Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 5-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'BRO | ' |
Entity Registrant Name | 'BROWN & BROWN INC | ' |
Entity Central Index Key | '0000079282 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 144,974,572 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES | ' | ' |
Commissions and fees | $362,007 | $333,793 |
Investment income | 103 | 186 |
Other income, net | 1,484 | 1,033 |
Total revenues | 363,594 | 335,012 |
EXPENSES | ' | ' |
Employee compensation and benefits | 184,110 | 159,498 |
Non-cash stock-based compensation | 7,515 | 3,850 |
Other operating expenses | 52,461 | 46,339 |
Amortization | 17,876 | 16,161 |
Depreciation | 4,640 | 4,167 |
Interest | 4,072 | 3,984 |
Change in estimated acquisition earn-out payables | 6,083 | 1,522 |
Total expenses | 276,757 | 235,521 |
Income before income taxes | 86,837 | 99,491 |
Income taxes | 34,422 | 39,360 |
Net income | $52,415 | $60,131 |
Net income per share: | ' | ' |
Basic | $0.36 | $0.42 |
Diluted | $0.36 | $0.41 |
Dividends declared per share | $0.10 | $0.09 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $250,017 | $202,952 |
Restricted cash and investments | 252,872 | 250,009 |
Short-term investments | 10,967 | 10,624 |
Premiums, commissions and fees receivable | 404,471 | 395,915 |
Deferred income taxes | 12,380 | 29,276 |
Other current assets | 33,648 | 39,260 |
Total current assets | 964,355 | 928,036 |
Fixed assets, net | 74,576 | 74,733 |
Goodwill | 2,006,491 | 2,006,173 |
Amortizable intangible assets, net | 601,574 | 618,888 |
Other assets | 27,293 | 21,678 |
Total assets | 3,674,289 | 3,649,508 |
Current Liabilities: | ' | ' |
Premiums payable to insurance companies | 532,240 | 534,360 |
Premium deposits and credits due customers | 91,395 | 80,959 |
Accounts payable | 62,416 | 34,158 |
Accrued expenses and other liabilities | 106,441 | 157,400 |
Current portion of long-term debt | ' | 100,000 |
Total current liabilities | 792,492 | 906,877 |
Long-term debt | 480,000 | 380,000 |
Deferred income taxes, net | 285,514 | 291,704 |
Other liabilities | 63,423 | 63,786 |
Shareholders' Equity: | ' | ' |
Common stock, par value $0.10 per share; authorized 280,000 shares; issued and outstanding 145,409 at 2014 and 145,419 at 2013 | 14,541 | 14,542 |
Additional paid-in capital | 379,811 | 371,960 |
Retained earnings | 1,658,508 | 1,620,639 |
Total shareholders' equity | 2,052,860 | 2,007,141 |
Total liabilities and shareholders' equity | $3,674,289 | $3,649,508 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 280,000 | 280,000 |
Common stock, shares issued | 145,409 | 145,419 |
Common stock, shares outstanding | 145,409 | 145,419 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $52,415 | $60,131 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization | 17,876 | 16,161 |
Depreciation | 4,640 | 4,167 |
Non-cash stock-based compensation | 7,515 | 3,850 |
Change in estimated acquisition earn-out payables | 6,083 | 1,522 |
Deferred income taxes | 10,706 | 15,620 |
Income tax benefit from exercise of shares from the stock benefit plans | -2,258 | -252 |
Net gain on sales of investments, fixed assets and customer accounts | -656 | -383 |
Payments on acquisition earn-outs in excess of original estimated payables | ' | -1,618 |
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures: | ' | ' |
Restricted cash and investments (increase) | -2,863 | -22,204 |
Premiums, commissions and fees receivable (increase) decrease | -8,172 | 262 |
Other assets decrease | 128 | 12,919 |
Premiums payable to insurance companies (decrease) increase | -2,120 | 36,586 |
Premium deposits and credits due customers increase (decrease) | 10,436 | -7,524 |
Accounts payable increase | 31,100 | 19,308 |
Accrued expenses and other liabilities (decrease) increase | -50,959 | 5,788 |
Other liabilities (decrease) | -6,726 | -7,312 |
Net cash provided by operating activities | 67,145 | 137,021 |
Cash flows from investing activities: | ' | ' |
Additions to fixed assets | -4,727 | -2,947 |
Payments for businesses acquired, net of cash acquired | -1,013 | -61 |
Proceeds from sales of fixed assets and customer accounts | 829 | 243 |
Purchases of investments | -5,421 | -1,629 |
Proceeds from sales of investments | 5,078 | 2,585 |
Net cash used in investing activities | -5,254 | -1,809 |
Cash flows from financing activities: | ' | ' |
Payments on acquisition earn-outs | -615 | -2,701 |
Income tax benefit from exercise of shares from the stock benefit plans | 2,258 | 252 |
Issuances of common stock for employee stock benefit plans | 720 | 625 |
Repurchase stock benefit plan shares for employees to fund tax withholdings | -2,643 | -50 |
Cash dividends paid | -14,546 | -12,953 |
Net cash used in financing activities | -14,826 | -14,827 |
Net increase in cash and cash equivalents | 47,065 | 120,385 |
Cash and cash equivalents at beginning of period | 202,952 | 219,821 |
Cash and cash equivalents at end of period | $250,017 | $340,206 |
Nature_of_Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [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 services organization that markets and sells to its customers insurance products and services, primarily in the property and casualty area. Brown & Brown’s business is divided into four reportable segments: the Retail Division, which provides a broad range of insurance products and services to commercial, public entity, professional and individual customers; the Wholesale Brokerage Division, which markets and sells excess and surplus commercial insurance and reinsurance, primarily through independent agents and brokers; the National Programs Division, which provides professional liability and related package products for certain professionals delivered through nationwide networks of independent agents, and markets targeted products and services designated for specific industries, trade groups, governmental entities and market niches; and the Services Division, which provides insurance-related services, including third-party claims administration and comprehensive medical utilization management services in both the workers’ compensation and all-lines liability arenas, as well as Medicare set-aside services, Social Security disability and Medicare benefits advocacy services, and catastrophe claims adjusting services. |
Basis_of_Financial_Reporting
Basis of Financial Reporting | 3 Months Ended |
Mar. 31, 2014 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' |
Basis of Financial Reporting | ' |
NOTE 2· Basis of Financial Reporting | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted 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 normal recurring accruals) considered 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, 2013. | |
Results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. |
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Income Per Share | ' | ||||||||
NOTE 3· Net Income Per Share | |||||||||
Effective in 2009, the Company adopted new Financial Accounting Standards Board (“FASB”) authoritative guidance that states that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share (“EPS”) pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Performance stock shares granted to employees under the Company’s Performance Stock Plan and under the Company’s Stock Incentive Plan are considered participating securities as they receive non-forfeitable dividend equivalents at the same rate as common stock. | |||||||||
Basic EPS is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted EPS is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the exercise of stock options. The dilutive effect of stock options is computed by application of the treasury-stock method. The following is a reconciliation between basic and diluted weighted average shares outstanding: | |||||||||
For the three months | |||||||||
ended March 31, | |||||||||
(in thousands, except per share data) | 2014 | 2013 | |||||||
Net income | $ | 52,415 | $ | 60,131 | |||||
Net income attributable to unvested awarded performance stock | (1,376 | ) | (1,308 | ) | |||||
Net income attributable to common shares | $ | 51,039 | $ | 58,823 | |||||
Weighted average number of common shares outstanding – basic | 145,429 | 143,926 | |||||||
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic | (3,819 | ) | (3,130 | ) | |||||
Weighted average number of common shares outstanding for basic earnings per common share | 141,610 | 140,796 | |||||||
Dilutive effect of stock options | 1,699 | 2,151 | |||||||
Weighted average number of shares outstanding – diluted | 143,309 | 142,947 | |||||||
Net income per share: | |||||||||
Basic | $ | 0.36 | $ | 0.42 | |||||
Diluted | $ | 0.36 | $ | 0.41 | |||||
Business_Combinations
Business Combinations | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||
Business Combinations | ' | ||||||||||||||||||||||||
NOTE 4· Business Combinations | |||||||||||||||||||||||||
Acquisitions in 2014 | |||||||||||||||||||||||||
During the three months ended March 31, 2014, Brown & Brown acquired the assets and assumed certain liabilities of one insurance intermediary. Additionally, miscellaneous adjustments were recorded to the purchase price allocation of certain acquisitions completed within the last twelve months as permitted by ASC Topic 805 — Business Combinations (“ASC 805”). The aggregate purchase price of the acquisition and the miscellaneous adjustments totaled $1,324,000, including $1,013,000 of cash payments, the assumption of $31,000 of liabilities and $280,000 of recorded earn-out payables. This acquisition was acquired primarily to expand Brown & Brown’s core business and to attract and hire high-quality individuals. Acquisition purchase prices are typically based on a multiple of average annual operating profit earned over a one- to three-year period within a minimum and maximum price range. The recorded purchase price for all acquisitions consummated after January 1, 2009 included 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 Consolidated Statement of Income when incurred. | |||||||||||||||||||||||||
The fair value of earn-out obligations is based on the present value of the expected future payments to be made to the sellers of the acquired businesses in accordance with the provisions outlined in the respective purchase agreements. In determining fair value, the acquired business’s future performance is estimated using financial projections developed by management for the acquired business and reflects market participant assumptions regarding revenue growth and/or profitability. The expected future payments are estimated on the basis of the earn-out formula and performance targets specified in each purchase agreement compared to the associated financial projections. These payments are then discounted to present value using a risk-adjusted rate that takes into consideration the likelihood that the forecasted earn-out payments will be made. | |||||||||||||||||||||||||
Based on the acquisition date and the complexity of the underlying valuation work, certain amounts included in the Company’s Condensed Consolidated Financial Statements may be provisional and thus subject to further adjustments within the permitted measurement period, as defined in ASC 805. For the three months ended March 31, 2014, several adjustments were made within the permitted measurement period that resulted in an increase in the aggregate purchase price of the affected acquisitions of $21,000 relating to the assumption of certain liabilities. | |||||||||||||||||||||||||
The following table summarizes the aggregate purchase price allocations made as of the date of acquisition for the current-year acquisition and adjustments made during the measurement period for prior-year acquisitions: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Name | Business | Date of | Cash | Recorded | Net Assets | ||||||||||||||||||||
Segment | Acquisition | Paid | Earn-out | Acquired | |||||||||||||||||||||
Payable | |||||||||||||||||||||||||
Acquisition | Retail | Various | $ | 1,013 | $ | 280 | $ | 1,293 | |||||||||||||||||
The following table summarizes the adjustments made to the estimated fair values along with the aggregate assets and liabilities acquired as of the date of each acquisition: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Other current assets | $ | 384 | |||||||||||||||||||||||
Fixed assets | 4 | ||||||||||||||||||||||||
Goodwill | 318 | ||||||||||||||||||||||||
Purchased customer accounts | 607 | ||||||||||||||||||||||||
Non-compete agreements | 11 | ||||||||||||||||||||||||
Total assets acquired | 1,324 | ||||||||||||||||||||||||
Other current liabilities | (31 | ) | |||||||||||||||||||||||
Net assets acquired | $ | 1,293 | |||||||||||||||||||||||
The weighted average useful lives for the acquired amortizable intangible assets are as follows: purchased customer accounts, 15.0 years; and non-compete agreements, 5.0 years. | |||||||||||||||||||||||||
Goodwill of $318,000, was allocated to the Retail Division. Of the total goodwill of $318,000, $38,000 is currently deductible for income tax purposes and $280,000 is non-deductible as it relates to the earn-out payables and will not be deductible until it is earned and paid. | |||||||||||||||||||||||||
The results of operations for the acquisition completed during 2014 have been combined with those of the Company since the acquisition date. The total revenues and income before income taxes from the acquisition completed through March 31, 2014, included in the Condensed Consolidated Statement of Income for the three months ended March 31, 2014, were $6,000 and $1,000, respectively. If the acquisition had occurred as of the beginning of the period, the Company’s 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 acquisition actually been made at the beginning of the respective periods. | |||||||||||||||||||||||||
(UNAUDITED) | For the three months | ||||||||||||||||||||||||
ended March 31, | |||||||||||||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | |||||||||||||||||||||||
Total revenues | $ | 363,739 | $ | 335,253 | |||||||||||||||||||||
Income before income taxes | $ | 86,883 | $ | 99,566 | |||||||||||||||||||||
Net income | $ | 52,443 | $ | 60,176 | |||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||
Basic | $ | 0.36 | $ | 0.42 | |||||||||||||||||||||
Diluted | $ | 0.36 | $ | 0.41 | |||||||||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||||
Basic | 141,610 | 140,796 | |||||||||||||||||||||||
Diluted | 143,309 | 142,947 | |||||||||||||||||||||||
Acquisitions in 2013 | |||||||||||||||||||||||||
During the three months ended March 31, 2013, Brown & Brown did not acquire any insurance intermediaries, however there were miscellaneous adjustments to the purchase price allocation of certain prior acquisitions acquired within the then-preceding twelve months as permitted by ASC 805. Acquisition purchase prices are typically based on a multiple of average annual operating profit earned over a one- to three-year period within a minimum and maximum price range. The recorded purchase price for all acquisitions consummated after January 1, 2009 included 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 consolidated statement of income when incurred. | |||||||||||||||||||||||||
The fair value of earn-out obligations is based on the present value of the expected future payments to be made to the sellers of the acquired businesses in accordance with the provisions outlined in the respective purchase agreements. In determining fair value, the acquired business’s future performance is estimated using financial projections developed by management for the acquired business and reflects market participant assumptions regarding revenue growth and/or profitability. The expected future payments are estimated on the basis of the earn-out formula and performance targets specified in each purchase agreement compared to the associated financial projections. These payments are then discounted to present value using a risk-adjusted rate that takes into consideration the likelihood that the forecasted earn-out payments will be made. | |||||||||||||||||||||||||
Based on the acquisition date and the complexity of the underlying valuation work, certain amounts included in the Company’s Condensed Consolidated Financial Statements may be provisional and thus subject to further adjustments within the permitted measurement period, as defined in ASC 805. For the three months ended March 31, 2013, several adjustments were made within the permitted measurement period that resulted in reduction of the aggregate purchase price of the affected acquisitions by $1,071,000, including $61,000 of cash payments, a reduction of $454,000 in other payables, the assumption of $43,000 of liabilities and the reduction of $721,000 in recorded earn-out payables. | |||||||||||||||||||||||||
The following table summarizes the adjustments made to the aggregate purchase price allocations as of the date of each acquisition: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Name | Business | 2012 | Cash | Other | Recorded | Net Assets | |||||||||||||||||||
Segment | Date of | Paid | Payable | Earn-out | Acquired | ||||||||||||||||||||
Acquisition | Payable | ||||||||||||||||||||||||
Arrowhead General Insurance Agency Superholding Corporation | National | January 9 | $ | — | $ | (454 | ) | $ | — | $ | (454 | ) | |||||||||||||
Programs; | |||||||||||||||||||||||||
Services | |||||||||||||||||||||||||
Insurcorp & GGM Investments LLC | Retail | 1-May | — | — | (834 | ) | (834 | ) | |||||||||||||||||
Richard W. Endlar Insurance Agency, Inc. | Retail | 1-May | — | — | 220 | 220 | |||||||||||||||||||
Texas Security General Insurance Agency, Inc. | Wholesale/ | 1-Sep | — | — | (107 | ) | (107 | ) | |||||||||||||||||
Brokerage | |||||||||||||||||||||||||
Other | Various | Various | 61 | — | — | 61 | |||||||||||||||||||
Total | $ | 61 | $ | (454 | ) | $ | (721 | ) | $ | (1,114 | ) | ||||||||||||||
The following table summarizes the adjustments made to the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition: | |||||||||||||||||||||||||
(in thousands) | Arrowhead | Insurcorp | Endlar | Texas | Other | Total | |||||||||||||||||||
Security | |||||||||||||||||||||||||
Other current assets | $ | — | $ | — | $ | — | $ | 25 | $ | 1,419 | $ | 1,444 | |||||||||||||
Goodwill | (454 | ) | (566 | ) | 216 | (843 | ) | (1,214 | ) | (2,861 | ) | ||||||||||||||
Purchased customer accounts | — | (268 | ) | 4 | 708 | (98 | ) | 346 | |||||||||||||||||
Total assets acquired | (454 | ) | (834 | ) | 220 | (110 | ) | 107 | (1,071 | ) | |||||||||||||||
Other current liabilities | — | — | — | 3 | (46 | ) | (43 | ) | |||||||||||||||||
Net assets acquired | $ | (454 | ) | $ | (834 | ) | $ | 220 | $ | (107 | ) | $ | 61 | $ | (1,114 | ) | |||||||||
ASC 805 is the authoritative guidance requiring an acquirer to recognize 100% of the fair values of acquired assets, including goodwill, and assumed liabilities (with only limited exceptions) upon initially obtaining control of an acquired entity. Additionally, the fair value of contingent consideration arrangements (such as earn-out purchase arrangements) at the acquisition date must be included in the purchase price consideration. As a result, the recorded purchase prices for all acquisitions consummated after January 1, 2009 include an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in these earn-out obligations will be recorded in the consolidated statement of income when incurred. Potential earn-out obligations are typically based upon future earnings of the acquired entities, usually between one and three years. | |||||||||||||||||||||||||
As of March 31, 2014 and 2013, 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). The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the three months ended March 31, 2014 and 2013, were as follows: | |||||||||||||||||||||||||
For the three months | |||||||||||||||||||||||||
ended March 31, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Balance as of the beginning of the period | $ | 43,058 | $ | 52,987 | |||||||||||||||||||||
Additions to estimated acquisition earn-out payables | 280 | (721 | ) | ||||||||||||||||||||||
Payments for estimated acquisition earn-out payables | (615 | ) | (4,319 | ) | |||||||||||||||||||||
Subtotal | 42,723 | 47,947 | |||||||||||||||||||||||
Net change in earnings from estimated acquisition earn-out payables: | |||||||||||||||||||||||||
Change in fair value on estimated acquisition earn-out payables | 5,603 | 997 | |||||||||||||||||||||||
Interest expense accretion | 480 | 525 | |||||||||||||||||||||||
Net change in earnings from estimated acquisition earn-out payables | 6,083 | 1,522 | |||||||||||||||||||||||
Balance as of March 31 | $ | 48,806 | $ | 49,469 | |||||||||||||||||||||
Of the $48,806,000 estimated acquisition earn-out payables as of March 31, 2014, $18,171,000 was recorded as accounts payable and $30,635,000 was recorded as other non-current liabilities. | |||||||||||||||||||||||||
As of March 31, 2014, the maximum future contingency payments related to all acquisitions totaled $125,006,000, all of which relates to acquisitions consummated subsequent to January 1, 2009. |
Goodwill
Goodwill | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Goodwill | ' | ||||||||||||||||||||
NOTE 5· Goodwill | |||||||||||||||||||||
Goodwill is subject to at least an annual assessment for impairment by applying a fair value-based test. Brown & Brown completed its most recent annual assessment as of November 30, 2013, and identified no impairment as a result of the evaluation. | |||||||||||||||||||||
The changes in the carrying value of goodwill by operating segment for the three months ended March 31, 2014 are as follows: | |||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Services | Total | ||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||
Balance as of January 1, 2014 | $ | 1,131,257 | $ | 467,144 | $ | 287,242 | $ | 120,530 | $ | 2,006,173 | |||||||||||
Goodwill of acquired businesses | 318 | — | — | — | 318 | ||||||||||||||||
Balance as of March 31, 2014 | $ | 1,131,575 | $ | 467,144 | $ | 287,242 | $ | 120,530 | $ | 2,006,491 | |||||||||||
Amortizable_Intangible_Assets
Amortizable Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Amortizable Intangible Assets | ' | ||||||||||||||||||||||||||||||||
NOTE 6· Amortizable Intangible Assets | |||||||||||||||||||||||||||||||||
Amortizable intangible assets at March 31, 2014 and December 31, 2013, consisted of the following: | |||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | Weighted | |||||||||||||||||||||||||
Carrying | Amortization | Carrying | Average | Carrying | Amortization | Carrying | Average | ||||||||||||||||||||||||||
Value | Value | Life | Value | Value | Life | ||||||||||||||||||||||||||||
(years)(1) | (years)(1) | ||||||||||||||||||||||||||||||||
Purchased customer accounts | $ | 1,121,150 | $ | (522,671 | ) | $ | 598,479 | 14.9 | $ | 1,120,719 | $ | (505,137 | ) | $ | 615,582 | 14.9 | |||||||||||||||||
Non-compete agreements | 28,126 | (25,031 | ) | 3,095 | 7 | 28,115 | (24,809 | ) | 3,306 | 7 | |||||||||||||||||||||||
Total | $ | 1,149,276 | $ | (547,702 | ) | $ | 601,574 | $ | 1,148,834 | $ | (529,946 | ) | $ | 618,888 | |||||||||||||||||||
Amortization expense for amortizable intangible assets for the years ending December 31, 2014, 2015, 2016, 2017 and 2018, is estimated to be $71,330,000, $70,047,000, $65,516,000, $62,807,000, and $57,482,000, respectively. | |||||||||||||||||||||||||||||||||
-1 | Weighted average life calculated as of the date of acquisition. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
NOTE 7· Long-Term Debt | |||||||||
Long-term debt at March 31, 2014 and December 31, 2013, consisted of the following: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Unsecured senior notes | $ | 480,000 | $ | 480,000 | |||||
Revolving credit facilities | — | — | |||||||
Total debt | 480,000 | 480,000 | |||||||
Less current portion | — | (100,000 | ) | ||||||
Long-term debt | $ | 480,000 | $ | 380,000 | |||||
In July 2004, the Company completed a private placement of $200.0 million of unsecured senior notes (the “Notes”). The $200.0 million was divided into two series: (1) Series A, which closed on September 15, 2004, for $100.0 million due in 2011 and bore interest at 5.57% per year; and (2) Series B, which closed on July 15, 2004, for $100.0 million due in 2014 and bearing interest at 6.08% per year. The Company has used the proceeds from the Notes for general corporate purposes, including acquisitions and repayment of existing debt. On September 15, 2011, the $100.0 million of Series A Notes were redeemed on their normal maturity date through use of funds from the Master Agreement (defined below). As of March 31, 2014 and December 31, 2013, there was an outstanding balance on the Series B Notes of $100.0 million. It is management’s intention to pay off the Series B Notes with the proceeds of the new credit facility finalized in April 2014 (as described in the Note 11, Subsequent Events). | |||||||||
On December 22, 2006, the Company entered into a Master Shelf and Note Purchase Agreement (the “Master Agreement”) with a national insurance company (the “Purchaser”). On September 30, 2009, the Company and the Purchaser amended the Master Agreement to extend the term of the agreement until August 20, 2012. The Purchaser also purchased Notes issued by the Company in 2004. The Master Agreement provides for a $200.0 million private uncommitted “shelf” facility for the issuance of senior unsecured notes over a three-year period, with interest rates that may be fixed or floating and with such maturity dates, not to exceed ten years, as the parties may determine. The Master Agreement includes various covenants, limitations and events of default similar to the Notes issued in 2004. The initial issuance of notes under the Master Agreement occurred on December 22, 2006, through the issuance of $25.0 million in Series C Senior Notes due December 22, 2016, with a fixed interest rate of 5.66% per year. On February 1, 2008, $25.0 million in Series D Senior Notes due January 15, 2015, with a fixed interest rate of 5.37% per year, were issued. On September 15, 2011, and pursuant to a Confirmation of Acceptance, dated January 21, 2011 (the “Confirmation”), in connection with the Master Agreement, $100.0 million in Series E Senior Notes were issued and are due September 15, 2018, with a fixed interest rate of 4.50% per year. The Series E Senior Notes were issued for the sole purpose of retiring the Series A Senior Notes. As of March 31, 2014, and December 31, 2013, there was an outstanding debt balance issued under the provisions of the Master Agreement of $150.0 million. | |||||||||
On October 12, 2012, the Company entered into a Master Note Facility Agreement (the “New Master Agreement”) with another national insurance company (the “New Purchaser”). The New Purchaser also purchased Notes issued by the Company in 2004. The New Master Agreement provides for a $125.0 million private uncommitted “shelf” facility for the issuance of unsecured senior notes over a three-year period, with interest rates that may be fixed or floating and with such maturity dates, not to exceed ten years, as the parties may determine. The New Master Agreement includes various covenants, limitations and events of default similar to the Master Agreement. At March 31, 2014 and December 31, 2013, there were no borrowings against this facility. | |||||||||
On January 9, 2012, the Company entered into: (1) an amended and restated revolving and term loan credit agreement (the “SunTrust Agreement”) with SunTrust Bank (“SunTrust”) that provides for (a) a $100.0 million term loan (the “SunTrust Term Loan”) and (b) a $50.0 million revolving line of credit (the “SunTrust Revolver”) and (2) a $50.0 million promissory note (the “JPM Note”) in favor of JPMorgan Chase Bank, N.A. (“JPMorgan”), pursuant to a letter agreement executed by JP Morgan (together with the JPM Note, the “JPM Agreement”) that provided for a $50.0 million uncommitted line of credit bridge facility (the “JPM Bridge Facility”). The SunTrust Term Loan, the SunTrust Revolver and the JPM Bridge Facility were each funded on January 9, 2012, and provided the financing for the Arrowhead acquisition. The SunTrust Agreement amended and restated the Prior Loan Agreement. The SunTrust Revolver and JPM Bridge Facility were paid off by the JPM Term Loan (defined below). | |||||||||
The maturity date for the SunTrust Term Loan and the SunTrust Revolver is December 31, 2016, at which time all outstanding principal and unpaid interest will be due. Both the SunTrust Term Loan and the SunTrust Revolver may be increased by up to $50.0 million (bringing the total amount available to $150.0 million for the SunTrust Term Loan and $100.0 million for the SunTrust Revolver). The calculation of interest and fees for the SunTrust Agreement is generally based on the Company’s funded debt-to-EBITDA ratio. Interest is charged at a rate equal to 1.00% to 1.40% above LIBOR or 1.00% below the Base Rate, each as more fully described in the SunTrust Agreement. Fees include an up-front fee, an availability fee of 0.175% to 0.25%, and a letter of credit margin fee of 1.00% to 1.40%. The obligations under the SunTrust Term Loan and SunTrust Revolver are unsecured and the SunTrust Agreement includes various covenants, limitations and events of default that are customary for similar facilities for similar borrowers and that are substantially similar to those contained in the Prior Loan Agreement. As of March 31, 2014 and December 31, 2013, there was an outstanding balance of $100.0 million under the SunTrust Term Loan. | |||||||||
The maturity date for the JPM Bridge Facility was February 3, 2012, at which time all outstanding principal and unpaid interest would have been due. On January 26, 2012, the Company entered into a term loan agreement (the “JPM Agreement”) with JPMorgan that provided for a $100.0 million term loan (the “JPM Term Loan”). The JPM Term Loan was fully funded on January 26, 2012, and provided the financing to fully repay (1) the JPM Bridge Facility and (2) the SunTrust Revolver. As a result of the January 26, 2012 financing and repayments, the JPM Bridge Facility was terminated and the SunTrust Revolver’s amount outstanding was reduced to zero. At March 31, 2014 and December 31, 2013, there were no borrowings against the SunTrust Revolver. | |||||||||
The maturity date for the JPM Term Loan is December 31, 2016, at which time all outstanding principal and unpaid interest will be due. Interest is charged at a rate equal to the Alternative Base Rate or 1.00% above the Adjusted LIBOR Rate, each as more fully described in the JPM Agreement. Fees include an up-front fee. The obligations under the JPM Term Loan are unsecured and the JPM Agreement includes various covenants, limitations and events of default that are customary for similar facilities for similar borrowers. As of March 31, 2014 and December 31, 2013, there was an outstanding balance of $100.0 million under the JPM Term Loan. | |||||||||
On July 1, 2013, in conjunction with the acquisition of Beecher Carlson, the Company entered into: (1) a revolving loan agreement (the “Wells Fargo Agreement”) with Wells Fargo Bank, N.A. that provides for a $50.0 million revolving line of credit (the “Wells Fargo Revolver”) and (2) a term loan agreement (the “Bank of America Agreement”) with Bank of America, N.A. (“Bank of America”) that provides for a $30.0 million term loan (the “Bank of America Term Loan”). | |||||||||
The maturity date for the Wells Fargo Revolver is December 31, 2016, at which time all outstanding principal and unpaid interest will be due. The Wells Fargo Revolver may be increased by up to $50.0 million (bringing the total amount available to $100.0 million). The calculation of interest and fees for the Wells Fargo Agreement is generally based on the Company’s funded debt-to-EBITDA ratio. Interest is charged at a rate equal to 1.00% to 1.40% above LIBOR or 1.00% below the Base Rate, each as more fully described in the Wells Fargo Agreement. Fees include an up-front fee, an availability fee of 0.175% to 0.25%, and a letter of credit margin fee of 1.00% to 1.40%. The obligations under the Wells Fargo Revolver are unsecured and the Wells Fargo Agreement includes various covenants, limitations and events of default that are customary for similar facilities for similar borrowers. The Wells Fargo Revolver was drawn down in the amount of $30.0 million on July 1, 2013. There were no borrowings against the Wells Fargo Revolver as of March 31, 2014 and December 31, 2013. | |||||||||
The maturity date for the Bank of America Term Loan is December 31, 2016, at which time all outstanding principal and unpaid interest will be due. The calculation of interest for the Bank of America Agreement is generally based on the Company’s fixed charge coverage ratio. Interest is charged at a rate equal to the Alternative Base Rate or 1.00% to 1.40% above the Adjusted LIBOR Rate, each as more fully described in the Bank of America Agreement. Fees include an up-front fee. The obligations under the Bank of America Term Loan are unsecured and the Bank of America Agreement includes various covenants, limitations and events of default that are customary for similar facilities for similar borrowers. The Bank of America Term Loan was funded in the amount of $30.0 million on July 1, 2013. As of March 31, 2014 and December 31, 2013 there was an outstanding balance of $30.0 million under the Bank of America Term Loan. | |||||||||
The 30-day LIBOR and Adjusted LIBOR Rate as of March 31, 2014 were 0.15% and 0.19%, respectively. | |||||||||
The Notes, the Master Agreement, the SunTrust Agreement and the JPM Agreement all 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 March 31, 2014 and December 31, 2013. | |||||||||
On April 17, 2014, as described in the Subsequent Events footnote, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A. as administrative agent and certain other banks as co-syndication agents and co-documentation agents (the “Credit Agreement”). The Credit Agreement in the amount of $1,350.0 million provides for an unsecured revolving credit facility in the initial amount of $800.0 million and unsecured term loans in the initial amount of $550.0 million, either or both of which may, subject to lenders’ discretion, potentially be increased by up to $500.0 million (the “Facility”). The Facility terminates on April 16, 2019, but either or both of the revolving credit facility and the term loans may be extended for two additional one-year periods at the Company’s request and at the discretion of the respective lenders. Interest and facility fees in respect to the Facility are based on the better of the Company’s net debt leverage ratio or a non-credit enhanced senior unsecured long-term debt rating. Based on the Company’s net debt leverage ratio, the rates of interest for the first two quarters will be 1.375% above the adjusted LIBOR rate for outstanding amounts drawn under the revolving loans and term loans. There are fees included in the facility fee based on the revolving credit commitments of the lenders (whether used or unused) and letter of credit fees based on the amounts of outstanding secured or unsecured letters of credit. The Facility includes various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers. As of the date of filing this Form 10-Q, there are no amounts outstanding under the Facility. | |||||||||
See Note 11, Subsequent Events, for further description of the new credit facility entered into by the Company in April 2014. |
Supplemental_Disclosures_of_Ca
Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities | ' | ||||||||
NOTE 8· Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities | |||||||||
For the three months | |||||||||
ended March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Cash paid during the period for: | |||||||||
Interest | $ | 5,230 | $ | 4,827 | |||||
Income taxes | $ | 1,532 | $ | 5,379 | |||||
Brown & Brown’s significant non-cash financing and investing activities are summarized as follows: | |||||||||
For the three months | |||||||||
ended March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Other payable issued for purchased customer accounts | $ | — | $ | 172 | |||||
Estimated acquisition earn-out payables and related charges | $ | 280 | $ | (721 | ) | ||||
Notes received on the sale of fixed assets and customer accounts | $ | 131 | $ | 126 |
Legal_and_Regulatory_Proceedin
Legal and Regulatory Proceedings | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Legal and Regulatory Proceedings | ' |
NOTE 9· 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 many 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. | |
Although the ultimate outcome of such matters cannot be ascertained and liabilities in indeterminate amounts may be imposed on Brown & Brown, Inc. or its subsidiaries, on the basis of present information, availability of insurance and legal advice, it is the opinion of management that the disposition or ultimate determination of such claims will not have a material adverse effect on the Company’s consolidated financial position. However, as (i) one or more of the Company’s insurance companies 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. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
NOTE 10· Segment Information | |||||||||||||||||||||||||
Brown & Brown’s business is divided into four reportable segments: the Retail Division, which provides a broad range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers; the National Programs Division, which provides professional liability and related package products for certain professionals delivered through nationwide networks of independent agents, and markets targeted products and services designed for specific industries, trade groups, public and quasi-public entities, and market niches; the Wholesale Brokerage Division, which markets and sells excess and surplus commercial and personal lines insurance, and reinsurance, primarily through independent agents and brokers; and the Services Division, which provides insurance-related services, including third-party claims administration and comprehensive medical utilization management services in both the workers’ compensation and all-lines liability arenas, as well as Medicare set-aside services, Social Security disability and Medicare benefits advocacy services and catastrophe claims adjusting services. | |||||||||||||||||||||||||
Brown & Brown conducts all of its operations within the United States of America, except for one wholesale brokerage operation based in London, England, and retail operations in Bermuda and the Cayman Islands. These operations earned $2.4 million and $3.0 million of total revenues for the three months ended March 31, 2014 and 2013, respectively. Additionally, these operations earned $12.2 million of total revenues for the year ended December 31, 2013. Long-lived assets held outside of the United States during the three months ended March 31, 2014 and 2013 were not material. | |||||||||||||||||||||||||
The accounting policies of the reportable segments are the same as those described in Note 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Brown & Brown evaluates the performance of its segments based upon revenues and income before income taxes. Inter-segment revenues are eliminated. | |||||||||||||||||||||||||
Summarized financial information concerning Brown & Brown’s reportable segments is shown in the following table. The “Other” column includes any income and expenses not allocated to reportable segments and corporate-related items, including the inter-company interest expense charge to the reporting segment. | |||||||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Services | Other | Total | |||||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||||||
Total revenues | $ | 202,691 | $ | 74,170 | $ | 55,020 | $ | 31,642 | $ | 71 | $ | 363,594 | |||||||||||||
Investment income | $ | 16 | $ | 5 | $ | 4 | $ | 2 | $ | 76 | $ | 103 | |||||||||||||
Amortization | $ | 10,151 | $ | 3,775 | $ | 2,883 | $ | 1,057 | $ | 10 | $ | 17,876 | |||||||||||||
Depreciation | $ | 1,584 | $ | 1,467 | $ | 650 | $ | 463 | $ | 476 | $ | 4,640 | |||||||||||||
Interest expense | $ | 10,713 | $ | 5,441 | $ | 419 | $ | 1,970 | $ | (14,471 | ) | $ | 4,072 | ||||||||||||
Income before income taxes | $ | 41,245 | $ | 16,123 | $ | 12,738 | $ | 2,815 | $ | 13,916 | $ | 86,837 | |||||||||||||
Total assets | $ | 3,032,674 | $ | 1,338,120 | $ | 940,604 | $ | 276,219 | $ | (1,913,328 | ) | $ | 3,674,289 | ||||||||||||
Capital expenditures | $ | 2,112 | $ | 1,698 | $ | 482 | $ | 291 | $ | 144 | $ | 4,727 | |||||||||||||
For the three months ended March 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Services | Other | Total | |||||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||||||
Total revenues | $ | 174,568 | $ | 68,940 | $ | 48,697 | $ | 42,647 | $ | 160 | $ | 335,012 | |||||||||||||
Investment income | $ | 23 | $ | 5 | $ | 5 | $ | 1 | $ | 152 | $ | 186 | |||||||||||||
Amortization | $ | 8,811 | $ | 3,519 | $ | 2,897 | $ | 924 | $ | 10 | $ | 16,161 | |||||||||||||
Depreciation | $ | 1,371 | $ | 1,248 | $ | 707 | $ | 397 | $ | 444 | $ | 4,167 | |||||||||||||
Interest expense | $ | 6,200 | $ | 5,694 | $ | 755 | $ | 1,921 | $ | (10,586 | ) | $ | 3,984 | ||||||||||||
Income before income taxes | $ | 46,211 | $ | 14,012 | $ | 10,362 | $ | 13,953 | $ | 14,953 | $ | 99,491 | |||||||||||||
Total assets | $ | 2,483,391 | $ | 1,194,383 | $ | 882,273 | $ | 248,882 | $ | (1,578,569 | ) | $ | 3,230,360 | ||||||||||||
Capital expenditures | $ | 1,335 | $ | 892 | $ | 536 | $ | 119 | $ | 65 | $ | 2,947 |
Subsequent_Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
NOTE 11· Subsequent Events | |
On January 15, 2014, Brown & Brown entered into a merger agreement (the “Agreement”) to acquire Wright. Under the Agreement, the merger was subject to certain closing conditions including the receipt of required regulatory approvals for the transaction (including the approval of antitrust authorities necessary to complete the acquisition). Under the merger agreement, Wright’s equity interests will be converted into the rights to receive cash equal, collectively, to $602.5 million. | |
In addition, Wright’s equity holders may receive additional consideration of up to $37.5 million in cash in the event of the closing of certain acquisition transactions by the Company and its affiliates prior to July 15, 2015. | |
On April 17, 2014, the Company entered into a credit agreement (the “Credit Agreement”). The Credit Agreement provides for an unsecured revolving credit facility in the initial amount of $800.0 million and unsecured term loans in the initial amount of $550.0 million, either or both of which may, subject to lenders’ discretion, potentially be increased up to an aggregate amount of $1.85 billion (the “Facility”). The Facility also includes the ability to issue letters of credit and to utilize swing line loans. The revolving facility is repayable in five years and the term loans are repayable over the five-year term from the date of first funding, which is expected to occur in the second quarter of 2014 in connection with the closing of the Company’s acquisition of Wright. The Facility terminates on April 16, 2019, but either or both of the revolving credit facility and the term loans may be extended for two additional one-year periods at the request of the Company and at the discretion of the respective lenders. | |
Proceeds from the Facility are expected to be utilized to repay the long-term debt of $230 million outstanding in connection with the JPM Term Loan, the Bank of America Term Loan and SunTrust Term Loan (See Note 7, Long-Term Debt, for a description of these arrangements). Each of these banks is participating in the Facility. Also, the Company currently expects to repay the $100.0 million owed pursuant to the Series B Notes as well as amounts outstanding under other existing credit facilities with the proceeds of the new credit facility. | |
Interest and facility fees in respect to the Facility are based on the better of the Company’s net debt leverage ratio or a non-credit enhanced senior unsecured long-term debt rating. Based on the Company’s net debt leverage ratio, the rates of interest for the first two quarters will be 1.375% above the adjusted LIBOR rate for the revolving loans and term loans. There are fees included in the facility fee based on the revolving credit commitments of the lenders (whether used or unused) and letter of credit fees based on the amounts of outstanding secured or unsecured letters of credit. | |
The Facility includes various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers. As of the date of filing this Form 10-Q, there are no amounts outstanding under the Facility. |
Nature_of_Operations_Policies
Nature of Operations (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
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 services organization that markets and sells to its customers insurance products and services, primarily in the property and casualty area. Brown & Brown’s business is divided into four reportable segments: the Retail Division, which provides a broad range of insurance products and services to commercial, public entity, professional and individual customers; the Wholesale Brokerage Division, which markets and sells excess and surplus commercial insurance and reinsurance, primarily through independent agents and brokers; the National Programs Division, which provides professional liability and related package products for certain professionals delivered through nationwide networks of independent agents, and markets targeted products and services designated for specific industries, trade groups, governmental entities and market niches; and the Services Division, which provides insurance-related services, including third-party claims administration and comprehensive medical utilization management services in both the workers’ compensation and all-lines liability arenas, as well as Medicare set-aside services, Social Security disability and Medicare benefits advocacy services, and catastrophe claims adjusting services. |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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: | |||||||||
For the three months | |||||||||
ended March 31, | |||||||||
(in thousands, except per share data) | 2014 | 2013 | |||||||
Net income | $ | 52,415 | $ | 60,131 | |||||
Net income attributable to unvested awarded performance stock | (1,376 | ) | (1,308 | ) | |||||
Net income attributable to common shares | $ | 51,039 | $ | 58,823 | |||||
Weighted average number of common shares outstanding – basic | 145,429 | 143,926 | |||||||
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic | (3,819 | ) | (3,130 | ) | |||||
Weighted average number of common shares outstanding for basic earnings per common share | 141,610 | 140,796 | |||||||
Dilutive effect of stock options | 1,699 | 2,151 | |||||||
Weighted average number of shares outstanding – diluted | 143,309 | 142,947 | |||||||
Net income per share: | |||||||||
Basic | $ | 0.36 | $ | 0.42 | |||||
Diluted | $ | 0.36 | $ | 0.41 | |||||
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
2014 Acquisitions [Member] | ' | ||||||||||||||||||||||||
Acquisitions Accounted for as Business Combinations | ' | ||||||||||||||||||||||||
The following table summarizes the aggregate purchase price allocations made as of the date of acquisition for the current-year acquisition and adjustments made during the measurement period for prior-year acquisitions: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Name | Business | Date of | Cash | Recorded | Net Assets | ||||||||||||||||||||
Segment | Acquisition | Paid | Earn-out | Acquired | |||||||||||||||||||||
Payable | |||||||||||||||||||||||||
Acquisition | Retail | Various | $ | 1,013 | $ | 280 | $ | 1,293 | |||||||||||||||||
Estimated Fair Values of Aggregate Assets and Liabilities Acquired | ' | ||||||||||||||||||||||||
The following table summarizes the adjustments made to the estimated fair values along with the aggregate assets and liabilities acquired as of the date of each acquisition: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Other current assets | $ | 384 | |||||||||||||||||||||||
Fixed assets | 4 | ||||||||||||||||||||||||
Goodwill | 318 | ||||||||||||||||||||||||
Purchased customer accounts | 607 | ||||||||||||||||||||||||
Non-compete agreements | 11 | ||||||||||||||||||||||||
Total assets acquired | 1,324 | ||||||||||||||||||||||||
Other current liabilities | (31 | ) | |||||||||||||||||||||||
Net assets acquired | $ | 1,293 | |||||||||||||||||||||||
Results of Operations | ' | ||||||||||||||||||||||||
These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisition actually been made at the beginning of the respective periods. | |||||||||||||||||||||||||
(UNAUDITED) | For the three months | ||||||||||||||||||||||||
ended March 31, | |||||||||||||||||||||||||
(in thousands, except per share data) | 2014 | 2013 | |||||||||||||||||||||||
Total revenues | $ | 363,739 | $ | 335,253 | |||||||||||||||||||||
Income before income taxes | $ | 86,883 | $ | 99,566 | |||||||||||||||||||||
Net income | $ | 52,443 | $ | 60,176 | |||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||
Basic | $ | 0.36 | $ | 0.42 | |||||||||||||||||||||
Diluted | $ | 0.36 | $ | 0.41 | |||||||||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||||
Basic | 141,610 | 140,796 | |||||||||||||||||||||||
Diluted | 143,309 | 142,947 | |||||||||||||||||||||||
2013 Acquisitions [Member] | ' | ||||||||||||||||||||||||
Acquisitions Accounted for as Business Combinations | ' | ||||||||||||||||||||||||
The following table summarizes the adjustments made to the aggregate purchase price allocations as of the date of each acquisition: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Name | Business | 2012 | Cash | Other | Recorded | Net Assets | |||||||||||||||||||
Segment | Date of | Paid | Payable | Earn-out | Acquired | ||||||||||||||||||||
Acquisition | Payable | ||||||||||||||||||||||||
Arrowhead General Insurance Agency Superholding Corporation | National | January 9 | $ | — | $ | (454 | ) | $ | — | $ | (454 | ) | |||||||||||||
Programs; | |||||||||||||||||||||||||
Services | |||||||||||||||||||||||||
Insurcorp & GGM Investments LLC | Retail | 1-May | — | — | (834 | ) | (834 | ) | |||||||||||||||||
Richard W. Endlar Insurance Agency, Inc. | Retail | 1-May | — | — | 220 | 220 | |||||||||||||||||||
Texas Security General Insurance Agency, Inc. | Wholesale/ | 1-Sep | — | — | (107 | ) | (107 | ) | |||||||||||||||||
Brokerage | |||||||||||||||||||||||||
Other | Various | Various | 61 | — | — | 61 | |||||||||||||||||||
Total | $ | 61 | $ | (454 | ) | $ | (721 | ) | $ | (1,114 | ) | ||||||||||||||
Estimated Fair Values of Aggregate Assets and Liabilities Acquired | ' | ||||||||||||||||||||||||
The following table summarizes the adjustments made to the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition: | |||||||||||||||||||||||||
(in thousands) | Arrowhead | Insurcorp | Endlar | Texas | Other | Total | |||||||||||||||||||
Security | |||||||||||||||||||||||||
Other current assets | $ | — | $ | — | $ | — | $ | 25 | $ | 1,419 | $ | 1,444 | |||||||||||||
Goodwill | (454 | ) | (566 | ) | 216 | (843 | ) | (1,214 | ) | (2,861 | ) | ||||||||||||||
Purchased customer accounts | — | (268 | ) | 4 | 708 | (98 | ) | 346 | |||||||||||||||||
Total assets acquired | (454 | ) | (834 | ) | 220 | (110 | ) | 107 | (1,071 | ) | |||||||||||||||
Other current liabilities | — | — | — | 3 | (46 | ) | (43 | ) | |||||||||||||||||
Net assets acquired | $ | (454 | ) | $ | (834 | ) | $ | 220 | $ | (107 | ) | $ | 61 | $ | (1,114 | ) | |||||||||
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 months ended March 31, 2014 and 2013, were as follows: | |||||||||||||||||||||||||
For the three months | |||||||||||||||||||||||||
ended March 31, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Balance as of the beginning of the period | $ | 43,058 | $ | 52,987 | |||||||||||||||||||||
Additions to estimated acquisition earn-out payables | 280 | (721 | ) | ||||||||||||||||||||||
Payments for estimated acquisition earn-out payables | (615 | ) | (4,319 | ) | |||||||||||||||||||||
Subtotal | 42,723 | 47,947 | |||||||||||||||||||||||
Net change in earnings from estimated acquisition earn-out payables: | |||||||||||||||||||||||||
Change in fair value on estimated acquisition earn-out payables | 5,603 | 997 | |||||||||||||||||||||||
Interest expense accretion | 480 | 525 | |||||||||||||||||||||||
Net change in earnings from estimated acquisition earn-out payables | 6,083 | 1,522 | |||||||||||||||||||||||
Balance as of March 31 | $ | 48,806 | $ | 49,469 | |||||||||||||||||||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Changes in Carrying Value of Goodwill by Reportable Segment | ' | ||||||||||||||||||||
The changes in the carrying value of goodwill by operating segment for the three months ended March 31, 2014 are as follows: | |||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Services | Total | ||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||
Balance as of January 1, 2014 | $ | 1,131,257 | $ | 467,144 | $ | 287,242 | $ | 120,530 | $ | 2,006,173 | |||||||||||
Goodwill of acquired businesses | 318 | — | — | — | 318 | ||||||||||||||||
Balance as of March 31, 2014 | $ | 1,131,575 | $ | 467,144 | $ | 287,242 | $ | 120,530 | $ | 2,006,491 | |||||||||||
Amortizable_Intangible_Assets_
Amortizable Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Amortizable Intangible Assets | ' | ||||||||||||||||||||||||||||||||
Amortizable intangible assets at March 31, 2014 and December 31, 2013, consisted of the following: | |||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | Weighted | |||||||||||||||||||||||||
Carrying | Amortization | Carrying | Average | Carrying | Amortization | Carrying | Average | ||||||||||||||||||||||||||
Value | Value | Life | Value | Value | Life | ||||||||||||||||||||||||||||
(years)(1) | (years)(1) | ||||||||||||||||||||||||||||||||
Purchased customer accounts | $ | 1,121,150 | $ | (522,671 | ) | $ | 598,479 | 14.9 | $ | 1,120,719 | $ | (505,137 | ) | $ | 615,582 | 14.9 | |||||||||||||||||
Non-compete agreements | 28,126 | (25,031 | ) | 3,095 | 7 | 28,115 | (24,809 | ) | 3,306 | 7 | |||||||||||||||||||||||
Total | $ | 1,149,276 | $ | (547,702 | ) | $ | 601,574 | $ | 1,148,834 | $ | (529,946 | ) | $ | 618,888 | |||||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt Instrument | ' | ||||||||
Long-term debt at March 31, 2014 and December 31, 2013, consisted of the following: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Unsecured senior notes | $ | 480,000 | $ | 480,000 | |||||
Revolving credit facilities | — | — | |||||||
Total debt | 480,000 | 480,000 | |||||||
Less current portion | — | (100,000 | ) | ||||||
Long-term debt | $ | 480,000 | $ | 380,000 | |||||
Supplemental_Disclosures_of_Ca1
Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Summary of Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities | ' | ||||||||
For the three months | |||||||||
ended March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Cash paid during the period for: | |||||||||
Interest | $ | 5,230 | $ | 4,827 | |||||
Income taxes | $ | 1,532 | $ | 5,379 | |||||
Brown & Brown’s significant non-cash financing and investing activities are summarized as follows: | |||||||||
For the three months | |||||||||
ended March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Other payable issued for purchased customer accounts | $ | — | $ | 172 | |||||
Estimated acquisition earn-out payables and related charges | $ | 280 | $ | (721 | ) | ||||
Notes received on the sale of fixed assets and customer accounts | $ | 131 | $ | 126 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Summarized Financial Information Reportable Segments | ' | ||||||||||||||||||||||||
Summarized financial information concerning Brown & Brown’s reportable segments is shown in the following table. The “Other” column includes any income and expenses not allocated to reportable segments and corporate-related items, including the inter-company interest expense charge to the reporting segment. | |||||||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Services | Other | Total | |||||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||||||
Total revenues | $ | 202,691 | $ | 74,170 | $ | 55,020 | $ | 31,642 | $ | 71 | $ | 363,594 | |||||||||||||
Investment income | $ | 16 | $ | 5 | $ | 4 | $ | 2 | $ | 76 | $ | 103 | |||||||||||||
Amortization | $ | 10,151 | $ | 3,775 | $ | 2,883 | $ | 1,057 | $ | 10 | $ | 17,876 | |||||||||||||
Depreciation | $ | 1,584 | $ | 1,467 | $ | 650 | $ | 463 | $ | 476 | $ | 4,640 | |||||||||||||
Interest expense | $ | 10,713 | $ | 5,441 | $ | 419 | $ | 1,970 | $ | (14,471 | ) | $ | 4,072 | ||||||||||||
Income before income taxes | $ | 41,245 | $ | 16,123 | $ | 12,738 | $ | 2,815 | $ | 13,916 | $ | 86,837 | |||||||||||||
Total assets | $ | 3,032,674 | $ | 1,338,120 | $ | 940,604 | $ | 276,219 | $ | (1,913,328 | ) | $ | 3,674,289 | ||||||||||||
Capital expenditures | $ | 2,112 | $ | 1,698 | $ | 482 | $ | 291 | $ | 144 | $ | 4,727 | |||||||||||||
For the three months ended March 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Retail | National | Wholesale | Services | Other | Total | |||||||||||||||||||
Programs | Brokerage | ||||||||||||||||||||||||
Total revenues | $ | 174,568 | $ | 68,940 | $ | 48,697 | $ | 42,647 | $ | 160 | $ | 335,012 | |||||||||||||
Investment income | $ | 23 | $ | 5 | $ | 5 | $ | 1 | $ | 152 | $ | 186 | |||||||||||||
Amortization | $ | 8,811 | $ | 3,519 | $ | 2,897 | $ | 924 | $ | 10 | $ | 16,161 | |||||||||||||
Depreciation | $ | 1,371 | $ | 1,248 | $ | 707 | $ | 397 | $ | 444 | $ | 4,167 | |||||||||||||
Interest expense | $ | 6,200 | $ | 5,694 | $ | 755 | $ | 1,921 | $ | (10,586 | ) | $ | 3,984 | ||||||||||||
Income before income taxes | $ | 46,211 | $ | 14,012 | $ | 10,362 | $ | 13,953 | $ | 14,953 | $ | 99,491 | |||||||||||||
Total assets | $ | 2,483,391 | $ | 1,194,383 | $ | 882,273 | $ | 248,882 | $ | (1,578,569 | ) | $ | 3,230,360 | ||||||||||||
Capital expenditures | $ | 1,335 | $ | 892 | $ | 536 | $ | 119 | $ | 65 | $ | 2,947 |
Nature_of_Operations_Additiona
Nature of Operations - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Number of reportable segments | 4 |
Net_Income_Per_Share_Reconcili
Net Income Per Share - Reconciliation between Basic and Diluted Weighted Average Shares Outstanding (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income | $52,415 | $60,131 |
Net income attributable to unvested awarded performance stock | -1,376 | -1,308 |
Net income attributable to common shares | $51,039 | $58,823 |
Weighted average number of common shares outstanding - basic | 145,429 | 143,926 |
Less unvested awarded performance stock included in weighted average number of common shares outstanding - basic | -3,819 | -3,130 |
Weighted average number of common shares outstanding for basic earnings per common share | 141,610 | 140,796 |
Dilutive effect of stock options | 1,699 | 2,151 |
Weighted average number of shares outstanding - diluted | 143,309 | 142,947 |
Basic | $0.36 | $0.42 |
Diluted | $0.36 | $0.41 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Aggregate purchase price of acquisitions | $1,324,000 | $1,071,000 | ' | ' |
Cash payment for acquisition | 1,013,000 | 61,000 | ' | ' |
Assumption of liabilities | 31,000 | 43,000 | ' | ' |
Recorded earn-out payables | 280,000 | ' | ' | ' |
Average annual operating profit earned period, minimum (years) | '1 year | ' | ' | ' |
Average annual operating profit earned period, maximum (years) | '3 years | ' | ' | ' |
Aggregate purchase price of acquisitions | 21,000 | ' | ' | ' |
Total goodwill | 318,000 | ' | ' | ' |
Goodwill currently deductible for income tax purposes | 38,000 | ' | ' | ' |
Goodwill related to the recorded earn-out payables | 280,000 | ' | ' | ' |
Total revenues related to acquisitions | 6,000 | ' | ' | ' |
Income before income taxes related to acquisitions | 1,000 | ' | ' | ' |
Other payables for acquisition | ' | 454,000 | ' | ' |
Recorded earn-out payable | 280,000 | -721,000 | ' | ' |
Maximum future contingency payments related to acquisitions | 125,006,000 | ' | ' | ' |
Percentage recognition by acquirer of fair value of acquired assets | 100.00% | ' | ' | ' |
Future earnings of acquired entities, term basis of potential earn-out obligations, minimum (years) | '1 year | ' | ' | ' |
Future earnings of acquired entities, term basis of potential earn-out obligations, maximum (years) | '3 years | ' | ' | ' |
Estimated acquisition earn-out payables | 48,806,000 | 49,469,000 | 43,058,000 | 52,987,000 |
Accounts Payable [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Estimated acquisition earn-out payables | 18,171,000 | ' | ' | ' |
Purchased customer accounts [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Weighted average life (years) | '15 years | ' | ' | ' |
Non-compete agreements [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Weighted average life (years) | '5 years | ' | ' | ' |
Other Non-Current Liability [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Estimated acquisition earn-out payables | $30,635,000 | ' | ' | ' |
Asset Acquisitions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Number of acquisitions | 1 | ' | ' | ' |
Business_Combinations_Acquisit
Business Combinations - Acquisitions Accounted for Business Combinations (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Cash Paid | $1,013,000 | $61,000 |
Other Payable | ' | -454,000 |
Net Assets Acquired | 1,293,000 | -1,114,000 |
Arrowhead General Insurance Agency Superholding Corporation [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Net Assets Acquired | ' | -454,000 |
Insurcorp & GGM Investments LLC [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Net Assets Acquired | ' | -834,000 |
Richard W. Endlar Insurance Agency, Inc. [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Net Assets Acquired | ' | 220,000 |
Texas Security General Insurance Agency, Inc. [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Net Assets Acquired | ' | -107,000 |
Other Acquisitions [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Net Assets Acquired | ' | 61,000 |
2012 Acquisitions [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Cash Paid | ' | 61,000 |
Other Payable | ' | -454,000 |
Recorded Earn-out Payable | ' | -721,000 |
Net Assets Acquired | ' | -1,114,000 |
2012 Acquisitions [Member] | Arrowhead General Insurance Agency Superholding Corporation [Member] | National Programs & Services [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Date of Acquisition | ' | 9-Jan-12 |
Other Payable | ' | -454,000 |
Net Assets Acquired | ' | -454,000 |
2012 Acquisitions [Member] | Insurcorp & GGM Investments LLC [Member] | Retail [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Date of Acquisition | ' | 1-May-12 |
Recorded Earn-out Payable | ' | -834,000 |
Net Assets Acquired | ' | -834,000 |
2012 Acquisitions [Member] | Richard W. Endlar Insurance Agency, Inc. [Member] | Retail [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Date of Acquisition | ' | 1-May-12 |
Recorded Earn-out Payable | ' | 220,000 |
Net Assets Acquired | ' | 220,000 |
2012 Acquisitions [Member] | Texas Security General Insurance Agency, Inc. [Member] | Wholesale Brokerage [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Date of Acquisition | ' | 1-Sep-12 |
Recorded Earn-out Payable | ' | -107,000 |
Net Assets Acquired | ' | -107,000 |
2012 Acquisitions [Member] | Other Acquisitions [Member] | Various [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Cash Paid | ' | 61,000 |
Net Assets Acquired | ' | 61,000 |
2014 Acquisitions [Member] | Retail [Member] | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' |
Cash Paid | 1,013,000 | ' |
Recorded Earn-out Payable | 280,000 | ' |
Net Assets Acquired | $1,293,000 | ' |
Business_Combinations_Estimate
Business Combinations - Estimated Fair Values of Aggregate Assets and Liabilities Acquired (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Other current assets | $384,000 | $1,444,000 |
Fixed assets | 4,000 | ' |
Goodwill | 318,000 | -2,861,000 |
Purchased customer accounts | 607,000 | 346,000 |
Non-compete agreements | 11,000 | ' |
Total assets acquired | 1,324,000 | -1,071,000 |
Other current liabilities | -31,000 | -43,000 |
Net assets acquired | 1,293,000 | -1,114,000 |
Arrowhead General Insurance Agency Superholding Corporation [Member] | ' | ' |
Goodwill | ' | -454,000 |
Total assets acquired | ' | -454,000 |
Net assets acquired | ' | -454,000 |
Insurcorp & GGM Investments LLC [Member] | ' | ' |
Goodwill | ' | -566,000 |
Purchased customer accounts | ' | -268,000 |
Total assets acquired | ' | -834,000 |
Net assets acquired | ' | -834,000 |
Richard W. Endlar Insurance Agency, Inc. [Member] | ' | ' |
Goodwill | ' | 216,000 |
Purchased customer accounts | ' | 4,000 |
Total assets acquired | ' | 220,000 |
Net assets acquired | ' | 220,000 |
Texas Security General Insurance Agency, Inc. [Member] | ' | ' |
Other current assets | ' | 25,000 |
Goodwill | ' | -843,000 |
Purchased customer accounts | ' | 708,000 |
Total assets acquired | ' | -110,000 |
Other current liabilities | ' | 3,000 |
Net assets acquired | ' | -107,000 |
Other Acquisitions [Member] | ' | ' |
Other current assets | ' | 1,419,000 |
Goodwill | ' | -1,214,000 |
Purchased customer accounts | ' | -98,000 |
Total assets acquired | ' | 107,000 |
Other current liabilities | ' | -46,000 |
Net assets acquired | ' | $61,000 |
Business_Combinations_Results_
Business Combinations - Results of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Weighted average number of shares outstanding: | ' | ' |
Basic | 141,610 | 140,796 |
Diluted | 143,309 | 142,947 |
2014 Acquisitions [Member] | ' | ' |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' |
Total revenues | 363,739 | 335,253 |
Income before income taxes | 86,883 | 99,566 |
Net income | 52,443 | 60,176 |
Net income per share: | ' | ' |
Basic | 0.36 | 0.42 |
Diluted | 0.36 | 0.41 |
Weighted average number of shares outstanding: | ' | ' |
Basic | 141,610 | 140,796 |
Diluted | 143,309 | 142,947 |
Business_Combinations_Addition1
Business Combinations - Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Business Combinations [Abstract] | ' | ' |
Beginning balance | $43,058,000 | $52,987,000 |
Additions to estimated acquisition earn-out payables | 280,000 | -721,000 |
Payments for estimated acquisition earn-out payables | -615,000 | -4,319,000 |
Subtotal | 42,723,000 | 47,947,000 |
Change in fair value on estimated acquisition earn-out payables | 5,603,000 | 997,000 |
Interest expense accretion | 480,000 | 525,000 |
Net change in earnings from estimated acquisition earn-out payables | 6,083,000 | 1,522,000 |
Ending balance | $48,806,000 | $49,469,000 |
Goodwill_Changes_in_Carrying_V
Goodwill - Changes in Carrying Value of Goodwill by Reportable Segment (Detail) (USD $) | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Retail [Member] | National Programs [Member] | National Programs [Member] | Wholesale Brokerage [Member] | Wholesale Brokerage [Member] | Services [Member] | Services [Member] | ||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | $2,006,173 | $1,131,257 | $467,144 | $467,144 | $287,242 | $287,242 | $120,530 | $120,530 |
Goodwill of acquired businesses | 318 | 318 | ' | ' | ' | ' | ' | ' |
Ending balance | $2,006,491 | $1,131,575 | $467,144 | $467,144 | $287,242 | $287,242 | $120,530 | $120,530 |
Amortizable_Intangible_Assets_1
Amortizable Intangible Assets - Amortizable Intangible Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | $1,149,276 | $1,148,834 |
Accumulated Amortization | -547,702 | -529,946 |
Net Carrying Value | 601,574 | 618,888 |
Purchased customer accounts [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 1,121,150 | 1,120,719 |
Accumulated Amortization | -522,671 | -505,137 |
Net Carrying Value | 598,479 | 615,582 |
Weighted Average Life (years) | '14 years 10 months 24 days | '14 years 10 months 24 days |
Non-compete agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 28,126 | 28,115 |
Accumulated Amortization | -25,031 | -24,809 |
Net Carrying Value | $3,095 | $3,306 |
Weighted Average Life (years) | '7 years | '7 years |
Amortizable_Intangible_Assets_2
Amortizable Intangible Assets - Additional Information (Detail) (USD $) | Mar. 31, 2014 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Amortization expense estimated, year one (2014) | $71,330,000 |
Amortization expense estimated, year two (2015) | 70,047,000 |
Amortization expense estimated, year three (2016) | 65,516,000 |
Amortization expense estimated, year four (2017) | 62,807,000 |
Amortization expense estimated, year five (2018) | $57,482,000 |
LongTerm_Debt_LongTerm_Debt_In
Long-Term Debt - Long-Term Debt Instrument (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Unsecured senior notes | $480,000 | $480,000 |
Revolving credit facilities | ' | ' |
Total debt | 480,000 | 480,000 |
Less current portion | ' | -100,000 |
Long-term debt | $480,000 | $380,000 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 09, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 09, 2012 | Jan. 09, 2012 | Jan. 09, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Oct. 12, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 17, 2014 | Apr. 17, 2014 | Apr. 17, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
JPM Term Loan [Member] | JPM Term Loan [Member] | Sun Trust Term Loan [Member] | Sun Trust Term Loan [Member] | Sun Trust Term Loan [Member] | JPM Bridge Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | Sun Trust Revolver [Member] | Sun Trust Revolver [Member] | Sun Trust Revolver [Member] | Wells Fargo Revolver [Member] | Wells Fargo Revolver [Member] | Wells Fargo Revolver [Member] | Bank Of America Loan Term Loan [Member] | Bank Of America Loan Term Loan [Member] | Bank Of America Loan Term Loan [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Master Agreement [Member] | Master Agreement [Member] | Master Agreement [Member] | Master Agreement [Member] | Master Agreement [Member] | New Master Agreement [Member] | New Master Agreement [Member] | New Master Agreement [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | Minimum [Member] | Maximum [Member] | |||
Beecher Acquisition [Member] | Beecher Acquisition [Member] | Series B [Member] | Series B [Member] | Series A [Member] | Series A [Member] | Senior Notes[Member] | Sun Trust Revolver [Member] | Wells Fargo Revolver [Member] | Bank Of America Loan Term Loan [Member] | Series C [Member] | Series D [Member] | Series E [Member] | Credit Agreement [Member] | Facility [Member] | LIBOR [Member] | LIBOR [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured senior notes outstanding | $480,000,000 | $480,000,000 | $100,000,000 | $100,000,000 | ' | $100,000,000 | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $100,000,000 | $100,000,000 | ' | $200,000,000 | ' | ' | ' | ' | $150,000,000 | $150,000,000 | $25,000,000 | $25,000,000 | $100,000,000 | ' | $0 | $0 | ' | ' | ' | ' | ' | ' |
Debt instrument, issuance date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jul-04 | ' | 15-Sep-04 | ' | ' | ' | ' | ' | ' | ' | ' | 22-Dec-06 | 1-Feb-08 | 15-Sep-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.08% | ' | 5.57% | ' | ' | ' | ' | ' | ' | ' | ' | 5.66% | 5.37% | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-16 | ' | ' | 31-Dec-16 | ' | ' | 15-Jul-14 | ' | 15-Sep-11 | ' | ' | ' | 31-Dec-16 | ' | ' | ' | ' | 22-Dec-16 | 15-Jan-15 | 15-Sep-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum shelf facility capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Length of the issuance period of long-term debt (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt maturity, period length, maximum (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Maturity dates, not to exceed ten years | ' | ' | ' | ' | ' | 'Maturity dates, not to exceed ten years | ' | ' | ' | ' | ' | ' | ' |
Revolving and term loan | ' | ' | 100,000,000 | ' | 100,000,000 | ' | ' | 50,000,000 | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential increased in line of credit facility | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | 100,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,850,000,000 | ' | 500,000,000 | ' | ' | ' |
Letter of credit usage fee, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit usage fee, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | ' | 1.40% | 1.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR below base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability fees, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.18% | ' | 0.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability fees, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | ' | 1.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | 30,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted LIBOR Rate | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving and term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility remaining amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
30-day LIBOR Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | 0.15% |
30-day Adjusted LIBOR Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.19% | 0.19% |
Unsecured revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | 1,350,000,000 | ' | ' | ' | ' |
Unsecured term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $550,000,000 | ' | ' | ' | ' | ' |
Line of credit facility termination period | 16-Apr-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility interest rate above adjusted libor rate | 1.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.38% | ' | ' |
Supplemental_Disclosures_of_Ca2
Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities -Significant Non-Cash Investing and Financing Activities (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Interest | $5,230,000 | $4,827,000 |
Income taxes | 1,532,000 | 5,379,000 |
Other payable issued for purchased customer accounts | ' | 172,000 |
Estimated acquisition earn-out payables and related charges | 280,000 | -721,000 |
Notes received on the sale of fixed assets and customer accounts | $131,000 | $126,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reportable segments | 4 | ' | ' |
Total revenues | $363,594 | $335,012 | ' |
London, Bermuda and Cayman Islands [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues | $2,400 | $3,000 | $12,200 |
Segment_Information_Summarized
Segment Information - Summarized Financial Information Reportable Segments (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues | $363,594 | $335,012 | ' |
Investment income | 103 | 186 | ' |
Amortization | 17,876 | 16,161 | ' |
Depreciation | 4,640 | 4,167 | ' |
Interest expense | 4,072 | 3,984 | ' |
Income before income taxes | 86,837 | 99,491 | ' |
Total assets | 3,674,289 | 3,230,360 | 3,649,508 |
Capital expenditures | 4,727 | 2,947 | ' |
Operating Segments [Member] | Retail [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues | 202,691 | 174,568 | ' |
Investment income | 16 | 23 | ' |
Amortization | 10,151 | 8,811 | ' |
Depreciation | 1,584 | 1,371 | ' |
Interest expense | 10,713 | 6,200 | ' |
Income before income taxes | 41,245 | 46,211 | ' |
Total assets | 3,032,674 | 2,483,391 | ' |
Capital expenditures | 2,112 | 1,335 | ' |
Operating Segments [Member] | National Programs [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues | 74,170 | 68,940 | ' |
Investment income | 5 | 5 | ' |
Amortization | 3,775 | 3,519 | ' |
Depreciation | 1,467 | 1,248 | ' |
Interest expense | 5,441 | 5,694 | ' |
Income before income taxes | 16,123 | 14,012 | ' |
Total assets | 1,338,120 | 1,194,383 | ' |
Capital expenditures | 1,698 | 892 | ' |
Operating Segments [Member] | Wholesale Brokerage [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues | 55,020 | 48,697 | ' |
Investment income | 4 | 5 | ' |
Amortization | 2,883 | 2,897 | ' |
Depreciation | 650 | 707 | ' |
Interest expense | 419 | 755 | ' |
Income before income taxes | 12,738 | 10,362 | ' |
Total assets | 940,604 | 882,273 | ' |
Capital expenditures | 482 | 536 | ' |
Operating Segments [Member] | Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues | 31,642 | 42,647 | ' |
Investment income | 2 | 1 | ' |
Amortization | 1,057 | 924 | ' |
Depreciation | 463 | 397 | ' |
Interest expense | 1,970 | 1,921 | ' |
Income before income taxes | 2,815 | 13,953 | ' |
Total assets | 276,219 | 248,882 | ' |
Capital expenditures | 291 | 119 | ' |
Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues | 71 | 160 | ' |
Investment income | 76 | 152 | ' |
Amortization | 10 | 10 | ' |
Depreciation | 476 | 444 | ' |
Interest expense | -14,471 | -10,586 | ' |
Income before income taxes | 13,916 | 14,953 | ' |
Total assets | -1,913,328 | -1,578,569 | ' |
Capital expenditures | $144 | $65 | ' |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Apr. 17, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 15, 2014 | |
Subsequent Event [Member] | Scenario, Forecast [Member] | Series B [Member] | Term Loan [Member] | Wright Insurance Group, LLC [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price of acquisitions | $1,324,000 | ' | $1,071,000 | ' | ' | ' | ' | $602,500,000 |
Additional consideration in cash | ' | ' | ' | ' | ' | ' | ' | 37,500,000 |
Unsecured revolving credit facility | ' | ' | ' | 800,000,000 | ' | ' | ' | ' |
Unsecured term loans | ' | ' | ' | 550,000,000 | ' | ' | ' | ' |
Aggregate amount | ' | ' | ' | 1,850,000,000 | ' | ' | ' | ' |
Line of credit facility termination period | 16-Apr-19 | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility repayment period | '5 years | ' | ' | ' | ' | ' | ' | ' |
Reserve amount to pay off outstanding long term debt | 480,000,000 | 480,000,000 | ' | ' | ' | ' | 230,000,000 | ' |
Reserve amount to pay off notes | ' | ' | ' | ' | ' | $100,000,000 | ' | ' |
Line of credit facility interest rate above adjusted libor rate | 1.38% | ' | ' | ' | 1.38% | ' | ' | ' |