	20.1	17.1
Non-cash stock-based compensation	45.2	34
Change in estimated acquisition earn-out payables	(0.5)	(6.4)
Deferred income taxes	2.4	26.6
Amortization of debt discount and disposal of deferred financing costs	2.2	1.8
Net (gain)/loss on sales/disposals of investments, fixed assets and customer accounts	(5.5)	(0.5)
Payments on acquisition earn-outs in excess of original estimated payables	(17.7)	(23.4)
Effect of changes in foreign exchange rate changes	0.2	(0.2)
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Commissions, fees and other receivables (increase) decrease	(103)	(78.3)
Reinsurance recoverable (increase) decrease	643.8	28.4
Prepaid reinsurance premiums (increase) decrease	(57.4)	6.8
Other assets (increase) decrease	(56.1)	(52.8)
Losses and loss adjustment reserve increase (decrease)	(642.3)	(28.4)
Unearned premiums increase (decrease)	75.1	16.2
Accounts payable increase (decrease)	101.4	101.3
Accrued expenses and other liabilities increase (decrease)	(100)	(46.9)
Other liabilities increase (decrease)	(27.9)	(79.3)
Net cash provided by operating activities	388.5	346.2
Cash flows from investing activities:
Additions to fixed assets	(25.1)	(18.3)
Payments for businesses acquired, net of cash acquired	(115.3)	(457.2)
Proceeds from sales of fixed assets and customer accounts	6	4.4
Purchases of investments	(6.2)
Proceeds from sales of investments	5.9	3.6
Net cash used in investing activities	(134.7)	(467.5)
Cash flows from financing activities:
Fiduciary receivables and liabilities, net	223.9	89.3
Payments on acquisition earn-outs	(45.9)	(43.1)
Proceeds from long-term debt		2,000
Payments on long-term debt	(228.8)	(27.5)
Deferred debt issuance costs		(23.3)
Borrowings on revolving credit facility	170	350
Payments on revolving credit facilities	(70)	(100)
Issuances of common stock for employee stock benefit plans	1.6	0.9
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(39)	(48.4)
Purchase of treasury stock	(0.1)	(74.1)
Cash dividends paid	(65.2)	(57.9)
Net cash (used in)/provided by financing activities	(53.5)	2,065.9
Effect of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash	29.9	(127.3)
Net increase in cash and cash equivalents inclusive of fiduciary cash	230.2	1,817.3
Cash and cash equivalents inclusive of fiduciary cash at beginning of period	2,033.2	1,470.2
Cash and cash equivalents inclusive of fiduciary cash at end of period	$ 2,263.4	$ 3,287.5

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Insider Trading Arr Abstract
Rule10b5-1 Arr Adopted Flag	false
Non Rule 10b51 Arr Adopted Flag	false
Rule 10 b 51 Arr Trmntd Flag	false
Non Rule 10b51 Arr Trmntd Flag	false

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2023
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 and recreational vehicle 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. The Company primarily operates as an agent or broker not assuming underwriting risks. However, we operate a write-your-own flood insurance carrier, Wright National Flood Insurance Company (“WNFIC”). WNFIC’s underwriting business consists of policies written pursuant to the National Flood Insurance Program (“NFIP”), the program administered by the Federal Emergency Management Agency (“FEMA”). In addition, WNFIC writes excess flood policies that are fully reinsured by a private carrier. The Company also participates in two capitalized captive insurance facilities (the "Captives") for the purpose of facilitating additional underwriting capacity, generating incremental revenues and participating in underwriting results.

Basis of Financial Reporting

Basis of Financial Reporting	6 Months Ended
	Jun. 30, 2023
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, 2022. 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 None. Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 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 the London Interbank Offered Rate (“LIBOR”), or another reference rate expected to be discontinued due to reference rate reform. These amendments, along with the amendments within ASU 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" that extended the period of time preparers can utilize the reference rate reform relief guidance in Topic 848, are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2024. The Company adopted ASU 2020-04 on February 10, 2023 in connection with enacting the transition provision in our Second Amended and Restated Credit Agreement dated October 27, 2021. Under the allowable expedients, a modification of a debt contract that is only a replacement of the reference rate is accounted for as a non-substantial modification. Adoption of this guidance had no impact on the Company's financial statements.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2023
Revenues [Abstract]
Revenues	NOTE 3 Revenues The following tables present the revenues disaggregated by revenue source: Three months ended June 30, 2023 (in millions) Retail National Wholesale Services Other (8) Total Base commissions (1) $ 397.3 $ 197.3 $ 114.3 $ — $ — $ 708.9 Fees (2) 133.7 55.3 20.1 43.2 ( 0.4 ) 251.9 Other supplemental commissions (3) 27.3 1.8 0.7 — — 29.8 Profit-sharing contingent commissions (4) 15.0 15.1 3.5 — — 33.6 Earned premium (5) — 11.7 — — — 11.7 Investment income (6) 0.3 2.0 0.5 — 7.5 10.3 Other income, net (7) 0.9 0.1 — — 0.1 1.1 Total Revenues $ 574.5 $ 283.3 $ 139.1 $ 43.2 $ 7.2 $ 1,047.3 Three months ended June 30, 2022 (in millions) Retail National Wholesale Services Other (8) Total Base commissions (1) $ 301.6 $ 160.2 $ 95.1 $ — $ — $ 556.9 Fees (2) 126.2 46.9 17.4 44.0 ( 0.3 ) 234.2 Other supplemental commissions (3) 20.0 2.8 ( 2.6 ) — — 20.2 Profit-sharing contingent commissions (4) 9.4 10.3 2.4 — — 22.1 Earned premium (5) — 5.3 — — — 5.3 Investment income (6) — 0.2 — — 0.2 0.4 Other income, net (7) 0.4 — 0.1 — 0.1 0.6 Total Revenues $ 457.6 $ 225.7 $ 112.4 $ 44.0 $ — $ 839.7 Six months ended June 30, 2023 (in millions) Retail National Wholesale Services Other (8) Total Base commissions (1) $ 886.2 $ 355.1 $ 214.3 $ — $ — $ 1,455.6 Fees (2) 259.8 105.6 38.0 87.5 ( 1.0 ) 489.9 Other supplemental commissions (3) 109.7 4.2 2.4 — — 116.3 Profit-sharing contingent commissions (4) 30.4 23.0 7.0 — — 60.4 Earned premium (5) — 21.7 — — — 21.7 Investment income (6) 0.5 3.2 0.7 — 12.9 17.3 Other income, net (7) 1.4 0.3 0.1 — 0.3 2.1 Total Revenues $ 1,288.0 $ 513.1 $ 262.5 $ 87.5 $ 12.2 $ 2,163.3 Six months ended June 30, 2022 (in millions) Retail National Wholesale Services Other (8) Total Base commissions (1) $ 695.1 $ 277.5 $ 173.4 $ — $ — $ 1,146.0 Fees (2) 238.8 81.5 33.6 87.6 ( 0.6 ) 440.9 Other supplemental commissions (3) 92.2 3.9 3.0 — — 99.1 Profit-sharing contingent commissions (4) 27.4 18.3 5.0 — — 50.7 Earned premium (5) — 6.4 — — — 6.4 Investment income (6) — 0.3 0.1 — 0.2 0.6 Other income, net (7) 0.5 — 0.2 — 0.1 0.8 Total Revenues $ 1,054.0 $ 387.9 $ 215.3 $ 87.6 $ ( 0.3 ) $ 1,744.5 (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) Other supplemental commissions include additional commissions over base commissions received from insurance carriers based on predetermined growth or production measures. This includes incentive commissions and guaranteed supplemental commissions. (4) Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention. (5) Earned premium relates to the premiums earned in the Captives. (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. The following table presents the revenues disaggregated by geographic area where our services are being performed: Three months ended June 30, Six months ended June 30, (in millions, except per share data) 2023 2022 2023 2022 U.S. $ 917.5 $ 819.4 $ 1,915.7 $ 1,703.8 U.K. 104.9 3.8 203.0 8.4 Ireland 11.0 7.4 22.3 16.6 Canada 10.4 6.9 15.7 12.0 Other 3.5 2.2 6.6 3.7 Total Revenues $ 1,047.3 $ 839.7 $ 2,163.3 $ 1,744.5 Contract Assets and Liabilities The balances of contract assets and contract liabilities arising from contracts with customers as of June 30, 2023 and December 31, 2022 were as follows: (in millions) June 30, 2023 December 31, 2022 Contract assets $ 448.2 $ 431.2 Contract liabilities $ 111.5 $ 113.3 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 commissions, fees and other receivables in the Company's Condensed Consolidated Balance Sheet. The increase in contract assets over the balance as of December 31, 2022 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 June 30, 2023, deferred revenue consisted of $ 69.9 million as the current portion to be recognized within one year and $ 41.6 million in long-term to be recognized beyond one year. As of December 31, 2022, deferred revenue consisted of $ 79.9 million as the current portion to be recognized within one year and $ 33.4 million in long-term deferred revenue to be recognized beyond one year. During the six months ended June 30, 2023 and 2022, the net amount of revenue recognized related to performance obligations satisfied in a previous period was $ 21.5 million and $ 21.5 million, consisting of additional variable consideration received on our incentive and profit-sharing contingent commissions. 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 $ 86.0 million and $ 76.0 million as of June 30, 2023 and December 31, 2022, respectively. For the six months ended June 30, 2023, the Company deferred $ 13.2 million of incremental cost to obtain customer contracts. The Company recorded an expense of $ 3.2 million associated with the incremental cost to obtain customer contracts for the six months ended June 30, 2023. 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 June 30, 2023 was $ 103.1 million . The cost to fulfill balance as of December 31, 2022 was $ 108.7 million . For the six months ended June 30, 2023, the Company had net expense of $ 9.9 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	6 Months Ended
	Jun. 30, 2023
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 June 30, Six months ended June 30, (in millions, except per share data) 2023 2022 2023 2022 Net income $ 190.4 $ 145.2 $ 425.9 $ 365.5 Net income attributable to unvested awarded performance stock ( 2.8 ) ( 2.7 ) ( 6.8 ) ( 7.1 ) Net income attributable to common shares $ 187.6 $ 142.5 $ 419.1 $ 358.4 Weighted average number of common shares outstanding – basic 283.6 282.5 283.5 282.6 Less unvested awarded performance stock included in weighted ( 4.2 ) ( 5.3 ) ( 4.5 ) ( 5.5 ) Weighted average number of common shares outstanding for basic 279.4 277.2 279.0 277.1 Dilutive effect of potentially issuable common shares 1.0 1.0 1.0 1.3 Weighted average number of shares outstanding – diluted 280.4 278.2 280.0 278.4 Net income per share: Basic $ 0.67 $ 0.51 $ 1.50 $ 1.29 Diluted $ 0.67 $ 0.51 $ 1.50 $ 1.29

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Business Combinations	NOTE 5 Business Combinations During the six months ended June 30, 2023, Brown & Brown acquired all of the stock of eight insurance intermediaries, purchased assets and assumed certain liabilities of three insurance intermediaries, and purchased two books of business (customer accounts) for a total of thirteen 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 in the following table. 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 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 six months ended June 30, 2023 , adjustments were made within the permitted measurement period that included a decrease to purchased customer accounts of $ 11.3 million and a decrease in goodwill of $ 9 million. These measurement period adjustments have been reflected as current period adjustments in the six months ended June 30, 2023 in accordance with the guidance in ASU 2015-16 “Business Combinations.” The measurement period adjustments had no effect on earnings or cash in the current period. Cash paid for the thirteen acquisitions was $ 127.2 million during the six months ended June 30, 2023. 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 adjustments to the 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. The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired through the six months ended June 30, 2023 as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions. Six months ended June 30, 2023 (in millions) Other (1) Cash paid $ 127.2 Other payable 2.3 Recorded earn-out payable 40.2 Total consideration 169.7 Maximum potential earn-out payable 74.2 Allocation of purchase price: Cash and equivalents 4.9 Fiduciary cash 7.0 Fiduciary receivables 9.0 Other current assets 11.1 Goodwill 116.8 Purchased customer accounts and other 26.6 Non-compete agreements 0.3 Deferred income tax, net (2) 19.1 Other assets 0.2 Total assets acquired 195.0 Fiduciary liabilities ( 16.0 ) Other current liabilities ( 6.3 ) Other long-term liabilities ( 3.0 ) Total liabilities assumed ( 25.3 ) Net assets acquired $ 169.7 (1) The other column represents a summarization of current year acquisitions with total consideration of less than $ 50.0 million per acquisition and adjustments from prior year acquisitions that were made within the permitted measurement period. (2) The Company has revised the provisional amounts in the measurement period for items for which the accounting was incomplete. Additional time was needed to obtain the information necessary, present at the date of the acquisition, to recognize all the items exchanged related to the acquisitions of Orchid Underwriters Agency, CrossCover Insurance Services and GRP (Jersey) Holdco Limited and its businesses ("GRP"). The weighted average useful lives for the acquired amortizable intangible assets are as follows: purchased customer accounts, 14.8 years; and non-compete agreements, 4.4 years. Goodwill of $ 116.8 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 $ 136.0 million , ($ 21.0 ) million , and $ 1.8 million , respectively. Of the total goodwill, $ 91.0 million relates to goodwill that will not be deductible for income tax purposes from acquisitions where we acquired the stock of the company, $ 16.8 million relates to goodwill that is currently deductible for income tax purposes, and the remaining $ 9.0 million relates to recorded earn-out payables which will not be deductible for income tax purposes until it is earned and paid. For the acquisitions completed during 2023, the results of operations since the acquisition dates have been combined with those of the Company. The total revenues from the acquisitions completed through June 30, 2023, included in the Condensed Consolidated Statement of Income for the six months ended June 30, 2023, was $ 12.2 million . The income before income taxes from the acquisitions completed through June 30, 2023, included in the Condensed Consolidated Statement of Income for the six months ended June 30, 2023, was $ 4.6 million . If t he 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 June 30, Six months ended June 30, (in millions, except per share data) 2023 2022 2023 2022 Total revenues $ 1,048.3 $ 848.9 $ 2,171.3 $ 1,764.8 Income before income taxes $ 254.7 $ 201.0 $ 550.5 $ 468.8 Net income $ 190.8 $ 146.8 $ 427.4 $ 369.3 Net income per share: Basic $ 0.67 $ 0.52 $ 1.51 $ 1.31 Diluted $ 0.67 $ 0.52 $ 1.50 $ 1.30 Weighted average number of shares outstanding: Basic 279.4 277.2 279.0 277.1 Diluted 280.4 278.2 280.0 278.4 As of June 30, 2023 and 2022, 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 three and six months ended June 30, 2023 and 2022, were as follows: Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Balance as of the beginning of the period $ 254.2 $ 250.9 $ 251.7 $ 291.0 Additions to estimated acquisition earn-out payables 20.6 6.1 40.3 16.9 Payments for estimated acquisition earn-out payables ( 47.4 ) ( 19.6 ) ( 63.6 ) ( 66.5 ) Subtotal 227.4 237.4 228.4 241.4 Net change in earnings from estimated acquisition earn-out payables: Change in fair value on estimated acquisition earn-out payables — ( 4.7 ) ( 4.3 ) ( 9.5 ) Interest expense accretion 1.8 1.7 3.8 3.1 Net change in earnings from estimated acquisition 1.8 ( 3.0 ) ( 0.5 ) ( 6.4 ) Foreign currency translation adjustments during the year 2.3 ( 1.5 ) 3.6 ( 2.1 ) Balance as of June 30, $ 231.5 $ 232.9 $ 231.5 $ 232.9 Of the $ 231.5 million estimated acquisition earn-out payables as of June 30, 2023, $ 126.5 million was recorded as accounts payable and $ 105.0 million was recorded as other non-current liabilities. As of June 30, 2023, the maximum future acquisition contingency payments related to all acquisitions was $ 550.0 million , inclusive of the $ 231.5 million estimated acquisition earn-out payables. There were three acquisition earn-out payables assumed in connection with the acquisition of GRP that included provisions with no maximum potential earn-out amount. The amount recorded for these acquisitions as of June 30, 2023 is $ 2.7 million. The Company deems a significant increase to this amount to be unlikely. In cluded 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	6 Months Ended
	Jun. 30, 2023
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, 2022 and identified no impairment as a result of the evaluation. The changes in the carrying value of goodwill by reportable segment for the six months ended June 30, 2023 are as follows: (in millions) Retail National Wholesale Services Total Balance as of December 31, 2022 $ 4,309.0 $ 1,602.4 $ 591.5 $ 171.3 $ 6,674.2 Goodwill adjustment during measurement period (1) 14.9 ( 23.9 ) — — ( 9.0 ) Goodwill of acquired businesses 121.1 2.9 1.8 — 125.8 Goodwill disposed of relating to sales of businesses — ( 2.7 ) — — ( 2.7 ) Foreign currency translation and other adjustments during the year 67.7 3.9 5.2 — 76.8 Balance as of June 30, 2023 $ 4,512.7 $ 1,582.6 $ 598.5 $ 171.3 $ 6,865.1 (1) Provisional estimates of fair value are established at the time of each acquisition and are subsequently reviewed and finalized within the first year of operations subsequent to the acquisition date to determine the necessity for adjustments. As of June 30, 2023, we made adjustments to the amounts initially recorded for purchased customer accounts and goodwill. See also Note 5.

Amortizable Intangible Assets

Amortizable Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortizable Intangible Assets	NOTE 7 Amortizable Intangible Assets Amortizable intangible assets at June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 (in millions) Gross Accumulated Net Weighted (1) Gross Accumulated Net Weighted (1) Purchased customer accounts and other $ 2,982.6 $ ( 1,445.4 ) $ 1,537.2 14.8 $ 2,957.7 $ ( 1,363.7 ) $ 1,594.0 14.8 Non-compete agreements 39.6 ( 34.9 ) 4.7 4.4 39.3 ( 34.0 ) 5.3 4.4 Foreign currency translation adjustments during the year 21.9 ( 1.3 ) 20.6 ( 4.5 ) 0.4 ( 4.1 ) Total $ 3,044.1 $ ( 1,481.6 ) $ 1,562.5 $ 2,992.5 $ ( 1,397.3 ) $ 1,595.2 (1) Weighted average life calculated as of the date of acquisition. Amortization expense for amortizable intangible assets for the years ending December 31, 2023, 2024, 2025, 2026 and 2027 is estimated to be $ 163.3 million , $ 159.3 million , $ 156.4 million , $ 150.4 million , and $ 137.3 million , respectively.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 8 Long-Term Debt Long-term debt at June 30, 2023 and December 31, 2022 consisted of the following: (in millions) June 30, 2023 December 31, 2022 Current portion of long-term debt: Current portion of 5-year term loan facility expires 2026 $ 21.9 $ 15.6 Current portion of 5-year term loan facility expires 2023 — 210.0 Current portion of 5-year term loan facility expires 2027 31.2 25.0 Total current portion of long-term debt 53.1 250.6 Long-term debt: Note agreements: 4.200 % senior notes, semi-annual interest payments, net of the unamortized discount, 2024 $ 499.8 $ 499.7 4.500 % senior notes, semi-annual interest payments, net of the unamortized discount, 2029 349.7 349.7 2.375 % senior notes, semi-annual interest payments, net of the unamortized discount, 2031 699.5 699.4 4.200 % senior notes, semi-annual interest payments, net of the unamortized discount, 2032 598.1 598.0 4.950 % senior notes, semi-annual interest payments, net of the unamortized discount, 2052 592.1 592.0 Total notes 2,739.2 2,738.8 Credit agreements: 5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750 %, expires October 27, 2026 206.3 218.8 5-year revolving loan facility, periodic interest payments, SOFR plus up to 1.525 %, plus commitment fees up to 0.225 %, expires October 27, 2026 100.0 — 3-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.625 %, expires March 31, 2025 300.0 300.0 5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750 %, expires March 31, 2027 437.5 456.2 Total credit agreements 1,043.8 975.0 Debt issuance costs (contra) ( 20.6 ) ( 22.3 ) Total long-term debt less unamortized discount and debt issuance costs 3,762.4 3,691.5 Current portion of long-term debt 53.1 250.6 Total debt $ 3,815.5 $ 3,942.1 Note agreements: On March 17, 2022, the Company completed the issuance of $ 600.0 million aggregate principal amount of the Company’s 4.200 % Senior Notes due 2032 (the “2032 Notes”) and $ 600.0 million aggregate principal amount of the Company’s 4.950 % Senior Notes due 2052 (the “2052 Notes,” and together with the 2032 Notes, the “Notes”). The net proceeds to the Company from the issuance of the Notes, after deducting underwriting discounts and estimated offering expenses, were approximately $ 1,178.2 million . The Senior Notes were given investment grade ratings of BBB- stable outlook and Baa3 stable outlook. The 2032 Notes bear interest at the rate of 4.200 % per year and will mature on March 17, 2032 . The 2052 Notes bear interest at the rate of 4.950 % per year and will mature on March 17, 2052 . Interest on the Notes will be payable semi-annually in arrears. The Notes are senior unsecured obligations of the Company and will rank equal in right of payment to all of the Company’s existing and future senior unsecured indebtedness. The Company may redeem the Notes in whole or in part at any time and from time to time, at the “make whole” redemption prices specified in the Prospectus Supplement for the Notes being redeemed, plus accrued and unpaid interest thereon to but excluding the redemption date. The Company used the net proceeds from the offering of the Notes, together with borrowings under its Revolving Credit Facility, cash on hand and other borrowings, to fund the cash consideration and other amounts payable in connection with our acquisition of GRP and to pay fees and expenses associated with the foregoing. As of June 30, 2023 and December 31, 2022, there was a total outstanding debt balance of $ 1,200.0 million exclusive of the associated discount balance on both Notes. The Company also maintains other notes from other issuances aggregating to a total outstanding debt balance of $ 1,550.0 million exclusive of the associated discount balance as of June 30, 2023 and December 31, 2022. Credit agreements: On May 31, 2023, the Company repaid the outstanding balance of $ 202.5 million on the term loan (the “Term Loan”) associated with the Term Loan Credit Agreement (the “Term Loan Credit Agreement”) which was entered into on December 21, 2018 with cash of $ 32.5 million and $ 170.0 million with proceeds from the Revolving Credit Facility. The Term Loan was terminated early due to the agreement's benchmark reference rate to the London Interbank Offered Rate (“LIBOR”) which was due to cease on June 30, 2023 . Since the timing of repayment, an additional payment has occurred on the Revolving Credit Facility to bring the current outstanding balance to $ 100.0 million as of June 30, 2023. On October 27, 2021, the Company entered into an amended and restated credit agreement (the “Second Amended and Restated Credit Agreement”) with the lenders named therein, JPMorgan Chase Bank, N.A. as administrative agent, Bank of America, N.A., Truist Bank and BMO Harris Bank N.A. as co-syndication agents, and U.S. Bank National Association, Fifth Third Bank, National Association, Wells Fargo Bank, National Association, PNC Bank, National Association, Morgan Stanley Senior Funding, Inc. and Citizens Bank, N.A. as co-documentation agents. The Second Amended and Restated Credit Agreement amended and restated the credit agreement dated April 17, 2014, among certain of such parties, as amended by that certain amended and restated credit agreement dated June 28, 2017 (the “Original Credit Agreement”). The Second Amended and Restated Credit Agreement, among other certain terms, extended the maturity of the Revolving Credit Facility of $ 800.0 million and unsecured term loans associated with the agreement of $ 250.0 million to October 27, 2026. At the time of the renewal, the Company added an additional $ 2.7 million in debt issuance costs related to the transaction. The Company carried forward $ 0.6 million of existing debt issuance costs related to the previous credit facility agreements while expensing $ 0.1 million in debt issuance costs due to certain lenders exiting the renewed facility agreement. On February 10, 2023, the Company entered into Amendment No.1 ("Amendment") of the Second Amended and Restated Credit Agreement which provided that the overnight LIBOR should be replaced with a successor rate. The amendment also included additional terms and conditions for the Secured Overnight Financing Rate (“SOFR”) loans and Risk-free Reference Rate ("RFR") loans. On March 31, 2022 (the "Effective Date"), the Company entered into a Loan Agreement (the “Loan Agreement”) with the lenders named therein, BMO Harris Bank N.A., as administrative agent, Fifth Third Bank, National Association, PNC Bank, National Association, U.S. Bank National Association and Wells Fargo Bank, National Association, as co-syndication agents and BMO Capital Markets Corp., BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Truist Securities, Inc., as joint bookrunners and joint lead arrangers. The Loan Agreement evidences commitments for (i) unsecured delayed draw term loans in an aggregate amount of up to $ 300.0 million (the “Term A-1 Loan Commitment”) and (ii) unsecured delayed draw term loans in an amount of up to $ 500.0 million (the “Term A-2 Commitment” and, together with the Term A-1 Loan Commitments, the “Term Loan Commitments”). The Company may, subject to satisfaction of certain conditions, including receipt of additional term loan commitments by new or existing lenders, increase either Term Loan Commitment or the term loans issued thereunder or issue new tranches of term loans in an aggregate additional amount of up to $ 400.0 million. The Company may borrow term loans (the “Term Loans”) under either of the Term Loan Commitments during the period from the Effective Date until the date which is the first anniversary thereof. The Term Loans issued under the Term A-1 Loan Commitment (“Term A-1 Loans”) are due and payable on the date that is the third anniversary of the Effective Date unless such maturity date is extended as provided under the Loan Agreement. The Term Loans issued under the Term A-2 Loan Commitment (“Term A-2 Loans”) are repayable in installments until the fifth anniversary the Effective Date with any remaining outstanding amounts due and payable on such fifth anniversary of the Effective Date unless such maturity date is extended as provided under the Loan Agreement. The Loan Agreement includes various covenants (including financial covenants), limitations and events of default customary for similar facilities for similarly rated borrowers. As of June 30, 2023 and December 31, 2022, there was an outstanding debt balance issued under the Term A-1 Loans of $ 300.0 million . As of June 30, 2023 there was an outstanding loan balance on the Term A-2 Loans of $ 468.7 million and as of December 31, 2022 the outstanding balance on the Term A-2 Loans was $ 481.3 million . The Company also maintains other credit agreements that include term loans and a Revolving Credit Facility all having similar terms and covenants. The outstanding balances on the other term loans as of June 30, 2023 was $ 228.2 million and on December 31, 2022 , the outstanding balance on these term loans was $ 444.4 million. As of June 30, 2023 there was a balance of $ 100.0 million outstanding on the Revolving Credit Facility and December 31, 2022 there was no outstanding balance on the Revolving Credit Facility. The Second Amended and Restated Credit Agreement and Loan 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 June 30, 2023 and December 31, 2022. The 1-month Term SOFR Rate for the term loan of the Second Amended and Restated Credit Agreement is 5.202 % , the 1-month Term SOFR Rate for the Term A-1 Loans is 5.182 % and the 1-month Term SOFR Rate for the Term A-2 Loans is 5.236 % as of June 30, 2023 . These SOFR rates are inclusive of a 0.100 % credit-spread adjustment per the terms of the relevant agreements.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
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, although not necessarily for the same amount of space. 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 millions) June 30, 2023 December 31, 2022 Assets: Operating lease right-of-use assets Operating lease assets $ 204.9 $ 214.9 Total assets 204.9 214.9 Liabilities: Current operating lease liabilities Accrued expenses and other liabilities 46.1 45.0 Non-current operating lease liabilities Operating lease liabilities 186.0 195.9 Total liabilities $ 232.1 $ 240.9 As of June 30, 2023, the Company has entered into future lease agreements expected to commence later in 2023 consisting of undiscounted lease liabilities of $ 5.3 million. 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 six months ended June 30, 2023 and 2022 were: Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Operating leases: Lease cost $ 14.4 $ 13.2 $ 28.7 $ 26.3 Variable lease cost 1.1 1.1 2.2 2.2 Short-term lease cost 0.1 0.2 0.2 0.5 Operating lease cost $ 15.6 $ 14.5 $ 31.1 $ 29.0 Sublease income ( 0.4 ) ( 0.3 ) ( 0.7 ) ( 0.7 ) Total lease cost net $ 15.2 $ 14.2 $ 30.4 $ 28.3 The weighted average remaining lease term and the weighted average discount rate for operating leases as of June 30, 2023 were: Weighted average remaining lease term 6.10 Weighted average discount rate 3.23 % Maturities of the operating lease liabilities by fiscal year at June 30, 2023 for the Company's operating leases are as follows: (in millions) Operating leases 2023 (Remainder) $ 24.5 2024 53.4 2025 46.3 2026 35.3 2027 28.3 Thereafter 67.3 Total undiscounted lease payments 255.1 Less: imputed interest 23.0 Present value of lease payments $ 232.1 Supplemental cash flow information for operating leases for the three and six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Cash paid for amounts included in measurement of liabilities Operating cash flows from operating leases $ 15.1 $ 13.8 $ 29.8 $ 27.8 Right-of-use assets obtained in exchange for new operating liabilities $ 5.8 $ 13.6 $ 9.9 $ 27.5

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities	6 Months Ended
	Jun. 30, 2023
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 During the six months ended June 30, 2023, the Company had an impact of $ 29.9 million on foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash reported on its Condensed Consolidated Statements of Cash Flows which is primarily due to the decrease in currency exchange rates for British pounds and an additional smaller loss from the decline in currency exchange rates related to euro and Canadian dollar. Cash paid during the period for interest and income taxes are summarized as follows: Six months ended June 30, (in millions) 2023 2022 Cash paid during the period for: Interest $ 92.9 $ 35.8 Income taxes, net of refunds $ 163.2 $ 90.5 Significant non-cash investing and financing activities are summarized as follows: Six months ended June 30, (in millions) 2023 2022 Other payables issued for agency acquisitions and purchased customer accounts $ 2.3 $ 1.2 Estimated acquisition earn-out payables issued for agency acquisitions $ 40.2 $ 16.9 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 June 30, 2023 and 2022. (in millions) June 30, December 31, Table to reconcile restricted and non-restricted fiduciary cash Restricted fiduciary cash $ 1,398.5 $ 1,231.9 Non-restricted fiduciary cash 237.0 151.3 Total restricted and non-restricted fiduciary cash at the end of the period $ 1,635.5 $ 1,383.2 The Company's fiduciary cash increased as of June 30, 2023 compared to December 31, 2022 primarily due to businesses acquired during 2023 and 2022. Balance as of June 30, (in millions) 2023 2022 Table to reconcile cash, cash equivalents and fiduciary cash Cash and cash equivalents $ 627.9 $ 2,383.5 Fiduciary cash 1,635.5 904.0 Total cash, cash equivalents and fiduciary cash at the end of the period $ 2,263.4 $ 3,287.5

Legal and Regulatory Proceeding

Legal and Regulatory Proceedings	6 Months Ended
	Jun. 30, 2023
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	6 Months Ended
	Jun. 30, 2023
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 primarily 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 England, Bermuda, the Cayman Islands, Ireland and Northern Ireland, National Programs operations in Canada and England, and Wholesale Brokerage operations based in England, Italy and Belgium. These operations earned $ 129.8 million and $ 20.3 million of total revenues for the three months ended June 30, 2023 and 2022, respectively. These operations earned $ 247.6 million and $ 40.7 million of total revenues for the six months ended June 30, 2023 and 2022, respectively. 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, 2022. 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 June 30, 2023 (in millions) Retail National Wholesale Services Other Total Total revenues $ 574.5 $ 283.3 $ 139.1 $ 43.2 $ 7.2 $ 1,047.3 Investment income $ 0.3 $ 2.0 $ 0.5 $ — $ 7.5 $ 10.3 Amortization $ 27.2 $ 10.1 $ 2.6 $ 1.3 $ — $ 41.2 Depreciation $ 4.6 $ 2.9 $ 0.7 $ 0.4 $ 1.6 $ 10.2 Interest expense $ 21.8 $ 8.8 $ 2.8 $ 0.3 $ 14.2 $ 47.9 Income before income taxes $ 105.1 $ 118.9 $ 37.5 $ 5.7 $ ( 12.8 ) $ 254.4 Total assets $ 7,867.5 $ 4,025.4 $ 1,422.5 $ 296.4 $ 459.7 $ 14,071.5 Capital expenditures $ 9.3 $ 2.6 $ 1.0 $ 0.4 $ — $ 13.3 Three months ended June 30, 2022 (in millions) Retail National Wholesale Services Other Total Total revenues $ 457.6 $ 225.7 $ 112.4 $ 44.0 $ — $ 839.7 Investment income $ — $ 0.2 $ — $ — $ 0.2 $ 0.4 Amortization $ 20.5 $ 9.8 $ 2.0 $ 1.3 $ — $ 33.6 Depreciation $ 2.6 $ 3.5 $ 0.6 $ 0.4 $ 1.8 $ 8.9 Interest expense $ 23.5 $ 10.4 $ 3.3 $ 0.5 $ ( 1.7 ) $ 36.0 Income before income taxes $ 82.5 $ 76.5 $ 33.8 $ 6.6 $ ( 0.6 ) $ 198.8 Total assets $ 5,036.3 $ 3,554.9 $ 1,149.0 $ 287.9 $ 2,251.8 $ 12,279.9 Capital expenditures $ 2.1 $ 5.3 $ 0.4 $ 0.3 $ 0.2 $ 8.3 Six months ended June 30, 2023 (in millions) Retail National Wholesale Services Other Total Total revenues $ 1,288.0 $ 513.1 $ 262.5 $ 87.5 $ 12.2 $ 2,163.3 Investment income $ 0.5 $ 3.2 $ 0.7 $ — $ 12.9 $ 17.3 Amortization $ 54.6 $ 20.1 $ 5.3 $ 2.6 $ — $ 82.6 Depreciation $ 8.9 $ 5.9 $ 1.4 $ 0.8 $ 3.1 $ 20.1 Interest expense $ 43.6 $ 18.6 $ 5.5 $ 0.7 $ 26.2 $ 94.6 Income before income taxes $ 315.4 $ 192.2 $ 68.7 $ 10.9 $ ( 38.6 ) $ 548.6 Total assets $ 7,867.5 $ 4,025.4 $ 1,422.5 $ 296.4 $ 459.7 $ 14,071.5 Capital expenditures $ 14.1 $ 7.5 $ 1.4 $ 0.7 $ 1.4 $ 25.1 Six months ended June 30, 2022 (in millions) Retail National Wholesale Services Other Total Total revenues $ 1,054.0 $ 387.9 $ 215.3 $ 87.6 $ ( 0.3 ) $ 1,744.5 Investment income $ — $ 0.3 $ 0.1 $ — $ 0.2 $ 0.6 Amortization $ 41.6 $ 16.5 $ 4.0 $ 2.6 $ — $ 64.7 Depreciation $ 5.2 $ 6.3 $ 1.3 $ 0.8 $ 3.5 $ 17.1 Interest expense $ 47.1 $ 12.6 $ 6.8 $ 1.1 $ ( 13.3 ) $ 54.3 Income before income taxes $ 266.5 $ 118.1 $ 59.5 $ 13.2 $ 6.6 $ 463.9 Total assets $ 5,036.3 $ 3,554.9 $ 1,149.0 $ 287.9 $ 2,251.8 $ 12,279.9 Capital expenditures $ 3.7 $ 11.0 $ 0.8 $ 0.5 $ 2.3 $ 18.3

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	NOTE 13 Investments At June 30, 2023, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows: (in millions) Cost Gross Gross Fair value U.S. Treasury securities, obligations of U.S. Government $ 26.1 $ — $ ( 1.7 ) $ 24.4 Corporate debt 5.1 — ( 0.3 ) 4.8 Total $ 31.2 $ — $ ( 2.0 ) $ 29.2 At June 30, 2023, the Company held $ 24.4 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $ 4.8 million issued by corporations with investment grade ratings. Of that total, $ 4.2 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one year. Additionally, the Company holds $ 5.9 million in short-term investments, which are related to time deposits held with various financial institutions. The Company also maintains a $ 2.5 million equity investment in a non-consolidated subsidiary and held as a long-term investment on the Consolidated Balance Sheet. 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 June 30, 2023: Less than 12 Months 12 Months or More Total (in millions) Fair value Unrealized Fair value Unrealized Fair value Unrealized U.S. Treasury securities, obligations of U.S. Government $ 5.9 $ ( 0.1 ) $ 18.5 $ ( 1.6 ) $ 24.4 $ ( 1.7 ) Corporate debt 0.2 — 4.6 ( 0.3 ) 4.8 ( 0.3 ) Total $ 6.1 $ ( 0.1 ) $ 23.1 $ ( 1.9 ) $ 29.2 $ ( 2.0 ) At June 30, 2023, the Company had 36 securities in an unrealized loss position. The unrealized losses for the period ended June 30, 2023 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 June 30, 2023. At December 31, 2022 , the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows: (in millions) Cost Gross Gross Fair value U.S. Treasury securities, obligations of U.S. Government $ 22.8 $ — $ ( 1.8 ) $ 21.0 Corporate debt 8.2 — ( 0.4 ) 7.8 Total $ 31.0 $ — $ ( 2.2 ) $ 28.8 At December 31, 2022, the Company held $ 21.0 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $ 7.8 million issued by corporations with investment grade ratings. Of that total, $ 6.4 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one year, which also includes $ 5.6 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, 2022 : Less than 12 Months 12 Months or More Total (in millions) Fair value Unrealized Fair value Unrealized Fair value Unrealized U.S. Treasury securities, obligations of U.S. Government $ 4.7 $ ( 0.1 ) $ 16.3 $ ( 1.7 ) $ 21.0 $ ( 1.8 ) Corporate debt 4.2 ( 0.1 ) 3.6 ( 0.3 ) 7.8 ( 0.4 ) Total $ 8.9 $ ( 0.2 ) $ 19.9 $ ( 2.0 ) $ 28.8 $ ( 2.2 ) The unrealized losses from corporate issuers were caused by interest rate increases. At December 31, 2022, the Company had 33 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, 2022. The amortized cost and estimated fair value of the fixed maturity securities at June 30, 2023 by contractual maturity are set forth below: (in millions) Amortized cost Fair value Years to maturity: Due in one year or less $ 4.3 $ 4.2 Due after one year through five years $ 26.9 $ 25.0 Due after five years $ — $ — Total $ 31.2 $ 29.2 The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2022 by contractual maturity are set forth below: (in millions) Amortized cost Fair value Years to maturity: Due in one year or less $ 6.5 $ 6.4 Due after one year through five years 24.5 22.4 Due after five years — — Total $ 31.0 $ 28.8 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 and maturing time deposits were $ 5.8 million from the period of January 1, 2023 to June 30, 2023 . These proceeds were generally used to purchase an additional $ 6.2 million of fixed income securities and time deposits. Their gains or losses realized on the sale of securities for the period from January 1, 2023 to June 30, 2023 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 June 30, 2023, investments with a fair value of approximately $ 4.2 million were on deposit with state insurance departments to satisfy regulatory requirements.

Insurance Company Subsidiary Op

Insurance Company Subsidiary Operations	6 Months Ended
	Jun. 30, 2023
Reinsurance Disclosures [Abstract]
Insurance Company Subsidiary Operations	NOTE 14 Insurance Company Subsidiary Operations The National Flood Insurance Program (“NFIP”) is a program administered by the Federal Emergency Management Agency (“FEMA”) whereby the Company sells and services NFIP flood insurance policies on behalf of FEMA and receives fees for its services. Congressional authorization for the NFIP is periodically evaluated and may be subject to potential government shutdowns. The Company sells excess flood policies which are 100 % ceded to a highly-rated reinsurance carrier. The Company also operates two Captives for the purpose of facilitating additional underwriting capacity and to participate in a portion of the underwriting results. One Captive participates on a quota share basis for policies placed by certain of our MGA businesses that are currently focused on property insurance for earthquake and wind exposed properties with a portion of premiums ceded to reinsurance companies, limiting, but not fully eliminating the Company's exposure to underwriting losses. The other Captive participates through excess of loss reinsurance layers associated with one of our MGA businesses focused on placements of personal property, excluding flood, primarily in the southeastern United States with one layer of per risk excess reinsurance and three layers of catastrophe ("CAT") per occurrence reinsurance. All four layers have limited reinstatements and therefore have capped, maximum aggregate limits. The effects of reinsurance on premiums written and earned are as follows: Six months ended June 30, 2023 (in millions) Written Earned Direct premiums - WNFIC $ 412.1 $ 377.9 Ceded premiums - WNFIC ( 412.1 ) ( 377.9 ) Net premiums - WNFIC — — Assumed premiums - Quota share captive and excess of loss layer captive 75.9 38.7 Ceded premiums - Quota share captive ( 41.0 ) ( 17.0 ) Net premiums - Quota share captive and excess of loss layer captive 34.9 21.7 Net premiums - Total $ 34.9 $ 21.7 All premiums written by the Company under the National Flood Insurance Program (“NFIP”) are 100 % ceded to the Federal Emergency Management Agency, or FEMA, for which WNFIC received a 29.7 % gross expense allowance from January 1, 2023 through June 30, 2023. For the period from January 1, 2023 through June 30, 2023, the Company ceded $ 410.6 million of written premiums to FEMA, with $ 1.5 million ceded to highly rated carriers for excess flood policies which are not within the NFIP. As of June 30, 2023 the Condensed Consolidated Balance Sheet contained reinsurance recoverable of $ 184.6 million and prepaid reinsurance premium s of $ 416.0 million which are related to the WNFIC business. For flood policies, there was no change in the balance in the reserve for losses and loss adjustment expense net of reinsurance recoverable during the period January 1, 2023 through June 30, 2023, as the Company's direct premiums written were 100 % ceded to two reinsurers. The balance of the reserve for losses and loss adjustment expense for the Company, excluding related reinsurance recoverable, as of June 30, 2023 was $ 184.6 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 $ 38.0 million at June 30, 2023 and $ 31.8 million as of December 31, 2022. For the period from January 1, 2023 through June 30, 2023, WNFIC generated statutory net income of $ 7.8 million . For the period from January 1, 2022 through December 31, 2022, WNFIC generated statutory net income of $ 1.3 million . The maximum amount of ordinary dividends that WINFIC can pay to the 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. On April 28, 2023, WNFIC paid an ordinary dividend of $ 3.1 million. The dividend was declared and approved by the WNFIC Board of Directors by consent on March 17, 2023. There was no dividend payout in 2022. The maximum dividend payout that may be made in 2023 without prior approval is $ 3.2 million . In December 2021, the initial funding to capitalize the quota share Captive was $ 5.9 million. This capital in addition to current earnings of $ 18.3 million through June 30, 2023, is considered at risk for loss. Assumed net written and net earned premiums for the quota share Captive for the six months ended June 30, 2023, were $ 33.3 million and $ 20.1 million, respectively. For six months ended June 30 2023 the ultimate loss expense inclusive of incurred but not reported ("IBNR") claims was $ 9.3 million, of which $ 7.6 million is related to the estimated insured losses with Hurricane Ian. In connection with the estimated IBNR from Hurricane Ian claims, $ 2.7 million was recorded as estimated reinsurance recoverable for a net expected loss of $ 4.9 million. As of June 30, 2023, reported insured losses associated with Hurricane Ian were $ 2.1 million. As of June 30, 2023 the Condensed Consolidated Balance Sheet contained prepaid reinsurance premiums of $ 34.6 million related to the Captive's deferred acquisitions costs of $ 31.6 million, reinsurance payable for $ 17.0 million, and the reserve for losses and loss adjustment expense, excluding related reinsurance recoverable, was $ 7.9 million. The first collateral release is expected in 2024 and is based on an IBNR factor times earned premium compared to the current collateral balance. The excess of loss layer Captive was renewed in June 2023 with underlying reinsurance treaties effective from June 1 through May 31, 2024. This Captive’s maximum underwriting exposure is $ 3.0 million. Assumed net earned premiums for the Captive for the six months ended June 30, 2023 were $ 1.6 million. As of June 30, 2023 the Condensed Consolidated Balance Sheet contained the reserve for losses and loss adjustment expense of $ 6.3 million of which $ 6.0 million is related to Hurricane Ian.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
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 January 1, 2023 to March 31, 2023, t he Company completed share repurchases in the open market of 2,100 shares at a total cost of $ 0.1 million, at an average price of $ 53.84 per share. No shares were repurchased in the open market for the period of April 1, 2023 to June 30, 2023. After completing these open market share repurchases, the Company has outstanding approval to purchase up to approximately $ 249.5 million, in the aggregate, of the Company's outstanding common stock. During the first quarter, the Company paid a dividend of $ 0.1150 per share, which was approved by the Board of Directors on January 18, 2023 and paid on February 15, 2023 for a total of $ 32.6 million. During the second quarter, the Company paid a dividend of $ 0.1150 per share, which was approved by the Board of Directors on April 24, 2023 and paid on May 17, 2023 for a total of $ 32.6 million. On July 19, 2023 the Board of Directors approved a dividend of $ 0.1150 per share payable on August 16, 2023 to shareholders of record on August 9, 2023 .

Basis of Financial Reporting (P

Basis of Financial Reporting (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2022. 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 None.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 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 the London Interbank Offered Rate (“LIBOR”), or another reference rate expected to be discontinued due to reference rate reform. These amendments, along with the amendments within ASU 2022-06 "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" that extended the period of time preparers can utilize the reference rate reform relief guidance in Topic 848, are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2024. The Company adopted ASU 2020-04 on February 10, 2023 in connection with enacting the transition provision in our Second Amended and Restated Credit Agreement dated October 27, 2021. Under the allowable expedients, a modification of a debt contract that is only a replacement of the reference rate is accounted for as a non-substantial modification. Adoption of this guidance had no impact on the Company's financial statements.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2023
Revenues [Abstract]
Schedule of Disaggregated by Revenue	The following tables present the revenues disaggregated by revenue source: Three months ended June 30, 2023 (in millions) Retail National Wholesale Services Other (8) Total Base commissions (1) $ 397.3 $ 197.3 $ 114.3 $ — $ — $ 708.9 Fees (2) 133.7 55.3 20.1 43.2 ( 0.4 ) 251.9 Other supplemental commissions (3) 27.3 1.8 0.7 — — 29.8 Profit-sharing contingent commissions (4) 15.0 15.1 3.5 — — 33.6 Earned premium (5) — 11.7 — — — 11.7 Investment income (6) 0.3 2.0 0.5 — 7.5 10.3 Other income, net (7) 0.9 0.1 — — 0.1 1.1 Total Revenues $ 574.5 $ 283.3 $ 139.1 $ 43.2 $ 7.2 $ 1,047.3 Three months ended June 30, 2022 (in millions) Retail National Wholesale Services Other (8) Total Base commissions (1) $ 301.6 $ 160.2 $ 95.1 $ — $ — $ 556.9 Fees (2) 126.2 46.9 17.4 44.0 ( 0.3 ) 234.2 Other supplemental commissions (3) 20.0 2.8 ( 2.6 ) — — 20.2 Profit-sharing contingent commissions (4) 9.4 10.3 2.4 — — 22.1 Earned premium (5) — 5.3 — — — 5.3 Investment income (6) — 0.2 — — 0.2 0.4 Other income, net (7) 0.4 — 0.1 — 0.1 0.6 Total Revenues $ 457.6 $ 225.7 $ 112.4 $ 44.0 $ — $ 839.7 Six months ended June 30, 2023 (in millions) Retail National Wholesale Services Other (8) Total Base commissions (1) $ 886.2 $ 355.1 $ 214.3 $ — $ — $ 1,455.6 Fees (2) 259.8 105.6 38.0 87.5 ( 1.0 ) 489.9 Other supplemental commissions (3) 109.7 4.2 2.4 — — 116.3 Profit-sharing contingent commissions (4) 30.4 23.0 7.0 — — 60.4 Earned premium (5) — 21.7 — — — 21.7 Investment income (6) 0.5 3.2 0.7 — 12.9 17.3 Other income, net (7) 1.4 0.3 0.1 — 0.3 2.1 Total Revenues $ 1,288.0 $ 513.1 $ 262.5 $ 87.5 $ 12.2 $ 2,163.3 Six months ended June 30, 2022 (in millions) Retail National Wholesale Services Other (8) Total Base commissions (1) $ 695.1 $ 277.5 $ 173.4 $ — $ — $ 1,146.0 Fees (2) 238.8 81.5 33.6 87.6 ( 0.6 ) 440.9 Other supplemental commissions (3) 92.2 3.9 3.0 — — 99.1 Profit-sharing contingent commissions (4) 27.4 18.3 5.0 — — 50.7 Earned premium (5) — 6.4 — — — 6.4 Investment income (6) — 0.3 0.1 — 0.2 0.6 Other income, net (7) 0.5 — 0.2 — 0.1 0.8 Total Revenues $ 1,054.0 $ 387.9 $ 215.3 $ 87.6 $ ( 0.3 ) $ 1,744.5 (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) Other supplemental commissions include additional commissions over base commissions received from insurance carriers based on predetermined growth or production measures. This includes incentive commissions and guaranteed supplemental commissions. (4) Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention. (5) Earned premium relates to the premiums earned in the Captives. (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 Revenues Disaggregated by Geographic Area	The following table presents the revenues disaggregated by geographic area where our services are being performed: Three months ended June 30, Six months ended June 30, (in millions, except per share data) 2023 2022 2023 2022 U.S. $ 917.5 $ 819.4 $ 1,915.7 $ 1,703.8 U.K. 104.9 3.8 203.0 8.4 Ireland 11.0 7.4 22.3 16.6 Canada 10.4 6.9 15.7 12.0 Other 3.5 2.2 6.6 3.7 Total Revenues $ 1,047.3 $ 839.7 $ 2,163.3 $ 1,744.5
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 June 30, 2023 and December 31, 2022 were as follows: (in millions) June 30, 2023 December 31, 2022 Contract assets $ 448.2 $ 431.2 Contract liabilities $ 111.5 $ 113.3

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, Six months ended June 30, (in millions, except per share data) 2023 2022 2023 2022 Net income $ 190.4 $ 145.2 $ 425.9 $ 365.5 Net income attributable to unvested awarded performance stock ( 2.8 ) ( 2.7 ) ( 6.8 ) ( 7.1 ) Net income attributable to common shares $ 187.6 $ 142.5 $ 419.1 $ 358.4 Weighted average number of common shares outstanding – basic 283.6 282.5 283.5 282.6 Less unvested awarded performance stock included in weighted ( 4.2 ) ( 5.3 ) ( 4.5 ) ( 5.5 ) Weighted average number of common shares outstanding for basic 279.4 277.2 279.0 277.1 Dilutive effect of potentially issuable common shares 1.0 1.0 1.0 1.3 Weighted average number of shares outstanding – diluted 280.4 278.2 280.0 278.4 Net income per share: Basic $ 0.67 $ 0.51 $ 1.50 $ 1.29 Diluted $ 0.67 $ 0.51 $ 1.50 $ 1.29

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Estimated Fair Values of Aggregate Assets and Liabilities Acquired	The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired through the six months ended June 30, 2023 as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions. Six months ended June 30, 2023 (in millions) Other (1) Cash paid $ 127.2 Other payable 2.3 Recorded earn-out payable 40.2 Total consideration 169.7 Maximum potential earn-out payable 74.2 Allocation of purchase price: Cash and equivalents 4.9 Fiduciary cash 7.0 Fiduciary receivables 9.0 Other current assets 11.1 Goodwill 116.8 Purchased customer accounts and other 26.6 Non-compete agreements 0.3 Deferred income tax, net (2) 19.1 Other assets 0.2 Total assets acquired 195.0 Fiduciary liabilities ( 16.0 ) Other current liabilities ( 6.3 ) Other long-term liabilities ( 3.0 ) Total liabilities assumed ( 25.3 ) Net assets acquired $ 169.7 (1) The other column represents a summarization of current year acquisitions with total consideration of less than $ 50.0 million per acquisition and adjustments from prior year acquisitions that were made within the permitted measurement period. (2) The Company has revised the provisional amounts in the measurement period for items for which the accounting was incomplete. Additional time was needed to obtain the information necessary, present at the date of the acquisition, to recognize all the items exchanged related to the acquisitions of Orchid Underwriters Agency, CrossCover Insurance Services and GRP (Jersey) Holdco Limited and its businesses ("GRP").
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 June 30, Six months ended June 30, (in millions, except per share data) 2023 2022 2023 2022 Total revenues $ 1,048.3 $ 848.9 $ 2,171.3 $ 1,764.8 Income before income taxes $ 254.7 $ 201.0 $ 550.5 $ 468.8 Net income $ 190.8 $ 146.8 $ 427.4 $ 369.3 Net income per share: Basic $ 0.67 $ 0.52 $ 1.51 $ 1.31 Diluted $ 0.67 $ 0.52 $ 1.50 $ 1.30 Weighted average number of shares outstanding: Basic 279.4 277.2 279.0 277.1 Diluted 280.4 278.2 280.0 278.4
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 three and six months ended June 30, 2023 and 2022, were as follows: Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Balance as of the beginning of the period $ 254.2 $ 250.9 $ 251.7 $ 291.0 Additions to estimated acquisition earn-out payables 20.6 6.1 40.3 16.9 Payments for estimated acquisition earn-out payables ( 47.4 ) ( 19.6 ) ( 63.6 ) ( 66.5 ) Subtotal 227.4 237.4 228.4 241.4 Net change in earnings from estimated acquisition earn-out payables: Change in fair value on estimated acquisition earn-out payables — ( 4.7 ) ( 4.3 ) ( 9.5 ) Interest expense accretion 1.8 1.7 3.8 3.1 Net change in earnings from estimated acquisition 1.8 ( 3.0 ) ( 0.5 ) ( 6.4 ) Foreign currency translation adjustments during the year 2.3 ( 1.5 ) 3.6 ( 2.1 ) Balance as of June 30, $ 231.5 $ 232.9 $ 231.5 $ 232.9

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Value of Goodwill by Reportable Segment	The changes in the carrying value of goodwill by reportable segment for the six months ended June 30, 2023 are as follows: (in millions) Retail National Wholesale Services Total Balance as of December 31, 2022 $ 4,309.0 $ 1,602.4 $ 591.5 $ 171.3 $ 6,674.2 Goodwill adjustment during measurement period (1) 14.9 ( 23.9 ) — — ( 9.0 ) Goodwill of acquired businesses 121.1 2.9 1.8 — 125.8 Goodwill disposed of relating to sales of businesses — ( 2.7 ) — — ( 2.7 ) Foreign currency translation and other adjustments during the year 67.7 3.9 5.2 — 76.8 Balance as of June 30, 2023 $ 4,512.7 $ 1,582.6 $ 598.5 $ 171.3 $ 6,865.1 (1) Provisional estimates of fair value are established at the time of each acquisition and are subsequently reviewed and finalized within the first year of operations subsequent to the acquisition date to determine the necessity for adjustments. As of June 30, 2023, we made adjustments to the amounts initially recorded for purchased customer accounts and goodwill. See also Note 5.

Amortizable Intangible Assets (

Amortizable Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortizable Intangible Assets	Amortizable intangible assets at June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 (in millions) Gross Accumulated Net Weighted (1) Gross Accumulated Net Weighted (1) Purchased customer accounts and other $ 2,982.6 $ ( 1,445.4 ) $ 1,537.2 14.8 $ 2,957.7 $ ( 1,363.7 ) $ 1,594.0 14.8 Non-compete agreements 39.6 ( 34.9 ) 4.7 4.4 39.3 ( 34.0 ) 5.3 4.4 Foreign currency translation adjustments during the year 21.9 ( 1.3 ) 20.6 ( 4.5 ) 0.4 ( 4.1 ) Total $ 3,044.1 $ ( 1,481.6 ) $ 1,562.5 $ 2,992.5 $ ( 1,397.3 ) $ 1,595.2 (1) Weighted average life calculated as of the date of acquisition.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt at June 30, 2023 and December 31, 2022 consisted of the following: (in millions) June 30, 2023 December 31, 2022 Current portion of long-term debt: Current portion of 5-year term loan facility expires 2026 $ 21.9 $ 15.6 Current portion of 5-year term loan facility expires 2023 — 210.0 Current portion of 5-year term loan facility expires 2027 31.2 25.0 Total current portion of long-term debt 53.1 250.6 Long-term debt: Note agreements: 4.200 % senior notes, semi-annual interest payments, net of the unamortized discount, 2024 $ 499.8 $ 499.7 4.500 % senior notes, semi-annual interest payments, net of the unamortized discount, 2029 349.7 349.7 2.375 % senior notes, semi-annual interest payments, net of the unamortized discount, 2031 699.5 699.4 4.200 % senior notes, semi-annual interest payments, net of the unamortized discount, 2032 598.1 598.0 4.950 % senior notes, semi-annual interest payments, net of the unamortized discount, 2052 592.1 592.0 Total notes 2,739.2 2,738.8 Credit agreements: 5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750 %, expires October 27, 2026 206.3 218.8 5-year revolving loan facility, periodic interest payments, SOFR plus up to 1.525 %, plus commitment fees up to 0.225 %, expires October 27, 2026 100.0 — 3-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.625 %, expires March 31, 2025 300.0 300.0 5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750 %, expires March 31, 2027 437.5 456.2 Total credit agreements 1,043.8 975.0 Debt issuance costs (contra) ( 20.6 ) ( 22.3 ) Total long-term debt less unamortized discount and debt issuance costs 3,762.4 3,691.5 Current portion of long-term debt 53.1 250.6 Total debt $ 3,815.5 $ 3,942.1

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
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 millions) June 30, 2023 December 31, 2022 Assets: Operating lease right-of-use assets Operating lease assets $ 204.9 $ 214.9 Total assets 204.9 214.9 Liabilities: Current operating lease liabilities Accrued expenses and other liabilities 46.1 45.0 Non-current operating lease liabilities Operating lease liabilities 186.0 195.9 Total liabilities $ 232.1 $ 240.9
Schedule of Components of Lease Cost for Operating Leases	The components of lease cost for operating leases for the three and six months ended June 30, 2023 and 2022 were: Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Operating leases: Lease cost $ 14.4 $ 13.2 $ 28.7 $ 26.3 Variable lease cost 1.1 1.1 2.2 2.2 Short-term lease cost 0.1 0.2 0.2 0.5 Operating lease cost $ 15.6 $ 14.5 $ 31.1 $ 29.0 Sublease income ( 0.4 ) ( 0.3 ) ( 0.7 ) ( 0.7 ) Total lease cost net $ 15.2 $ 14.2 $ 30.4 $ 28.3
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 June 30, 2023 were: Weighted average remaining lease term 6.10 Weighted average discount rate 3.23 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of the operating lease liabilities by fiscal year at June 30, 2023 for the Company's operating leases are as follows: (in millions) Operating leases 2023 (Remainder) $ 24.5 2024 53.4 2025 46.3 2026 35.3 2027 28.3 Thereafter 67.3 Total undiscounted lease payments 255.1 Less: imputed interest 23.0 Present value of lease payments $ 232.1
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information for operating leases for the three and six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, (in millions) 2023 2022 2023 2022 Cash paid for amounts included in measurement of liabilities Operating cash flows from operating leases $ 15.1 $ 13.8 $ 29.8 $ 27.8 Right-of-use assets obtained in exchange for new operating liabilities $ 5.8 $ 13.6 $ 9.9 $ 27.5

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities (Tables)	6 Months Ended
	Jun. 30, 2023
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: Six months ended June 30, (in millions) 2023 2022 Cash paid during the period for: Interest $ 92.9 $ 35.8 Income taxes, net of refunds $ 163.2 $ 90.5
Summary of Significant Non-Cash Investing and Financing Activities	Significant non-cash investing and financing activities are summarized as follows: Six months ended June 30, (in millions) 2023 2022 Other payables issued for agency acquisitions and purchased customer accounts $ 2.3 $ 1.2 Estimated acquisition earn-out payables issued for agency acquisitions $ 40.2 $ 16.9
Schedule of Reconciliation of Cash and Cash Equivalents Inclusive of Restricted Cash	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 June 30, 2023 and 2022. (in millions) June 30, December 31, Table to reconcile restricted and non-restricted fiduciary cash Restricted fiduciary cash $ 1,398.5 $ 1,231.9 Non-restricted fiduciary cash 237.0 151.3 Total restricted and non-restricted fiduciary cash at the end of the period $ 1,635.5 $ 1,383.2 The Company's fiduciary cash increased as of June 30, 2023 compared to December 31, 2022 primarily due to businesses acquired during 2023 and 2022. Balance as of June 30, (in millions) 2023 2022 Table to reconcile cash, cash equivalents and fiduciary cash Cash and cash equivalents $ 627.9 $ 2,383.5 Fiduciary cash 1,635.5 904.0 Total cash, cash equivalents and fiduciary cash at the end of the period $ 2,263.4 $ 3,287.5

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 (in millions) Retail National Wholesale Services Other Total Total revenues $ 574.5 $ 283.3 $ 139.1 $ 43.2 $ 7.2 $ 1,047.3 Investment income $ 0.3 $ 2.0 $ 0.5 $ — $ 7.5 $ 10.3 Amortization $ 27.2 $ 10.1 $ 2.6 $ 1.3 $ — $ 41.2 Depreciation $ 4.6 $ 2.9 $ 0.7 $ 0.4 $ 1.6 $ 10.2 Interest expense $ 21.8 $ 8.8 $ 2.8 $ 0.3 $ 14.2 $ 47.9 Income before income taxes $ 105.1 $ 118.9 $ 37.5 $ 5.7 $ ( 12.8 ) $ 254.4 Total assets $ 7,867.5 $ 4,025.4 $ 1,422.5 $ 296.4 $ 459.7 $ 14,071.5 Capital expenditures $ 9.3 $ 2.6 $ 1.0 $ 0.4 $ — $ 13.3 Three months ended June 30, 2022 (in millions) Retail National Wholesale Services Other Total Total revenues $ 457.6 $ 225.7 $ 112.4 $ 44.0 $ — $ 839.7 Investment income $ — $ 0.2 $ — $ — $ 0.2 $ 0.4 Amortization $ 20.5 $ 9.8 $ 2.0 $ 1.3 $ — $ 33.6 Depreciation $ 2.6 $ 3.5 $ 0.6 $ 0.4 $ 1.8 $ 8.9 Interest expense $ 23.5 $ 10.4 $ 3.3 $ 0.5 $ ( 1.7 ) $ 36.0 Income before income taxes $ 82.5 $ 76.5 $ 33.8 $ 6.6 $ ( 0.6 ) $ 198.8 Total assets $ 5,036.3 $ 3,554.9 $ 1,149.0 $ 287.9 $ 2,251.8 $ 12,279.9 Capital expenditures $ 2.1 $ 5.3 $ 0.4 $ 0.3 $ 0.2 $ 8.3 Six months ended June 30, 2023 (in millions) Retail National Wholesale Services Other Total Total revenues $ 1,288.0 $ 513.1 $ 262.5 $ 87.5 $ 12.2 $ 2,163.3 Investment income $ 0.5 $ 3.2 $ 0.7 $ — $ 12.9 $ 17.3 Amortization $ 54.6 $ 20.1 $ 5.3 $ 2.6 $ — $ 82.6 Depreciation $ 8.9 $ 5.9 $ 1.4 $ 0.8 $ 3.1 $ 20.1 Interest expense $ 43.6 $ 18.6 $ 5.5 $ 0.7 $ 26.2 $ 94.6 Income before income taxes $ 315.4 $ 192.2 $ 68.7 $ 10.9 $ ( 38.6 ) $ 548.6 Total assets $ 7,867.5 $ 4,025.4 $ 1,422.5 $ 296.4 $ 459.7 $ 14,071.5 Capital expenditures $ 14.1 $ 7.5 $ 1.4 $ 0.7 $ 1.4 $ 25.1 Six months ended June 30, 2022 (in millions) Retail National Wholesale Services Other Total Total revenues $ 1,054.0 $ 387.9 $ 215.3 $ 87.6 $ ( 0.3 ) $ 1,744.5 Investment income $ — $ 0.3 $ 0.1 $ — $ 0.2 $ 0.6 Amortization $ 41.6 $ 16.5 $ 4.0 $ 2.6 $ — $ 64.7 Depreciation $ 5.2 $ 6.3 $ 1.3 $ 0.8 $ 3.5 $ 17.1 Interest expense $ 47.1 $ 12.6 $ 6.8 $ 1.1 $ ( 13.3 ) $ 54.3 Income before income taxes $ 266.5 $ 118.1 $ 59.5 $ 13.2 $ 6.6 $ 463.9 Total assets $ 5,036.3 $ 3,554.9 $ 1,149.0 $ 287.9 $ 2,251.8 $ 12,279.9 Capital expenditures $ 3.7 $ 11.0 $ 0.8 $ 0.5 $ 2.3 $ 18.3

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Amortized Cost and Fair Values of Fixed Maturity Securities	At June 30, 2023, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows: (in millions) Cost Gross Gross Fair value U.S. Treasury securities, obligations of U.S. Government $ 26.1 $ — $ ( 1.7 ) $ 24.4 Corporate debt 5.1 — ( 0.3 ) 4.8 Total $ 31.2 $ — $ ( 2.0 ) $ 29.2 At December 31, 2022 , the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows: (in millions) Cost Gross Gross Fair value U.S. Treasury securities, obligations of U.S. Government $ 22.8 $ — $ ( 1.8 ) $ 21.0 Corporate debt 8.2 — ( 0.4 ) 7.8 Total $ 31.0 $ — $ ( 2.2 ) $ 28.8
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 June 30, 2023: Less than 12 Months 12 Months or More Total (in millions) Fair value Unrealized Fair value Unrealized Fair value Unrealized U.S. Treasury securities, obligations of U.S. Government $ 5.9 $ ( 0.1 ) $ 18.5 $ ( 1.6 ) $ 24.4 $ ( 1.7 ) Corporate debt 0.2 — 4.6 ( 0.3 ) 4.8 ( 0.3 ) Total $ 6.1 $ ( 0.1 ) $ 23.1 $ ( 1.9 ) $ 29.2 $ ( 2.0 ) 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, 2022 : Less than 12 Months 12 Months or More Total (in millions) Fair value Unrealized Fair value Unrealized Fair value Unrealized U.S. Treasury securities, obligations of U.S. Government $ 4.7 $ ( 0.1 ) $ 16.3 $ ( 1.7 ) $ 21.0 $ ( 1.8 ) Corporate debt 4.2 ( 0.1 ) 3.6 ( 0.3 ) 7.8 ( 0.4 ) Total $ 8.9 $ ( 0.2 ) $ 19.9 $ ( 2.0 ) $ 28.8 $ ( 2.2 )
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 June 30, 2023 by contractual maturity are set forth below: (in millions) Amortized cost Fair value Years to maturity: Due in one year or less $ 4.3 $ 4.2 Due after one year through five years $ 26.9 $ 25.0 Due after five years $ — $ — Total $ 31.2 $ 29.2 The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2022 by contractual maturity are set forth below: (in millions) Amortized cost Fair value Years to maturity: Due in one year or less $ 6.5 $ 6.4 Due after one year through five years 24.5 22.4 Due after five years — — Total $ 31.0 $ 28.8

Insurance Company Subsidiary _2

Insurance Company Subsidiary Operations (Tables)	6 Months Ended
	Jun. 30, 2023
Reinsurance Disclosures [Abstract]
Effects of Reinsurance on Premiums Written and Earned	Six months ended June 30, 2023 (in millions) Written Earned Direct premiums - WNFIC $ 412.1 $ 377.9 Ceded premiums - WNFIC ( 412.1 ) ( 377.9 ) Net premiums - WNFIC — — Assumed premiums - Quota share captive and excess of loss layer captive 75.9 38.7 Ceded premiums - Quota share captive ( 41.0 ) ( 17.0 ) Net premiums - Quota share captive and excess of loss layer captive 34.9 21.7 Net premiums - Total $ 34.9 $ 21.7

Nature of Operations - Addition

Nature of Operations - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4

Basis of Financial Reporting -

Basis of Financial Reporting - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Change in accounting principle, accounting standards update, adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Feb. 10, 2023
Change in accounting principle, accounting standards update, Immaterial effect	true
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate202004Member

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated by Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	$ 10.3	$ 0.4	$ 17.3	$ 0.6
Other income, net	1.1	0.6	2.1	0.8
Total revenues	1,047.3	839.7	2,163.3	1,744.5
Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	708.9	556.9	1,455.6	1,146
Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	251.9	234.2	489.9	440.9
Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	29.8	20.2	116.3	99.1
Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	33.6	22.1	60.4	50.7
Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	11.7	5.3	21.7	6.4
Operating Segments | Retail
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0.3	0	0.5	0
Other income, net	0.9	0.4	1.4	0.5
Total revenues	574.5	457.6	1,288	1,054
Operating Segments | Retail | Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	397.3	301.6	886.2	695.1
Operating Segments | Retail | Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	133.7	126.2	259.8	238.8
Operating Segments | Retail | Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	27.3	20	109.7	92.2
Operating Segments | Retail | Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	15	9.4	30.4	27.4
Operating Segments | Retail | Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0	0	0
Operating Segments | National Programs
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	2	0.2	3.2	0.3
Other income, net	0.1	0	0.3	0
Total revenues	283.3	225.7	513.1	387.9
Operating Segments | National Programs | Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	197.3	160.2	355.1	277.5
Operating Segments | National Programs | Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	55.3	46.9	105.6	81.5
Operating Segments | National Programs | Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	1.8	2.8	4.2	3.9
Operating Segments | National Programs | Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	15.1	10.3	23	18.3
Operating Segments | National Programs | Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	11.7	5.3	21.7	6.4
Operating Segments | Wholesale Brokerage
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0.5	0	0.7	0.1
Other income, net	0	0.1	0.1	0.2
Total revenues	139.1	112.4	262.5	215.3
Operating Segments | Wholesale Brokerage | Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	114.3	95.1	214.3	173.4
Operating Segments | Wholesale Brokerage | Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	20.1	17.4	38	33.6
Operating Segments | Wholesale Brokerage | Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0.7	(2.6)	2.4	3
Operating Segments | Wholesale Brokerage | Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	3.5	2.4	7	5
Operating Segments | Wholesale Brokerage | Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0	0	0
Operating Segments | Services
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0	0	0	0
Other income, net	0	0	0	0
Total revenues	43.2	44	87.5	87.6
Operating Segments | Services | Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0	0	0
Operating Segments | Services | Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	43.2	44	87.5	87.6
Operating Segments | Services | Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0	0	0
Operating Segments | Services | Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0	0	0
Operating Segments | Services | Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0	0	0
Corporate, Non-Segment
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	7.5	0.2	12.9	0.2
Other income, net	0.1	0.1	0.3	0.1
Total revenues	7.2	0	12.2	(0.3)
Corporate, Non-Segment | Base Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0	0	0
Corporate, Non-Segment | Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	(0.4)	(0.3)	(1)	(0.6)
Corporate, Non-Segment | Other Supplemental Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0	0	0
Corporate, Non-Segment | Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0	0	0
Corporate, Non-Segment | Earned premium
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	$ 0	$ 0	$ 0	$ 0

Revenues - Schedule of Revenues

Revenues - Schedule of Revenues Disaggregated by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 1,047.3	$ 839.7	$ 2,163.3	$ 1,744.5
U.S
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	917.5	819.4	1,915.7	1,703.8
U.K
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	104.9	3.8	203	8.4
Ireland
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	11	7.4	22.3	16.6
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	10.4	6.9	15.7	12
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 3.5	$ 2.2	$ 6.6	$ 3.7

Revenues - Schedule of Balances

Revenues - Schedule of Balances of Contract Assets and Contract Liabilities Arising from contracts with Customers (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revenues [Abstract]
Contract assets	$ 448.2	$ 431.2
Contract liabilities	$ 111.5	$ 113.3

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Contract with Customer, Liability	$ 69.9		$ 79.9
Contract with Customer, Liability, Noncurrent	41.6		33.4
Deferred Costs	86		76
Incentive and Profit-sharing Contingent Commissions
Segment Reporting Information [Line Items]
Deferred Revenue, Revenue Recognized	21.5	$ 21.5
Cost to Fulfill
Segment Reporting Information [Line Items]
Deferred Costs	103.1		$ 108.7
Capitalized Contract Cost, Amortization	$ 9.9
Cost to Obtain
Segment Reporting Information [Line Items]
Capitalized contract cost, amortization period	15 years
Deferred Costs	$ 13.2
Capitalized Contract Cost, Amortization	$ 3.2

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 Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 190.4	$ 235.5	$ 145.2	$ 220.3	$ 425.9	$ 365.5
Net income attributable to unvested awarded performance stock	(2.8)		(2.7)		(6.8)	(7.1)
Net income attributable to common shares	$ 187.6		$ 142.5		$ 419.1	$ 358.4
Weighted average number of common shares outstanding – basic	283.6		282.5		283.5	282.6
Less unvested awarded performance stock included in weighted average number of common shares outstanding - basic	(4.2)		(5.3)		(4.5)	(5.5)
Weighted average number of common shares outstanding for basic net income per common share	279.4		277.2		279	277.1
Dilutive effect of potentially issuable common shares	1		1		1	1.3
Weighted average number of shares outstanding – diluted	280.4		278.2		280	278.4
Basic (in dollars per share)	$ 0.67		$ 0.51		$ 1.50	$ 1.29
Diluted (in dollars per share)	$ 0.67		$ 0.51		$ 1.50	$ 1.29

Business Combinations - Additio

Business Combinations - Additional Information (Details) $ in Millions		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) Acquisition	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Number of acquisitions | Acquisition		13
Purchase price of acquisitions		$ (11.3)
Increase (decrease) in goodwill		(9)
Payments to Acquire Businesses, Gross	$ 2.7	127.2
Goodwill currently deductible for income tax purposes	16.8	16.8
Goodwill currently non-deductible for income tax purposes	91	91
Goodwill related to the recorded earn-out payables	9	9
Total revenues related to acquisitions		12.2
Income before income taxes related to acquisitions		4.6
Estimated acquisition earn-out payables	231.5	231.5	$ 254.2	$ 251.7	$ 232.9	$ 250.9	$ 291
Maximum Future Contingency payments Acquisitions	550	550
Other Noncurrent Liabilities
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	105	105
Accounts payable
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	126.5	126.5
Retail
Business Acquisition [Line Items]
Increase (decrease) in goodwill		14.9
Goodwill net		136
National Programs
Business Acquisition [Line Items]
Increase (decrease) in goodwill		(23.9)
Goodwill net		(21)
Wholesale Brokerage
Business Acquisition [Line Items]
Increase (decrease) in goodwill		0
Goodwill net		$ 1.8
Purchased Customer Accounts
Business Acquisition [Line Items]
Weighted average life (years)		14 years 9 months 18 days
Non-compete Agreements
Business Acquisition [Line Items]
Weighted average life (years)		4 years 4 months 24 days
Other Acquisitions
Business Acquisition [Line Items]
Net assets acquired	169.7	$ 169.7
Goodwill	116.8	116.8
Other Acquisitions | Maximum
Business Acquisition [Line Items]
Net assets acquired	50	50
GRP Holdco Limited
Business Acquisition [Line Items]
Maximum potential earn-out amount	$ 0	$ 0

Business Combinations - Estimat

Business Combinations - Estimated Fair Values of Aggregate Assets and Liabilities Acquired (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value Of Assets And Liabilities Statement [Line Items]
Recorded earn-out payable	$ 40.2	$ 16.9
Other Acquisitions
Fair Value Of Assets And Liabilities Statement [Line Items]
Cash paid	127.2
Other payable	2.3
Recorded earn-out payable	40.2
Total consideration	169.7
Maximum potential earn-out payable	74.2
Allocation of purchase price:
Cash and equivalents	4.9
Fiduciary cash	7
Fiduciary receivables	9
Other current assets	11.1
Goodwill	116.8
Deferred income tax, net	19.1
Other assets	0.2
Total assets acquired	195
Fiduciary liabilities	(16)
Other current liabilities	(6.3)
Other long-term liabilities	(3)
Total liabilities assumed	(25.3)
Net assets acquired	169.7
Other Acquisitions | Purchased Customer Accounts and Other
Allocation of purchase price:
Intangible assets	26.6
Other Acquisitions | Non-compete Agreements
Allocation of purchase price:
Intangible assets	$ 0.3

Business Combinations - Unaudit

Business Combinations - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Combinations [Abstract]
Total revenues	$ 1,048.3	$ 848.9	$ 2,171.3	$ 1,764.8
Income before income taxes	254.7	201	550.5	468.8
Net income	$ 190.8	$ 146.8	$ 427.4	$ 369.3
Net income per share:
Basic	$ 0.67	$ 0.52	$ 1.51	$ 1.31
Diluted	$ 0.67	$ 0.52	$ 1.50	$ 1.30
Weighted average number of shares outstanding:
Basic	279.4	277.2	279	277.1
Diluted	280.4	278.2	280	278.4

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 Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Combinations [Abstract]
Beginning balance	$ 254.2	$ 250.9	$ 251.7	$ 291
Additions to estimated acquisition earn-out payables	20.6	6.1	40.3	16.9
Payments for estimated acquisition earn-out payables	(47.4)	(19.6)	(63.6)	(66.5)
Subtotal	227.4	237.4	228.4	241.4
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables		(4.7)	(4.3)	(9.5)
Interest expense accretion	1.8	1.7	3.8	3.1
Net change in earnings from estimated acquisition earn-out payables	1.8	(3)	(0.5)	(6.4)
Foreign currency translation adjustments during the year	2.3	(1.5)	3.6	(2.1)
Ending balance	$ 231.5	$ 232.9	$ 231.5	$ 232.9

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Value of Goodwill by Reportable Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Line Items]
Beginning balance	$ 6,674.2
Goodwill adjustment during measurement period	(9)
Goodwill of acquired businesses	125.8
Goodwill disposed of relating to sales of businesses	(2.7)
Foreign currency translation adjustments during the year	76.8
Ending balance	6,865.1
Retail
Goodwill [Line Items]
Beginning balance	4,309
Goodwill adjustment during measurement period	14.9
Goodwill of acquired businesses	121.1
Goodwill disposed of relating to sales of businesses	0
Foreign currency translation adjustments during the year	67.7
Ending balance	4,512.7
National Programs
Goodwill [Line Items]
Beginning balance	1,602.4
Goodwill adjustment during measurement period	(23.9)
Goodwill of acquired businesses	2.9
Goodwill disposed of relating to sales of businesses	(2.7)
Foreign currency translation adjustments during the year	3.9
Ending balance	1,582.6
Wholesale Brokerage
Goodwill [Line Items]
Beginning balance	591.5
Goodwill adjustment during measurement period	0
Goodwill of acquired businesses	1.8
Goodwill disposed of relating to sales of businesses	0
Foreign currency translation adjustments during the year	5.2
Ending balance	598.5
Services
Goodwill [Line Items]
Beginning balance	171.3
Goodwill adjustment during measurement period	0
Goodwill of acquired businesses	0
Goodwill disposed of relating to sales of businesses	0
Foreign currency translation adjustments during the year	0
Ending balance	$ 171.3

Amortizable Intangible Assets -

Amortizable Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Foreign currency translation, Gross carrying value		$ 21.9	$ (4.5)
Gross carrying value		3,044.1	2,992.5
Foreign currency translation, Accumulated amortization		(1.3)	0.4
Accumulated amortization		(1,481.6)	(1,397.3)
Foreign currency translation, Net carrying value		20.6	(4.1)
Net carrying value		1,562.5	1,595.2
Purchased Customer Accounts and Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, excluding foreign currency translation		2,982.6	2,957.7
Accumulated amortization, excluding foreign currency translation		(1,445.4)	(1,363.7)
Net carrying value, excluding foreign currency translation		$ 1,537.2	$ 1,594
Weighted average life (years)	[1]	14 years 9 months 18 days	14 years 9 months 18 days
Non-compete Agreements
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, excluding foreign currency translation		$ 39.6	$ 39.3
Accumulated amortization, excluding foreign currency translation		(34.9)	(34)
Net carrying value, excluding foreign currency translation		$ 4.7	$ 5.3
Weighted average life (years)	[1]	4 years 4 months 24 days	4 years 4 months 24 days
[1] Weighted average life calculated as of the date of acquisition.

Amortizable Intangible Assets_2

Amortizable Intangible Assets - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense estimated, year one (2023)	$ 163.3
Amortization expense estimated, year two (2024)	159.3
Amortization expense estimated, year three (2025)	156.4
Amortization expense estimated, year four (2026)	150.4
Amortization expense estimated, year five (2027)	$ 137.3

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total current portion of long-term debt	$ 53.1	$ 250.6
Total notes	2,739.2	2,738.8
Long-term credit agreements	1,043.8	975
Debt issuance costs (contra)	(20.6)	(22.3)
Total long-term debt less unamortized discount and debt issuance costs	3,762.4	3,691.5
Current portion of long-term debt	53.1	250.6
Total debt	3,815.5	3,942.1
5-year Term Loan Facility Expires in 2026
Debt Instrument [Line Items]
Total current portion of long-term debt	21.9	15.6
Long-term credit agreements	206.3	218.8
5-year Term Loan Facility Expires in 2023
Debt Instrument [Line Items]
Total current portion of long-term debt		210
3-year Term Loan Facility Expires in 2025
Debt Instrument [Line Items]
Long-term credit agreements	300	300
5-year Term Loan Facility Expires in 2027
Debt Instrument [Line Items]
Total current portion of long-term debt	31.2	25
Long-term credit agreements	437.5	456.2
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2024
Debt Instrument [Line Items]
Total notes	499.8	499.7
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Total notes	349.7	349.7
2.375% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2031
Debt Instrument [Line Items]
Total notes	699.5	699.4
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2032
Debt Instrument [Line Items]
Total notes	598.1	598
4.950% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2052
Debt Instrument [Line Items]
Total notes	592.1	$ 592
5-year Revolving Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.525%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026
Debt Instrument [Line Items]
Long-term credit agreements	$ 100

Long-Term Debt - Schedule of _2

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Mar. 17, 2022
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
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2032
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.20%	4.20%	4.20%
Debt instrument maturity year	2032	2032
4.950% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2052
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.95%	4.95%	4.95%
Debt instrument maturity year	2052	2052
5-year Term Loan Facility Expires in 2026
Debt Instrument [Line Items]
Debt instrument maturity year	2026	2026
Line of credit facility, expiration term	5 years	5 years
Line of credit facility, expiration date	Oct. 27, 2026	Oct. 27, 2026
5-year Term Loan Facility Expires in 2026 | Maximum | SOFR
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 1.525%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026
Debt Instrument [Line Items]
Line of credit facility, expiration term	5 years
Line of credit facility, expiration date	Oct. 27, 2026
5-year Revolving Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.525%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026 | Maximum
Debt Instrument [Line Items]
Commitment fee, percentage	0.225%
5-year Revolving Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.525%, Plus Commitment Fees up to 0.225%, Expires October 27, 2026 | Maximum | SOFR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.525%
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
3-year Term Loan Facility Expires in 2025
Debt Instrument [Line Items]
Line of credit facility, expiration term	3 years	3 years
Line of credit facility, expiration date	Mar. 31, 2025	Mar. 31, 2025
3-year Term Loan Facility Expires in 2025 | Maximum | SOFR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.625%	1.625%
5-year Term Loan Facility Expires in 2027
Debt Instrument [Line Items]
Debt instrument maturity year	2027
Line of credit facility, expiration term	5 years	5 years
Line of credit facility, expiration date	Mar. 31, 2027	Mar. 31, 2027
5-year Term Loan Facility Expires in 2027 | Maximum | SOFR
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 ($) $ in Millions				6 Months Ended
	May 31, 2023	Mar. 17, 2022	Oct. 27, 2021	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Net proceeds from issuance of the notes					$ 2,000
Outstanding debt balance				$ 3,815.5		$ 3,942.1
Borrowings on revolving credit facility				170	350
Repayments of debt				$ 228.8	$ 27.5
SOFR
Debt Instrument [Line Items]
Credit Spread Adjustment Percentage				0.10%
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2032
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage		4.20%		4.20%		4.20%
Senior notes		$ 600
Debt instrument maturity date		Mar. 17, 2032
4.950% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2052
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage		4.95%		4.95%		4.95%
Senior notes		$ 600
Debt instrument maturity date		Mar. 17, 2052
Payment frequency of debt interest				semi-annually
2032 and 2052 Notes
Debt Instrument [Line Items]
Net proceeds from issuance of the notes		$ 1,178.2
Senior notes				$ 1,200		$ 1,200
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%
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%
Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Unsecured revolving credit facility			$ 800
Proceeds from issuance of debt			2.7
Write off of deferred debt issuance cost			0.1
Debt issuance costs			0.6
Unsecured term loans			$ 250
Other Notes
Debt Instrument [Line Items]
Senior notes				$ 1,550		$ 1,550
Term Loan
Debt Instrument [Line Items]
Outstanding debt balance				$ 228.2		444.4
Cash	$ 32.5
Borrowings on revolving credit facility	170
Repayments of debt	$ 202.5
Term Loan | Second Amended and Restated Credit Agreement | SOFR
Debt Instrument [Line Items]
1-Month Term SOFR Rate				5.202%
Term A-1 Loan
Debt Instrument [Line Items]
Outstanding debt balance				$ 300		300
Maximum borrowing capacity under loan agreement							$ 300
Term A-1 Loan | SOFR
Debt Instrument [Line Items]
1-Month Term SOFR Rate				5.182%
Term A-2 Loan
Debt Instrument [Line Items]
Outstanding debt balance				$ 468.7		481.3
Maximum borrowing capacity under loan agreement							500
Term A-2 Loan | SOFR
Debt Instrument [Line Items]
1-Month Term SOFR Rate				5.236%
Term Loan Commitments
Debt Instrument [Line Items]
Additional borrowing capacity under credit facility							$ 400
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding debt balance				$ 100		$ 0

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
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 2023	$ 5.3

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 Millions	Jun. 30, 2023	Dec. 31, 2022
Assets:
Operating lease right-of-use assets	$ 204.9	$ 214.9
Total assets	204.9	214.9
Liabilities:
Current operating lease liabilities	$ 46.1	$ 45
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other liabilities	Accrued expenses and other liabilities
Non-current operating lease liabilities	$ 186	$ 195.9
Total liabilities	$ 232.1	$ 240.9

Leases - Schedule of Components

Leases - Schedule of Components of Lease Cost for Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating leases:
Lease cost	$ 14.4	$ 13.2	$ 28.7	$ 26.3
Variable lease cost	1.1	1.1	2.2	2.2
Short-term lease cost	0.1	0.2	0.2	0.5
Operating lease cost	15.6	14.5	31.1	29
Sublease income	(0.4)	(0.3)	(0.7)	(0.7)
Total lease cost net	$ 15.2	$ 14.2	$ 30.4	$ 28.3

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases (Details)	Jun. 30, 2023
Leases [Abstract]
Weighted average remaining lease term	6 years 1 month 6 days
Weighted average discount rate	3.23%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (Remainder)	$ 24.5
2024	53.4
2025	46.3
2026	35.3
2027	28.3
Thereafter	67.3
Total undiscounted lease payments	255.1
Less: imputed interest	23
Present value of lease payments	$ 232.1	$ 240.9

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$ 15.1	$ 13.8	$ 29.8	$ 27.8
Right-of-use assets obtained in exchange for new operating liabilities	$ 5.8	$ 13.6	$ 9.9	$ 27.5

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Effect of foreign exchange rate changes on cash and cash equivalents inclusive of fiduciary cash	$ 29.9	$ (127.3)

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 Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid during the period for:
Interest	$ 92.9	$ 35.8
Income taxes, net of refunds	$ 163.2	$ 90.5

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 Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Significant non-cash investing and financing activities
Other payable issued for agency acquisitions and purchased customer accounts	$ 2.3	$ 1.2
Estimated acquisition earn-out payables issued for agency acquisitions	$ 40.2	$ 16.9

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 Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Restricted fiduciary cash	$ 1,398.5	$ 1,231.9
Non-restricted fiduciary cash	237	151.3
Total restricted and non-restricted fiduciary cash at the end of the period	1,635.5	1,383.2
Cash and cash equivalents	627.9	650	$ 2,383.5
Fiduciary cash	1,635.5		904
Total cash, cash equivalents and fiduciary cash at the end of the period	$ 2,263.4	$ 2,033.2	$ 3,287.5	$ 1,470.2

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Segment	Jun. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			4
Revenues	$ 1,047.3	$ 839.7	$ 2,163.3	$ 1,744.5
England, Bermuda, Cayman Islands and Ireland
Segment Reporting Information [Line Items]
Revenues	$ 129.8	$ 20.3	$ 247.6	$ 40.7

Segment Information - Summarize

Segment Information - Summarized Financial Information Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 1,047.3	$ 839.7	$ 2,163.3	$ 1,744.5
Investment income	10.3	0.4	17.3	0.6
Amortization	41.2	33.6	82.6	64.7
Depreciation	10.2	8.9	20.1	17.1
Interest expense	47.9	36	94.6	54.3
Income before income taxes	254.4	198.8	548.6	463.9
Total assets	14,071.5	12,279.9	14,071.5	12,279.9	$ 13,973.5
Capital expenditures	13.3	8.3	25.1	18.3
Operating Segments | Retail
Segment Reporting Information [Line Items]
Total revenues	574.5	457.6	1,288	1,054
Investment income	0.3	0	0.5	0
Amortization	27.2	20.5	54.6	41.6
Depreciation	4.6	2.6	8.9	5.2
Interest expense	21.8	23.5	43.6	47.1
Income before income taxes	105.1	82.5	315.4	266.5
Total assets	7,867.5	5,036.3	7,867.5	5,036.3
Capital expenditures	9.3	2.1	14.1	3.7
Operating Segments | National Programs
Segment Reporting Information [Line Items]
Total revenues	283.3	225.7	513.1	387.9
Investment income	2	0.2	3.2	0.3
Amortization	10.1	9.8	20.1	16.5
Depreciation	2.9	3.5	5.9	6.3
Interest expense	8.8	10.4	18.6	12.6
Income before income taxes	118.9	76.5	192.2	118.1
Total assets	4,025.4	3,554.9	4,025.4	3,554.9
Capital expenditures	2.6	5.3	7.5	11
Operating Segments | Wholesale Brokerage
Segment Reporting Information [Line Items]
Total revenues	139.1	112.4	262.5	215.3
Investment income	0.5	0	0.7	0.1
Amortization	2.6	2	5.3	4
Depreciation	0.7	0.6	1.4	1.3
Interest expense	2.8	3.3	5.5	6.8
Income before income taxes	37.5	33.8	68.7	59.5
Total assets	1,422.5	1,149	1,422.5	1,149
Capital expenditures	1	0.4	1.4	0.8
Operating Segments | Services
Segment Reporting Information [Line Items]
Total revenues	43.2	44	87.5	87.6
Investment income	0	0	0	0
Amortization	1.3	1.3	2.6	2.6
Depreciation	0.4	0.4	0.8	0.8
Interest expense	0.3	0.5	0.7	1.1
Income before income taxes	5.7	6.6	10.9	13.2
Total assets	296.4	287.9	296.4	287.9
Capital expenditures	0.4	0.3	0.7	0.5
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	7.2	0	12.2	(0.3)
Investment income	7.5	0.2	12.9	0.2
Amortization	0	0	0	0
Depreciation	1.6	1.8	3.1	3.5
Interest expense	14.2	(1.7)	26.2	(13.3)
Income before income taxes	(12.8)	(0.6)	(38.6)	6.6
Total assets	(459.7)	2,251.8	(459.7)	2,251.8
Capital expenditures	$ 0	$ 0.2	$ 1.4	$ 2.3

Investments - Summary of Amorti

Investments - Summary of Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost	$ 31.2	$ 31
Gross unrealized losses	(2)	(2.2)
Fair value	29.2	28.8
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Cost	26.1	22.8
Gross unrealized losses	(1.7)	(1.8)
Fair value	24.4	21
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Cost	5.1	8.2
Gross unrealized losses	(0.3)	(0.4)
Fair value	$ 4.8	$ 7.8

Investments - Additional Inform

Investments - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) Security	Dec. 31, 2022 USD ($) Security
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 29.2	$ 28.8
Available-for-sale Debt Securities	4.2	$ 6.4
Equity investment in a non-consolidated subsidiary	$ 2.5
Number of securities in unrealized loss position | Security	36	33
Proceeds from sale of investment in fixed maturity securities and maturing time deposits	$ 5.8
Payments to acquire investments	6.2
Investments on deposit with the state insurance department	4.2
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	24.4	$ 21
Corporate Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	4.8	7.8
Bank Time Deposits
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 5.9	$ 5.6

Investments - Schedule of Inves

Investments - Schedule of Investments' Gross Unrealized Loss and Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 6.1	$ 8.9
Unrealized Losses, Less than 12 Months	(0.1)	(0.2)
Fair Value, 12 Months or More	23.1	19.9
Unrealized Losses, 12 Months or More	(1.9)	(2)
Fair Value	29.2	28.8
Unrealized Losses	(2)	(2.2)
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	5.9	4.7
Unrealized Losses, Less than 12 Months	(0.1)	(0.1)
Fair Value, 12 Months or More	18.5	16.3
Unrealized Losses, 12 Months or More	(1.6)	(1.7)
Fair Value	24.4	21
Unrealized Losses	(1.7)	(1.8)
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	0.2	4.2
Unrealized Losses, Less than 12 Months		(0.1)
Fair Value, 12 Months or More	4.6	3.6
Unrealized Losses, 12 Months or More	(0.3)	(0.3)
Fair Value	4.8	7.8
Unrealized Losses	$ (0.3)	$ (0.4)

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Amortized cost
Due in one year or less	$ 4.3	$ 6.5
Due after one year through five years	26.9	24.5
Amortized Cost, Total	31.2	31
Fair value
Due in one year or less	4.2	6.4
Due after one year through five years	25	22.4
Fair Value, Total	$ 29.2	$ 28.8

Insurance Company Subsidiary _3

Insurance Company Subsidiary Operations - Effects of Reinsurance on Premiums Written and Earned (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Written
Net premiums	$ 34.9
Earned
Net premiums	21.7
WNFIC
Written
Direct premiums	412.1
Ceded premiums	(412.1)
Earned
Direct premiums	377.9
Ceded premiums	(377.9)
Quota Share Captive and Excess of Loss Layer Captive
Written
Assumed Premiums	75.9
Net premiums	34.9
Earned
Assumed Premium	38.7
Net premiums	21.7
Quota Share Captive
Written
Ceded premiums	(41)
Net premiums	33.3
Earned
Ceded premiums	(17)
Net premiums	$ 20.1

Insurance Company Subsidiary _4

Insurance Company Subsidiary Operations - Additional Information (Details) $ in Millions		1 Months Ended	6 Months Ended	12 Months Ended	19 Months Ended
	Apr. 28, 2023 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2023 USD ($) Reinsurer	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded rate of premiums under insurance program			100%		100%
Ceded unpaid loss			$ 184.6		$ 184.6
Prepaid reinsurance premiums			450.6	$ 393.2	450.6
Increase (decrease) in loss and loss adjustment expense reserve			0
Reinsurance recoverable			187.2	831	187.2
Reserve for losses and loss adjustment expense			$ 184.6		184.6
Number of reinsurers | Reinsurer			2
Premium net written			$ 34.9
Net earned premiums			21.7
Ultimate loss reserve expense inclusive of IBNR claims			198.8	841.1	198.8
Hurricane Ian
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance recoverable			2.7		2.7
Reinsurance recoverable for net expected loss			4.9		4.9
Loss reserve inclusive of IBNR claims			7.6		7.6
Reported insured losses			$ 2.1		$ 2.1
Wright National Flood Insurance Company
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded rate of premiums under insurance program			100%		100%
Prepaid reinsurance premiums			$ 416		$ 416
Expenses and allowance rate received in premiums			29.70%		29.70%
Premiums written net			$ 412.1
Ceded to highly rated carriers for excess flood policies			1.5
Statutory capital and surplus required			7.5		$ 7.5
Statutory capital and surplus			38	31.8	$ 38
Statutory net Income			$ 7.8	$ 1.3
Percentage of adjusted net income			100%		100%
Maximum dividend payout that may be made without prior approval			$ 3.2		$ 3.2
Dividend paid	$ 3.1
Wright National Flood Insurance Company | Maximum
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Preferred stock, dividend rate, percentage			10%
Wright National Flood Insurance Company | FEMA
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Premiums written net			$ 410.6
Quota Share Captive
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Prepaid reinsurance premiums			34.6		34.6
Deferred acquisitions costs			31.6		31.6
Reinsurance payable			17		17
Reserve for losses and loss adjustment expense			7.9		7.9
Premiums written net			41
Premium net written			33.3
Net earned premiums			20.1
Initial funding		$ 5.9
Addition to current earnings					18.3
Ultimate loss reserve expense inclusive of IBNR claims			9.3		9.3
Captive Insurance Facility
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reserve for losses and loss adjustment expense			6.3		6.3
Net earned premiums			1.6
Maximum underwriting exposure			3
Captive Insurance Facility | Hurricane Ian
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reserve for losses and loss adjustment expense			$ 6		$ 6

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Jul. 19, 2023	Feb. 15, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Accelerated Share Repurchases [Line Items]
Treasury stock shares (in shares)			19,700,000				19,700,000
Fair value of common stock repurchased			$ 748.1				$ 748
Stock repurchase program, remaining authorized repurchase amount			$ 249.5
Cash dividends paid		$ 0.1150	$ 0.1150	$ 0.1150	$ 0.1025	$ 0.1025
Dividend approved date			Apr. 24, 2023	Jan. 18, 2023
Dividend paid			$ 32.6	$ 32.6	$ 29	$ 28.9
Dividend payable date			May 17, 2023	Feb. 15, 2023
Subsequent Event
Accelerated Share Repurchases [Line Items]
Dividend payable per share	$ 0.1150
Dividend payable, record date	Aug. 09, 2023
Dividend payable date	Aug. 16, 2023
Second Accelerated Share Repurchase Agreement | Maximum
Accelerated Share Repurchases [Line Items]
Shares repurchased, authorized amount			$ 100
Accelerated Share Repurchase Agreement
Accelerated Share Repurchases [Line Items]
Treasury stock shares (in shares)				2,100
Fair value of common stock repurchased				$ 0.1
Treasury stock, average cost per share				$ 53.84