Brown & Brown (BRO) 10-Q 29 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 28, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	BROWN & BROWN, INC.
Entity Central Index Key	0000079282
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		283,403,675
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	BRO
Security Exchange Name	NYSE
Entity File Number	001-13619
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0864469
Entity Address, Address Line One	220 South Ridgewood Avenue
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	252-9601
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUES
Commissions and fees	$ 696,503	$ 617,463
Investment income	1,161	1,081
Other income, net	831	736
Total revenues	698,495	619,280
EXPENSES
Employee compensation and benefits	349,624	332,837
Other operating expenses	107,132	88,783
(Gain)/loss on disposal	(260)	505
Amortization	26,391	26,192
Depreciation	6,021	6,035
Interest	15,291	15,198
Change in estimated acquisition earn-out payables	(10,957)	1,210
Total expenses	493,242	470,760
Income before income taxes	205,253	148,520
Income taxes	52,853	34,624
Net income	$ 152,400	$ 113,896
Net income per share:
Basic (in dollars per share)	$ 0.54	$ 0.41
Diluted (in dollars per share)	0.54	0.40
Dividends declared per share (in dollars per share)	$ 0.085	$ 0.080

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 385,788	$ 542,174
Restricted cash and investments	389,390	420,801
Short-term investments	16,595	12,325
Premiums, commissions and fees receivable	1,000,120	942,834
Reinsurance recoverable	33,556	58,505
Prepaid reinsurance premiums	333,806	366,021
Other current assets	124,582	152,142
Total current assets	2,283,837	2,494,802
Fixed assets, net	159,361	148,627
Operating lease assets	193,591	184,288
Goodwill	3,881,576	3,746,094
Amortizable intangible assets, net	932,874	916,768
Investments	23,340	27,378
Other assets	107,766	104,864
Total assets	7,582,345	7,622,821
Current Liabilities:
Premiums payable to insurance companies	974,297	1,014,317
Losses and loss adjustment reserve	33,553	58,505
Unearned premiums	333,806	366,021
Premium deposits and credits due customers	127,641	113,841
Accounts payable	151,674	99,960
Accrued expenses and other liabilities	210,898	337,717
Current portion of long-term debt	58,750	55,000
Total current liabilities	1,890,619	2,045,361
Long-term debt less unamortized discount and debt issuance costs	1,483,355	1,500,343
Operating lease liabilities	176,748	167,855
Deferred income taxes, net	323,404	328,277
Other liabilities	228,378	230,706
Shareholders’ Equity:
Common stock, par value $0.10 per share; authorized 560,000 shares; issued 298,934 shares and outstanding 283,441 shares at 2020, issued 297,106 shares and outstanding 281,655 shares at 2019 - in thousands.	29,893	29,711
Additional paid-in capital	718,261	716,049
Treasury stock, at cost at 15,493 shares at 2020, 15,451 shares at 2019, respectively - in thousands	(537,672)	(536,243)
Retained earnings	3,269,359	3,140,762
Total shareholders’ equity	3,479,841	3,350,279
Total liabilities and shareholders’ equity	$ 7,582,345	$ 7,622,821

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	560,000,000	560,000,000
Common stock, shares issued (in shares)	298,934,000	297,106,000
Common stock, shares outstanding (in shares)	283,441,000	281,655,000
Treasury stock shares (in shares)	15,493,000	15,451,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings
Beginning Balance, Value at Dec. 31, 2018	$ 3,000,568	$ 29,338	$ 615,180	$ (477,572)	$ 2,833,622
Beginning Balance, Shares at Dec. 31, 2018		293,380
Net income	113,896				113,896
Net unrealized holding (loss) gain on available-for- sale securities	106		106
Common stock issued for employee stock benefit plans	6,209	$ 246	5,963
Common stock issued for employee stock benefit plans, Shares		2,465
Cash dividends paid	(22,348)				(22,348)
Ending Balance, Value at Mar. 31, 2019	3,098,431	$ 29,584	621,249	(477,572)	2,925,170
Ending Balance, Shares at Mar. 31, 2019		295,845
Beginning Balance, Value at Dec. 31, 2019	$ 3,350,279	$ 29,711	716,049	(536,243)	3,140,762
Beginning Balance, Shares at Dec. 31, 2019	281,655	297,106
Net income	$ 152,400				152,400
Net unrealized holding (loss) gain on available-for- sale securities	293		194		99
Common stock issued for employee stock benefit plans	2,200	$ 182	2,018
Common stock issued for employee stock benefit plans, Shares		1,828
Purchase of treasury stock	(1,429)			(1,429)
Cash dividends paid	(23,902)				(23,902)
Ending Balance, Value at Mar. 31, 2020	$ 3,479,841	$ 29,893	$ 718,261	$ (537,672)	$ 3,269,359
Ending Balance, Shares at Mar. 31, 2020	283,441	298,934

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Stockholders Equity [Abstract]
Cash dividends paid	$ 0.085	$ 0.080

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 152,400	$ 113,896
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization	26,391	26,192
Depreciation	6,021	6,035
Non-cash stock-based compensation	9,047	12,994
Change in estimated acquisition earn-out payables	(10,957)	1,210
Deferred income taxes	(4,974)	(14,875)
Amortization of debt discount and disposal of deferred financing costs	512	456
Accretion (amortization) of discounts and premiums, investment	7	(7)
Net gain/(loss) on sales of investments, fixed assets and customer accounts	(196)	799
Payments on acquisition earn-outs in excess of original estimated payables	(337)
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Premiums, commissions and fees receivable (increase) decrease	(53,090)	(6,484)
Reinsurance recoverables (increase) decrease	24,949	14,040
Prepaid reinsurance premiums (increase) decrease	32,215	23,557
Other assets (increase) decrease	24,623	(29,521)
Premiums payable to insurance companies increase (decrease)	(53,622)	(61,229)
Premium deposits and credits due customers increase (decrease)	13,149	(11,362)
Losses and loss adjustment reserve increase (decrease)	(24,952)	(13,856)
Unearned premiums increase (decrease)	(32,215)	(23,557)
Accounts payable increase (decrease)	56,981	56,436
Accrued expenses and other liabilities increase (decrease)	(126,786)	(97,689)
Other liabilities increase (decrease)	(5,349)	8,321
Net cash provided by operating activities	33,817	5,356
Cash flows from investing activities:
Additions to fixed assets	(16,458)	(23,186)
Payments for businesses acquired, net of cash acquired	(153,291)	(95,081)
Proceeds from sales of fixed assets and customer accounts	385	32
Purchases of investments	(1,513)	(31)
Proceeds from sales of investments	1,668	2,392
Net cash used in investing activities	(169,209)	(115,874)
Cash flows from financing activities:
Payments on acquisition earn-outs	(6,477)	(579)
Proceeds from long-term debt		350,000
Payments on long-term debt	(13,750)	(8,750)
Deferred debt issuance costs		(3,698)
Payments on revolving credit facilities		(350,000)
Issuances of common stock for employee stock benefit plans		16
Repurchase shares to fund tax withholdings for non-cash stock-based compensation	(6,847)	(6,832)
Purchase of treasury stock	(1,429)
Cash dividends paid	(23,902)	(22,348)
Net cash provided by (used in) financing activities	(52,405)	(42,191)
Net increase (decrease) in cash and cash equivalents inclusive of restricted cash	(187,797)	(152,709)
Cash and cash equivalents inclusive of restricted cash at beginning of period	962,975	777,596
Cash and cash equivalents inclusive of restricted cash at end of period	$ 775,178	$ 624,887

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations	NOTE 1 Nature of Operations Brown & Brown, Inc., a Florida corporation, and its subsidiaries (collectively, “Brown & Brown” or the “Company”) is a diversified insurance agency, wholesale brokerage, insurance programs and service organization that markets and sells insurance products and services, primarily in the property, casualty and employee benefits areas. Brown & Brown’s business is divided into four reportable segments. The Retail Segment provides a broad range of insurance products and services to commercial, public and quasi-public entities, professional and individual insured customers, and non-insurance risk-mitigating products through our automobile dealer services (“F&I”) businesses. The National Programs Segment, which acts as a managing general agent (“MGA”), provides professional liability and related package products for certain professionals, a range of insurance products for individuals, flood coverage, and targeted products and services designated for specific industries, trade groups, governmental entities and market niches, all of which are delivered through a nationwide network of independent agents, including Brown & Brown retail agents. The Wholesale Brokerage Segment markets and sells excess and surplus commercial and personal lines insurance, primarily through independent agents and brokers, as well as Brown & Brown retail agents. The Services Segment provides insurance-related services, including third-party claims administration and comprehensive medical utilization management services in both the workers’ compensation and all-lines liability arenas, as well as Medicare Set-aside services, Social Security disability and Medicare benefits advocacy services and claims adjusting services.

Basis of Financial Reporting

Basis of Financial Reporting	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Financial Reporting	NOTE 2 Basis of Financial Reporting The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair presentation have been included. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosures of contingent assets and liabilities, at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the available expedients provided by the new standard. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The standard removes specific exceptions in the current rules and eliminates the need for an organization to analyze whether the following apply in a given period: (a) exception to the incremental approach for intra-period tax allocation; (b) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (c) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The standard also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (a) franchise taxes that are partially based on income; (b) transactions with a government that result in a step-up in the tax basis of goodwill; (c) separate financial statements of legal entities that are not subject to tax and (d) enacted changes in tax laws in interim periods. The standard takes effect for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently evaluating the impact this standard will have on the Company’s financial position. Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which provides guidance for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 became effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted ASU 2018-15 effective January 1, 2020. The impact of adoption of these standards on our consolidated financial statements, including accounting policies, processes, and systems, was not material. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The new guidance eliminates Step 2 of the goodwill impairment test. The updated guidance requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of the reporting unit to its carrying value, and recognizing a non-cash impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value with the loss not exceeding the total amount of goodwill allocated to that reporting unit. ASU 2017-04 became effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and will be applied prospectively. The Company adopted ASU 2017-04 effective January 1, 2020, with interim or annual goodwill impairment tests now comparing the fair value of a reporting unit with its carrying value and no longer performing Step 2 of the goodwill impairment test. No impairment charges were recorded as a result of adopting ASU 2017-04. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The new guidance adds an impairment model, known as the current expected credit loss (CECL) model that is based on expected losses rather than incurred losses. These amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable forward-looking information, which is intended to result in more timely recognition of such losses. All related guidance has been codified into, and is now known as, ASC 326 – Financial Instruments—Credit Losses. The new standard is effective for public companies for annual reporting periods beginning after December 15, 2019, and interim periods therein. The Company adopted ASU 2016-13 effective January 1, 2020 and has determined there is not a material impact on the Company’s Financial Statements given that historical trend analysis and assessments for forward-looking qualitative analysis are already integrated into financial assessments for the Company where possible.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2020
Revenues [Abstract]
Revenues	NOTE 3 Revenues The following tables present the revenues disaggregated by revenue source: Three months ended March 31, 2020 (in thousands) Retail National Programs Wholesale Brokerage Services Other (8) Total Base commissions (1) $ 315,888 $ 88,582 $ 55,563 $ — $ — $ 460,033 Fees (2) 57,483 34,659 15,641 44,452 (322 ) 151,913 Incentive commissions (3) 52,802 197 3,759 — 1 56,759 Profit-sharing contingent commissions (4) 16,095 5,711 2,136 — — 23,942 Guaranteed supplemental commissions (5) 4,432 (1,013 ) 437 — — 3,856 Investment income (6) 83 263 50 — 765 1,161 Other income, net (7) 706 13 112 — — 831 Total Revenues $ 447,489 $ 128,412 $ 77,698 $ 44,452 $ 444 $ 698,495 Three months ended March 31, 2019 (in thousands) Retail National Programs Wholesale Brokerage Services Other (8) Total Base commissions (1) $ 287,200 $ 77,178 $ 54,173 $ — $ (12 ) $ 418,539 Fees (2) 43,877 30,246 12,510 49,444 (288 ) 135,789 Incentive commissions (3) 42,775 919 373 — 111 44,178 Profit-sharing contingent commissions (4) 11,547 860 2,915 — — 15,322 Guaranteed supplemental commissions (5) 3,240 4 391 — — 3,635 Investment income (6) — 316 40 48 677 1,081 Other income, net (7) 592 37 107 — — 736 Total Revenues $ 389,231 $ 109,560 $ 70,509 $ 49,492 $ 488 $ 619,280 (1) Base commissions generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds’ underlying “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, or sales and payroll levels) to determine what premium to charge the insured. Insurance companies establish these premium rates based upon many factors, including loss experience, risk profile and reinsurance rates paid by such insurance companies, none of which we control. (2) Fee revenues relate to fees for services other than securing coverage for our customers, fees negotiated in lieu of commissions, and F&I. (3) Incentive commissions include additional commissions over base commissions received from insurance carriers based on predetermined production levels mutually agreed upon by both parties. (4) Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention. (5) Guaranteed supplemental commissions represent guaranteed fixed-base agreements in lieu of profit-sharing contingent commissions. (6) Investment income consists primarily of interest on cash and investments. (7) Other income consists primarily of legal settlements and other miscellaneous income. (8) Fees within other reflects the elimination of intercompany revenues. Contract Assets and Liabilities The balances of contract assets and contract liabilities arising from contracts with customers as of March 31, 2020 and December 31, 2019 were as follows: (in thousands) March 31, 2020 December 31, 2019 Contract assets $ 357,567 $ 289,609 Contract liabilities $ 53,791 $ 58,126 Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which have not yet been billed in the Company's systems and are reflected in premiums, commissions and fee receivables in the Company's Condensed Consolidated Balance Sheet. Deferred revenue (contract liabilities) relates to payments received in advance of performance under the contract before the transfer of a good or service to the customer. Deferred revenue is reflected within accrued expenses and other liabilities for those to be recognized in less than 12 months and in other liabilities for those to be recognized more than 12 months from the date presented in the Company's Condensed Consolidated Balance Sheet. As of March 31, 2020, deferred revenue consisted of $37.2 million as current portion to be recognized within one year and $16.6 million in long term to be recognized beyond one year. As of December 31, 2019, deferred revenue consisted of $41.2 million as current portion to be recognized within one year and $16.9 million in long-term deferred revenue to be recognized beyond one year. During the three months ended March 31, 2020, the amount of revenue recognized related to performance obligations satisfied in a previous period, was $9.0 million. This revenue is primarily related to variable consideration and is inclusive of changes due to estimates. Other Assets and Deferred Cost Incremental cost to obtain - The Company defers certain costs to obtain customer contracts primarily as they relate to commission-based compensation plans in the Retail Segment, in which the Company pays an incremental amount of compensation on new business. These incremental costs are deferred and amortized over a 15-year period. The cost to obtain balance within the other assets caption in the Company's Condensed Consolidated Balance Sheet was $31.1 million and $26.9 million as of March 31, 2020 and December 31, 2019, respectively. For the three months ended March 31, 2020, the Company deferred $4.7 million of incremental cost to obtain customer contracts. The Company recorded an expense of $0.5 million associated with the incremental cost to obtain customer contracts for the three months ended March 31, 2020. Cost to fulfill - The Company defers certain costs to fulfill contracts and recognizes these costs as the associated performance obligations are fulfilled. The cost to fulfill balance within the other current assets caption in the Company's Condensed Consolidated Balance Sheet was $62.9 million and $73.3 million as of March 31, 2020 and December 31, 2019, respectively. For the three months ended March 31, 2020, the Company had net expense of $10.4 million related to the release of previously deferred contract fulfillment costs associated with performance obligations that were satisfied in the period, net of current year deferrals for costs incurred that related to performance obligations yet to be fulfilled.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income Per Share	NOTE 4 Net Income Per Share Basic net income per share is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the 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) 2020 2019 Net income $ 152,400 $ 113,896 Net income attributable to unvested awarded performance stock (5,192 ) (3,201 ) Net income attributable to common shares $ 147,208 $ 110,695 Weighted average number of common shares outstanding – basic 282,397 280,564 Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic (9,621 ) (7,885 ) Weighted average number of common shares outstanding for basic net income per common share 272,776 272,679 Dilutive effect of stock options 2,085 2,335 Weighted average number of shares outstanding – diluted 274,861 275,014 Net income per share: Basic $ 0.54 $ 0.41 Diluted $ 0.54 $ 0.40

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Business Combinations	NOTE 5 Business Combinations During the three months ended March 31, 2020, Brown & Brown acquired the assets and assumed certain liabilities of five insurance intermediaries. Additionally, miscellaneous adjustments were recorded to the purchase price allocation of certain prior acquisitions completed within the last 12 months as permitted by Accounting Standards Codification Topic 805 — Business Combinations 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, 2020, adjustments were made within the permitted measurement period that resulted in an increase in the aggregate purchase price of the affected acquisitions of $0.1 million relating to the assumption of certain liabilities. These measurement period adjustments have been reflected as current period adjustments in the three months ended March 31, 2020 in accordance with the guidance in ASU 2015-16 “Business Combinations.” The measurement period adjustments primarily impacted goodwill, with no effect on earnings or cash in the current period. Cash paid for acquisitions was $153.3 million in the three-month period ended March 31, 2020. The Company completed five acquisitions (excluding book of business purchases) in the three-month period ended March 31, 2020. The Company completed eight acquisitions (excluding book of business purchases) in the three-month period ended March 31, 2019. The following table summarizes the purchase price allocations made as of the date of each acquisition for current year acquisitions and adjustments made during the measurement period for prior year acquisitions. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. These adjustments are made in the period in which the amounts are determined and the current period income effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition date. (in thousands) Name Business segment Effective date of acquisition Cash paid Other payable Recorded earn-out payable Net assets acquired Maximum potential earn- out payable Special Risk Insurance Managers Ltd. (Special Risk) National Programs January 1, 2020 $ 68,812 $ — $ 4,884 $ 73,696 $ 14,650 Texas All Risk General Agency, Inc. et al (Texas Risk) Wholesale Brokerage January 1, 2020 10,511 135 310 10,980 1,150 The Colonial Group, Inc. et al (Colonial) Wholesale Brokerage March 1, 2020 29,037 10 5,639 35,203 10,150 RLA Insurance Intermediaries, LLC (RLA) Wholesale Brokerage March 1, 2020 42,496 100 2,951 46,233 22,500 Other Various Various 2,435 1,291 194 2,704 1,140 Total $ 153,291 $ 1,536 $ 13,978 $ 168,816 $ 49,590 The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions. (in thousands) Special Risk Texas Risk Colonial RLA Other Total Cash $ — $ — $ — $ — $ — $ — Other current assets 2,159 446 808 — 747 4,160 Fixed assets 346 27 59 54 — 486 Goodwill 55,607 8,488 26,030 44,592 765 135,482 Purchased customer accounts 14,897 3,674 9,393 12,549 1,279 41,792 Non-compete agreements 136 25 43 481 21 706 Other assets — — — — — — Total assets acquired 73,145 12,660 36,333 57,676 2,812 182,626 Other current liabilities 551 (1,680 ) (1,130 ) (11,443 ) (108 ) (13,810 ) Other liabilities — — — — — — Total liabilities assumed 551 (1,680 ) (1,130 ) (11,443 ) (108 ) (13,810 ) Net assets acquired $ 73,696 $ 10,980 $ 35,203 $ 46,233 $ 2,704 $ 168,816 The other column represents current year acquisitions with total net assets acquired of less than $10.0 million and adjustments from prior year acquisitions that were made within the permitted measurement period. The weighted average useful lives for the acquired amortizable intangible assets are as follows: purchased customer accounts, 15 years; and non-compete agreements, 5 years. Goodwill of $135.5 million, which is net of any opening balance sheet adjustments within the allowable measurement period, was allocated to the Retail, National Programs, Wholesale Brokerage and Services Segments in the amounts of $0.7 million, $55.6 million, $79.1 million and $0.1 million, respectively. Of the total goodwill of $135.5 million, the amount currently deductible for income tax purposes is $121.5 million and the remaining $14.0 million relates to the recorded earn-out payables and will not be deductible until it is earned and paid. For the acquisitions completed during 2020, the results of operations since the acquisition dates have been combined with those of the Company. The total revenues from the acquisitions completed through March 31, 2020, included in the Condensed Consolidated Statement of Income for the three months ended March 31, 2020, was $5.6 million. The income before income taxes, including the intercompany cost of capital charge, from the acquisitions completed through March 31, 2020, included in the Condensed Consolidated Statement of Income for the three months ended March 31, 2020, was a loss of $0.5 million. If the acquisitions had occurred as of the beginning of the respective periods, 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 acquisitions actually been made at the beginning of the respective periods. (UNAUDITED) Three months ended March 31, (in thousands, except per share data) 2020 2019 Total revenues $ 702,333 $ 628,230 Income before income taxes $ 206,330 $ 150,948 Net income $ 153,200 $ 115,758 Net income per share: Basic $ 0.54 $ 0.41 Diluted $ 0.54 $ 0.41 Weighted average number of shares outstanding: Basic 272,776 272,679 Diluted 274,861 275,014 As of March 31, 2020 and 2019 , the fair values of the estimated acquisition earn-out payables were re-evaluated and measured at fair value on a recurring basis using unobservable inputs (Level 3) as defined in ASC 820- Fair Value Measurement . The resulting additions, payments, and net changes, as well as the interest expense accretion on the estimated acquisition earn-out payables, for the three months ended March 31, 2020 and 2019 , were as follows: Three months ended March 31, (in thousands) 2020 2019 Balance as of the beginning of the period $ 161,513 $ 89,924 Additions to estimated acquisition earn-out payables 13,978 18,155 Payments for estimated acquisition earn-out payables (6,814 ) (579 ) Subtotal 168,677 107,500 Net change in earnings from estimated acquisition earn-out payables: Change in fair value on estimated acquisition earn-out payables (12,641 ) 50 Interest expense accretion 1,684 1,160 Net change in earnings from estimated acquisition earn-out payables (10,957 ) 1,210 Balance as of March 31, $ 157,720 $ 108,710 Of the $157.7 million estimated acquisition earn-out payables as of March 31, 2020, $12.4 million was recorded as accounts payable and $145.3 million was recorded as other non-current liabilities. As of March 31, 2020, the maximum future acquisition contingency payments related to all acquisitions was $366.5 million, inclusive of the $157.7 million estimated acquisition earn-out payables as of March 31, 2020. Included within the additions to estimated acquisition earn-out payables are any adjustments to opening balance sheet items within the allowable measurement period, which may therefore differ from previously reported amounts. During the three months ended March 31, 2020, the Company recorded a decrease in the estimated acquisition earn-out payables for acquisitions completed in the last three years partially as a result of the potential for lower future financial performance associated with COVID-19.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	NOTE 6 Goodwill Goodwill is subject to at least an annual assessment for impairment by applying a fair value-based test. The Company completed its most recent annual assessment as of November 30, 2019 and identified no impairment as a result of the evaluation. The changes in the carrying value of goodwill by reportable segment for the three months ended March 31, 2020 are as follows: (in thousands) Retail National Programs Wholesale Brokerage Services Total Balance as of December 31, 2019 $ 2,351,291 $ 925,541 $ 298,101 $ 171,161 $ 3,746,094 Goodwill of acquired businesses 657 55,607 79,110 108 135,482 Goodwill disposed of relating to sales of businesses — — — — — Balance as of March 31, 2020 $ 2,351,948 $ 981,148 $ 377,211 $ 171,269 $ 3,881,576

Amortizable Intangible Assets

Amortizable Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortizable Intangible Assets	NOTE 7 Amortizable Intangible Assets Amortizable intangible assets at March 31, 2020 and December 31, 2019 consisted of the following: March 31, 2020 December 31, 2019 (in thousands) Gross carrying value Accumulated amortization Net carrying value Weighted average life (years) (1) Gross carrying value Accumulated amortization Net carrying value Weighted average life (years) (1) Purchased customer accounts $ 1,967,117 $ (1,037,652 ) $ 929,465 15.0 $ 1,925,326 $ (1,011,574 ) $ 913,752 15.0 Non-compete agreements 34,587 (31,178 ) 3,409 4.6 33,881 (30,865 ) 3,016 4.6 Total $ 2,001,704 $ (1,068,830 ) $ 932,874 $ 1,959,207 $ (1,042,439 ) $ 916,768 (1) Weighted average life calculated as of the date of acquisition. Amortization expense for amortizable intangible assets for the years ending December 31, 2020, 2021, 2022, 2023 and 2024 is estimated to be $103.8 million, $100.5 million, $96.1 million, $89.1 million, and $85.2 million, respectively.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 8 Long-Term Debt Long-term debt at (in thousands) March 31, 2020 December 31, 2019 Current portion of long-term debt: Current portion of 5-year $ 40,000 $ 40,000 Current portion of 5-year 18,750 15,000 Total current portion of long-term debt 58,750 55,000 Long-term debt: Note agreements: 4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024 $ 499,298 $ 499,259 4.500% balloon due 2029 349,498 349,484 Total notes 848,796 848,743 Credit agreements: 5-year 1.750%, expires June 28, 2022 280,000 290,000 5-year commitment fees up to 0.250%, expires June 28, 2022 100,000 100,000 5-year 1.750%, expires December 21, 2023 262,500 270,000 Total credit agreements 642,500 660,000 Debt issuance costs (contra) (7,941 ) (8,400 ) Total long-term debt less unamortized discount and debt issuance costs 1,483,355 1,500,343 Current portion of long-term debt 58,750 55,000 Total debt $ 1,542,105 $ 1,555,343 On June 28, 2017, the Company entered into an amended and restated credit agreement (the “Amended and Restated Credit Agreement”) with the lenders named therein, JPMorgan Chase Bank, N.A. as administrative agent and certain other banks as co-syndication agents and co-documentation agents. The Amended and Restated Credit Agreement amended and restated the credit agreement dated April 17, 2014, among such parties (the “Original Credit Agreement”). The Amended and Restated Credit Agreement extends the applicable maturity date of the existing revolving credit facility (the “Revolving Credit Facility”) of $800.0 million to June 28, 2022 and re-evidences unsecured term loans at $400.0 million while also extending the applicable maturity date to June 28, 2022. The quarterly term loan principal amortization schedule was reset. At the time of the execution of the Amended and Restated Credit Agreement, $67.5 million of principal from the original unsecured term loans was repaid using operating cash balances, and the Company added an additional $2.8 million in debt issuance costs related to the Revolving Credit Facility to the Condensed Consolidated Balance Sheet. The Company also expensed to the Condensed Consolidated Statements of Income $0.2 million of debt issuance costs related to the Original Credit Agreement due to certain lenders exiting prior to execution of the Amended and Restated Credit Agreement. The Company also carried forward $1.6 million on the Condensed Consolidated Balance Sheet the remaining unamortized portion of the Original Credit Agreement debt issuance costs, which will be amortized over the term of the Amended and Restated Credit Agreement. On March 31, 2020, the Company made a scheduled principal payment of $10.0 million per the terms of the Amended and Restated Credit Agreement. As of March 31, 2020, there was an outstanding debt balance issued under the term loan of the Amended and Restated Credit Agreement of $320.0 million and $100.0 million borrowings outstanding against the Revolving Credit Facility. As of December 31, 2018, there was an outstanding debt balance issued under the term loan of the Amended and Restated Credit Agreement of $330.0 million with $100.0 million in borrowings outstanding against the Revolving Credit Facility. The Company had borrowed approximately $600.0 million under its Revolving Credit Facility on November 15, 2018 in connection with the closing of the acquisition of certain assets and assumption of certain liabilities of the Hays Companies. Per the terms of the Amended and Restated Credit Agreement, a scheduled principal payment of $10.0 million is due June 30, 2020. On September 18, 2014, the Company issued $500.0 million of 4.200% unsecured Senior Notes due in 2024. The Senior Notes were given investment grade ratings of BBB-/Baa3 with a stable outlook. The notes are subject to certain covenant restrictions and regulations which are customary for credit rated obligations. At the time of funding, the proceeds were offered at a discount of the original note amount which also excluded an underwriting fee discount. The net proceeds received from the issuance were used to repay the outstanding balance of $475.0 million on the Revolving Credit Facility and for other general corporate purposes. As of March 31, 2020 and December 31, 2019, there was an outstanding debt balance of $500.0 million exclusive of the associated discount balance. On December 21, 2018, the Company entered into a term loan credit agreement (the “Term Loan Credit Agreement”) with the lenders named therein, Wells Fargo Bank, National Association, as administrative agent, and certain other banks as co-syndication agents and as joint lead arrangers and joint bookrunners. The Term Loan Credit Agreement provides for an unsecured term loan in the initial amount of $300.0 million, which may, subject to lenders’ discretion, potentially be increased up to an aggregate amount of $450.0 million (the “Term Loan”). The Term Loan is repayable over the five-year On March 11, 2019, the Company completed the issuance of $350.0 million aggregate principal amount of the Company's 4.500% Senior Notes due 2029. The Senior Notes were given investment grade ratings of BBB-/Baa3 with a stable outlook. The notes are subject to certain covenant restrictions, which are customary for credit rated obligations. At the time of funding, the proceeds were offered at a discount of the original note amount, which also excluded an underwriting fee discount. The net proceeds received from the issuance were used to repay a portion of the outstanding balance of $350.0 million on the Revolving Credit Facility, utilized in connection with the financing related to the Hays Companies acquisition and for other general corporate purposes. As of March 31, 2020, there was an outstanding debt balance of $350.0 million exclusive of the associated discount balance. The Amended and Restated Credit Agreement and Term Loan Credit Agreement require the Company to maintain certain financial ratios and comply with certain other covenants. The Company was in compliance with all such covenants as of March 31, 2020 and December 31, 2019. The 30-day Adjusted LIBOR Rate for the term loan and Revolving Credit Facility of the Amended and Restated Credit Agreement and Term Loan Credit Agreement as of March 31, 2020 was 1.000%, 0.813% and 1.000%, respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	NOTE 9 Leases Substantially all of the Company's operating lease right-of-use assets and operating lease liabilities represent real estate leases for office space used to conduct the Company's business that expire on various dates through 2043. Leases generally contain renewal options and escalation clauses based upon increases in the lessors’ operating expenses and other charges. The Company anticipates that most of these leases will be renewed or replaced upon expiration. The Company assesses at inception of a contract if it contains a lease. This assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether the Company has the right to direct the use of the asset. The right-of-use asset is initially measured at cost, which is primarily composed of the initial lease liability, plus any initial direct costs incurred, less any lease incentives received. The lease liability is initially measured at the present value of the minimum lease payments through the term of the lease. Minimum lease payments are discounted to present value using the incremental borrowing rate at the lease commencement date, which approximates the rate of interest the Company expects to be paid on a secured borrowing in an amount equal to the lease payments for the underlying asset under similar terms and economic conditions. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a total term of 12 months or less. The effect of short-term leases on the Company's right-of-use asset and lease liability would not be significant. The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheet is as follows: (in thousands) March 31, 2020 December 31, 2019 Balance Sheet Assets: Operating lease right-of-use assets Operating lease assets $ 193,591 $ 184,288 Total Assets 193,591 184,288 Liabilities: Current operating lease liabilities Accrued expenses and other liabilities 43,352 43,415 Non-current operating lease liabilities Operating lease liabilities 176,748 167,855 Total Liabilities $ 220,100 $ 211,270 As of March 31, 2020, the Company has entered into future lease agreements expected to commence later in 2020 and 2021 consisting of undiscounted lease liabilities of $11.3 million and $.6 million, respectively. Lease expense for operating leases consists of the lease payments, inclusive of lease incentives, plus any initial direct costs, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Variable lease cost is lease payments that are based on an index or similar rate. They are initially measured using the index or rate in effect at lease commencement and are based on the minimum payments stated in the lease. Additional payments based on the change in an index or rate, or payments based on a change in the Company's portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred. The components of lease cost for operating leases for the three months ended March 31, 2020 were: (in thousands) Three months ended March 31, 2020 Three months ended March 31, 2019 Operating leases: Lease cost $ 12,968 $ 12,088 Variable lease cost 845 713 Short-Term lease cost 128 — Operating lease cost $ 13,941 $ 12,801 Sublease income (268 ) — Total lease cost net $ 13,673 $ 12,801 The weighted average remaining lease term and the weighted average discount rate for operating leases as of March 31, 2020 were: Weighted-average remaining lease term 6.01 Weighted-average discount rate 3.63 Maturities of the operating lease liabilities by fiscal year at March 31, 2020 for the Company's operating leases are as follows: (in thousands) Operating Leases 2020 (Remainder) $ 37,172 2021 48,817 2022 41,138 2023 34,417 2024 26,685 Thereafter 58,148 Total undiscounted lease payments 246,377 Less: Imputed interest 26,277 Present value of lease payments $ 220,100 Supplemental cash flow information for operating leases: (in thousands) Three months ended March 31, 2020 Three months ended March 31, 2019 Cash paid for amounts included in measurement of liabilities Operating cash flows from operating leases $ 13,001 $ 12,311 Right-of-use assets obtained in exchange for new operating liabilities $ 19,158 $ 2,439

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities	NOTE 10 Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities Brown & Brown's cash paid during the period for interest and income taxes are summarized as follows: Three months ended March 31, (in thousands) 2020 2019 Cash paid during the period for: Interest $ 24,028 $ 20,127 Income taxes $ 4,296 $ 3,120 Brown & Brown’s significant non-cash investing and financing activities are summarized as follows: Three months ended March 31, (in thousands) 2020 2019 Other payable issued for purchased customer accounts $ 1,547 $ 608 Estimated acquisition earn-out payables and related charges $ 13,978 $ 18,155 The Company's restricted cash balance is composed of funds held in separate premium trust accounts as required by state law or, in some cases, by agreement with carrier partners. The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of March 31, 2020 and 2019. Balance as of March 31, (in thousands) 2020 2019 Table to reconcile cash and cash equivalents inclusive of restricted cash Cash and cash equivalents $ 385,788 $ 322,477 Restricted cash 389,390 302,410 Total cash and cash equivalents inclusive of restricted cash at the end of the period $ 775,178 $ 624,887 The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of December 31, 2019 and 2018. Balance as of December 31, (in thousands) 2019 2018 Table to reconcile cash and cash equivalents inclusive of restricted cash Cash and cash equivalents $ 542,174 $ 438,961 Restricted cash 420,801 338,635 Total cash and cash equivalents inclusive of restricted cash at the end of the period $ 962,975 $ 777,596

Legal and Regulatory Proceeding

Legal and Regulatory Proceedings	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Legal and Regulatory Proceedings	NOTE 11 Legal and Regulatory Proceedings The Company is involved in numerous pending or threatened proceedings by or against Brown & Brown, Inc. or one or more of its subsidiaries that arise in the ordinary course of business. The damages that may be claimed against the Company in these various proceedings are in some cases substantial, including in certain instances claims for punitive or extraordinary damages. Some of these claims and lawsuits have been resolved; others are in the process of being resolved and others are still in the investigation or discovery phase. The Company will continue to respond appropriately to these claims and lawsuits and to vigorously protect its interests. The Company continues to assess certain litigation and claims to determine the amounts, if any, that management believes will be paid as a result of such claims and litigation and, therefore, additional losses may be accrued and paid in the future, which could adversely impact the Company’s operating results, cash flows and overall liquidity. The Company maintains third-party insurance policies to provide coverage for certain legal claims, in an effort to mitigate its overall exposure to unanticipated claims or adverse decisions. However, as (i) one or more of the Company’s insurance carriers could take the position that portions of these claims are not covered by the Company’s insurance, (ii) to the extent that payments are made to resolve claims and lawsuits, applicable insurance policy limits are eroded and (iii) the claims and lawsuits relating to these matters are continuing to develop, it is possible that future results of operations or cash flows for any particular quarterly or annual period could be materially affected by unfavorable resolutions of these matters. Based upon the AM Best Company ratings of these third-party insurers and other factors, management does not believe there is a substantial risk of an insurer’s material non-performance related to any current insured claims. On the basis of current information, the availability of insurance and legal advice, in management’s opinion, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, would have a material adverse effect on its financial condition, operations and/or cash flows.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	NOTE 12 Segment Information Brown & Brown’s business is divided into four reportable segments: (1) the Retail Segment, which provides a broad range of insurance products and services to commercial, public and quasi-public entities, and to professional and individual customers, and non-insurance risk-mitigating products through our F&I businesses, (2) the National Programs Segment, which acts as an MGA, provides professional liability and related package products for certain professionals, a range of insurance products for individuals, flood coverage, and targeted products and services designated for specific industries, trade groups, governmental entities and market niches, all of which are delivered through nationwide networks of independent agents, and Brown & Brown retail agents, (3) the Wholesale Brokerage Segment, which markets and sells excess and surplus commercial and personal lines insurance, primarily through independent agents and brokers, as well as Brown & Brown retail agents, and (4) the Services Segment, which provides insurance-related services, including third-party claims administration and comprehensive medical utilization management services in both the workers’ compensation and all-lines liability arenas, as well as Medicare Set-aside services, Social Security disability and Medicare benefits advocacy services and claims adjusting services. Brown & Brown conducts all of its operations within the United States of America, except for a wholesale brokerage operation based in London, England, retail operations in Bermuda and the Cayman Islands, and a national programs operation in Canada. These operations earned $3.9 million and $3.4 million of total revenues for the three months ended March 31, 2020 and 2019, respectively. Long-lived assets held outside of the United States as of March 31, 2020 and 2019 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, 2019. The Company evaluates the performance of its segments based upon revenues and income before income taxes. Inter-segment revenues are eliminated. Summarized financial information concerning the Company’s reportable segments is shown in the following tables. The “Other” column includes any income and expenses not allocated to reportable segments, corporate-related items, including the intercompany interest expense charge to the reporting segment. Three months ended March 31, 2020 (in thousands) Retail National Programs Wholesale Brokerage Services Other Total Total revenues $ 447,489 $ 128,412 $ 77,698 $ 44,452 $ 444 $ 698,495 Investment income $ 83 $ 263 $ 50 $ - $ 765 $ 1,161 Amortization $ 16,287 $ 6,365 $ 2,349 $ 1,390 $ — $ 26,391 Depreciation $ 2,036 $ 1,905 $ 431 $ 351 $ 1,298 $ 6,021 Interest expense $ 21,798 $ 4,682 $ 1,711 $ 1,091 $ (13,991 ) $ 15,291 Income before income taxes $ 128,662 $ 29,645 $ 17,686 $ 10,080 $ 19,180 $ 205,253 Total assets $ 6,375,532 $ 3,054,411 $ 1,514,243 $ 475,168 $ (3,837,009 ) $ 7,582,345 Capital expenditures $ 2,499 $ 1,513 $ 1,227 $ 267 $ 10,952 $ 16,458 Three months ended March 31, 2019 (in thousands) Retail National Programs Wholesale Brokerage Services Other Total Total revenues $ 389,231 $ 109,560 $ 70,509 $ 49,492 $ 488 $ 619,280 Investment income $ 0 $ 316 $ 40 $ 48 $ 677 $ 1,081 Amortization $ 15,444 $ 6,596 $ 2,849 $ 1,303 $ — $ 26,192 Depreciation $ 1,624 $ 1,590 $ 404 $ 284 $ 2,133 $ 6,035 Interest expense $ 21,153 $ 5,354 $ 1,327 $ 872 $ (13,508 ) $ 15,198 Income before income taxes $ 93,841 $ 19,316 $ 15,569 $ 9,177 $ 10,617 $ 148,520 Total assets $ 5,773,290 $ 2,852,824 $ 1,292,406 $ 480,108 $ (3,592,339 ) $ 6,806,289 Capital expenditures $ 3,136 $ 4,568 $ 1,189 $ 109 $ 14,184 $ 23,186

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Investments	NOTE 13 Investments At (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities $ 26,486 $ 586 $ (4 ) $ 27,068 Corporate debt 5,319 71 (65 ) 5,325 Total $ 31,805 $ 657 $ (69 ) $ 32,393 At March 31, 2020, the Company held $27.1 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $5.3 million issued by corporations with investment grade ratings. Of that total, $9.1 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one-year. Additionally, the Company holds $7.5 million in short-term investments, which are related to time deposits held with various financial institutions. For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2020: Less than 12 Months 12 Months or More Total (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities $ 1,080 $ (4 ) $ — $ — $ 1,080 $ (4 ) Corporate debt 941 (65 ) — — 941 (65 ) Total $ 2,021 $ (69 ) $ — $ — $ 2,021 $ (69 ) The unrealized losses were caused by interest rate increases. At March 31, 2020, the Company had 3 securities in an unrealized loss position. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at March 31, 2020. At December 31, 2019, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows: (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities $ 26,487 $ 174 $ (39 ) $ 26,622 Corporate debt 5,324 68 (8 ) 5,384 Total $ 31,811 $ 242 $ (47 ) $ 32,006 At December 31, 2019, the Company held $26.6 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $5.4 million issued by corporations with investment grade ratings. Of that total, $4.6 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one-year, which also includes $7.7 million that is related to time deposits held with various financial institutions. For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019: Less than 12 Months 12 Months or More Total (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities $ — $ — $ 7,053 $ (39 ) $ 7,053 $ (39 ) Corporate debt — — 998 (8 ) 998 (8 ) Total $ — $ — $ 8,051 $ (47 ) $ 8,051 $ (47 ) The unrealized losses from corporate issuers were caused by interest rate increases. At December 31, 2019, the Company had 10 securities in an unrealized loss position. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at December 31, 2019. The amortized cost and estimated fair value of the fixed maturity securities at March 31, 2020 by contractual maturity are set forth below: (in thousands) Amortized cost Fair value Years to maturity: Due in one year or less $ 8,982 $ 9,053 Due after one year through five years 22,823 23,340 Due after five years — — Total $ 31,805 $ 32,393 The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2019 by contractual maturity are set forth below: (in thousands) Amortized cost Fair value Years to maturity: Due in one year or less $ 4,616 $ 4,628 Due after one year through five years 27,195 27,378 Due after five years — — Total $ 31,811 $ 32,006 The expected maturities in the foregoing table may differ from the contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalty. There were no sales or maturity of the Company’s investment in fixed maturity securities in the period$0.0 million, but maturing time deposits yielded total cash proceeds from the sale of investments of $1.7 million in the period of January 1, 2020 to March 31, 2020. These proceeds were principally used to purchase additional fixed maturity securities and time deposits. There were no gains and losses realized on the sale of securities for the period from January 1, 2020 to March 31, 2020. Realized gains and losses are reported on the Condensed Consolidated Statements of Income, with the cost of securities sold determined on a specific identification basis. At March 31, 2020, investments with a fair value of approximately $4.3 million were on deposit with state insurance departments to satisfy regulatory requirements.

Insurance Company WNFIC

Insurance Company WNFIC	3 Months Ended
	Mar. 31, 2020
Reinsurance Disclosures [Abstract]
Insurance Company WNFIC	NOTE 14 Insurance Company WNFIC Although the reinsurers are liable to the Company for amounts reinsured, our subsidiary, Wright National Flood Insurance Company (“WNFIC”) remains primarily liable to its policyholders for the full amount of the policies written whether or not the reinsurers meet their obligations to the Company when they become due. The effects of reinsurance on premiums written and earned are as follows: Three months ended March 31, 2020 (in thousands) Written Earned Direct premiums $ 142,962 $ 175,177 Ceded premiums (142,959 ) (175,174 ) Net premiums $ 3 $ 3 All premiums written by WNFIC under the National Flood Insurance Program are 100% ceded to the Federal Emergency Management Agency, or FEMA, for which WNFIC received a 30.1% expense allowance from January 1, 2020 through March 31, 2020. For the period from January 1, 2020 through March 31, 2020, the Company ceded $142.5 million of written premiums. As of March 31, 2020 the Condensed Consolidated Balance Sheet contained reinsurance recoverable of $33.6 million and prepaid reinsurance premiums of $333.8 million. There was no net activity in the reserve for losses and loss adjustment expense during the period January 1, 2020 through March 31, 2020, as WNFIC’s direct premiums written were 100% to two reinsurers. The balance of the reserve for losses and loss adjustment expense, excluding related reinsurance recoverable, as of March 31, 2020 was $33.6 million. WNFIC maintains capital in excess of the minimum statutory amount of $7.5 million as required by regulatory authorities. The unaudited statutory capital and surplus of WNFIC was $30.2 million at March 31, 2020 and $29.6 million as of December 31, 2019. For the period from January 1, 2020 through March 31, 2020, WNFIC generated statutory net income of $0.1 million. For the period from January 1, 2019 through December 31, 2019, WNFIC generated statutory net income of $8.1 million. The maximum amount of ordinary dividends that WNFIC can pay to shareholders in a rolling 12-month period is limited to the greater of 10% of statutory adjusted capital and surplus of 100% of adjusted net income. There was no dividend payout in 2018 and the maximum dividend payout that may be made in 2019 without prior approval is $8.1 million.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Shareholders' Equity	NOTE 15 Shareholders’ Equity Under the authorization from the Company’s Board of Directors, shares may be purchased from time to time, at the Company’s discretion and subject to the availability of stock, market conditions, the trading price of the stock, alternative uses for capital, the Company’s financial performance and other potential factors. These purchases may be carried out through open market purchases, block trades, accelerated share repurchase plans of up to $100.0 million each (unless otherwise approved by the Board of Directors), negotiated private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. On March 26, 2020, the Company completed a share repurchase in the open market of 42,080 shares at a total cost of $1.4 million. After completing these open market share repurchases, the Company has outstanding approval to purchase up to approximately $459.9 million, in the aggregate, of the Company's outstanding common stock.

Basis of Financial Reporting (P

Basis of Financial Reporting (Policies)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Accounting	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair presentation have been included. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosures of contingent assets and liabilities, at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the available expedients provided by the new standard. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. The standard removes specific exceptions in the current rules and eliminates the need for an organization to analyze whether the following apply in a given period: (a) exception to the incremental approach for intra-period tax allocation; (b) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (c) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The standard also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (a) franchise taxes that are partially based on income; (b) transactions with a government that result in a step-up in the tax basis of goodwill; (c) separate financial statements of legal entities that are not subject to tax and (d) enacted changes in tax laws in interim periods. The standard takes effect for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently evaluating the impact this standard will have on the Company’s financial position.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which provides guidance for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 became effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted ASU 2018-15 effective January 1, 2020. The impact of adoption of these standards on our consolidated financial statements, including accounting policies, processes, and systems, was not material. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The new guidance eliminates Step 2 of the goodwill impairment test. The updated guidance requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of the reporting unit to its carrying value, and recognizing a non-cash impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value with the loss not exceeding the total amount of goodwill allocated to that reporting unit. ASU 2017-04 became effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and will be applied prospectively. The Company adopted ASU 2017-04 effective January 1, 2020, with interim or annual goodwill impairment tests now comparing the fair value of a reporting unit with its carrying value and no longer performing Step 2 of the goodwill impairment test. No impairment charges were recorded as a result of adopting ASU 2017-04. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The new guidance adds an impairment model, known as the current expected credit loss (CECL) model that is based on expected losses rather than incurred losses. These amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable forward-looking information, which is intended to result in more timely recognition of such losses. All related guidance has been codified into, and is now known as, ASC 326 – Financial Instruments—Credit Losses. The new standard is effective for public companies for annual reporting periods beginning after December 15, 2019, and interim periods therein. The Company adopted ASU 2016-13 effective January 1, 2020 and has determined there is not a material impact on the Company’s Financial Statements given that historical trend analysis and assessments for forward-looking qualitative analysis are already integrated into financial assessments for the Company where possible.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2020
Revenues [Abstract]
Schedule of Disaggregated by Revenue	The following tables present the revenues disaggregated by revenue source: Three months ended March 31, 2020 (in thousands) Retail National Programs Wholesale Brokerage Services Other (8) Total Base commissions (1) $ 315,888 $ 88,582 $ 55,563 $ — $ — $ 460,033 Fees (2) 57,483 34,659 15,641 44,452 (322 ) 151,913 Incentive commissions (3) 52,802 197 3,759 — 1 56,759 Profit-sharing contingent commissions (4) 16,095 5,711 2,136 — — 23,942 Guaranteed supplemental commissions (5) 4,432 (1,013 ) 437 — — 3,856 Investment income (6) 83 263 50 — 765 1,161 Other income, net (7) 706 13 112 — — 831 Total Revenues $ 447,489 $ 128,412 $ 77,698 $ 44,452 $ 444 $ 698,495 Three months ended March 31, 2019 (in thousands) Retail National Programs Wholesale Brokerage Services Other (8) Total Base commissions (1) $ 287,200 $ 77,178 $ 54,173 $ — $ (12 ) $ 418,539 Fees (2) 43,877 30,246 12,510 49,444 (288 ) 135,789 Incentive commissions (3) 42,775 919 373 — 111 44,178 Profit-sharing contingent commissions (4) 11,547 860 2,915 — — 15,322 Guaranteed supplemental commissions (5) 3,240 4 391 — — 3,635 Investment income (6) — 316 40 48 677 1,081 Other income, net (7) 592 37 107 — — 736 Total Revenues $ 389,231 $ 109,560 $ 70,509 $ 49,492 $ 488 $ 619,280 (1) Base commissions generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds’ underlying “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, or sales and payroll levels) to determine what premium to charge the insured. Insurance companies establish these premium rates based upon many factors, including loss experience, risk profile and reinsurance rates paid by such insurance companies, none of which we control. (2) Fee revenues relate to fees for services other than securing coverage for our customers, fees negotiated in lieu of commissions, and F&I. (3) Incentive commissions include additional commissions over base commissions received from insurance carriers based on predetermined production levels mutually agreed upon by both parties. (4) Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention. (5) Guaranteed supplemental commissions represent guaranteed fixed-base agreements in lieu of profit-sharing contingent commissions. (6) Investment income consists primarily of interest on cash and investments. (7) Other income consists primarily of legal settlements and other miscellaneous income. (8) Fees within other reflects the elimination of intercompany revenues.
Schedule of Balances of Contract Assets and Contract Liabilities Arising from Contracts with Customers	The balances of contract assets and contract liabilities arising from contracts with customers as of March 31, 2020 and December 31, 2019 were as follows: (in thousands) March 31, 2020 December 31, 2019 Contract assets $ 357,567 $ 289,609 Contract liabilities $ 53,791 $ 58,126

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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) 2020 2019 Net income $ 152,400 $ 113,896 Net income attributable to unvested awarded performance stock (5,192 ) (3,201 ) Net income attributable to common shares $ 147,208 $ 110,695 Weighted average number of common shares outstanding – basic 282,397 280,564 Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic (9,621 ) (7,885 ) Weighted average number of common shares outstanding for basic net income per common share 272,776 272,679 Dilutive effect of stock options 2,085 2,335 Weighted average number of shares outstanding – diluted 274,861 275,014 Net income per share: Basic $ 0.54 $ 0.41 Diluted $ 0.54 $ 0.40

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Purchase Price Allocation for Current Year Acquisitions and Adjustments Made for Prior Year Acquisitions	The following table summarizes the purchase price allocations made as of the date of each acquisition for current year acquisitions and adjustments made during the measurement period for prior year acquisitions. During the measurement periods, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. These adjustments are made in the period in which the amounts are determined and the current period income effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition date. (in thousands) Name Business segment Effective date of acquisition Cash paid Other payable Recorded earn-out payable Net assets acquired Maximum potential earn- out payable Special Risk Insurance Managers Ltd. (Special Risk) National Programs January 1, 2020 $ 68,812 $ — $ 4,884 $ 73,696 $ 14,650 Texas All Risk General Agency, Inc. et al (Texas Risk) Wholesale Brokerage January 1, 2020 10,511 135 310 10,980 1,150 The Colonial Group, Inc. et al (Colonial) Wholesale Brokerage March 1, 2020 29,037 10 5,639 35,203 10,150 RLA Insurance Intermediaries, LLC (RLA) Wholesale Brokerage March 1, 2020 42,496 100 2,951 46,233 22,500 Other Various Various 2,435 1,291 194 2,704 1,140 Total $ 153,291 $ 1,536 $ 13,978 $ 168,816 $ 49,590
Estimated Fair Values of Aggregate Assets and Liabilities Acquired	The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired as of the date of each acquisition and adjustments made during the measurement period of the prior year acquisitions. (in thousands) Special Risk Texas Risk Colonial RLA Other Total Cash $ — $ — $ — $ — $ — $ — Other current assets 2,159 446 808 — 747 4,160 Fixed assets 346 27 59 54 — 486 Goodwill 55,607 8,488 26,030 44,592 765 135,482 Purchased customer accounts 14,897 3,674 9,393 12,549 1,279 41,792 Non-compete agreements 136 25 43 481 21 706 Other assets — — — — — — Total assets acquired 73,145 12,660 36,333 57,676 2,812 182,626 Other current liabilities 551 (1,680 ) (1,130 ) (11,443 ) (108 ) (13,810 ) Other liabilities — — — — — — Total liabilities assumed 551 (1,680 ) (1,130 ) (11,443 ) (108 ) (13,810 ) Net assets acquired $ 73,696 $ 10,980 $ 35,203 $ 46,233 $ 2,704 $ 168,816
Unaudited Proforma Results	These unaudited pro forma results are not necessarily indicative of the actual results of operations that would have occurred had the acquisitions actually been made at the beginning of the respective periods. (UNAUDITED) Three months ended March 31, (in thousands, except per share data) 2020 2019 Total revenues $ 702,333 $ 628,230 Income before income taxes $ 206,330 $ 150,948 Net income $ 153,200 $ 115,758 Net income per share: Basic $ 0.54 $ 0.41 Diluted $ 0.54 $ 0.41 Weighted average number of shares outstanding: Basic 272,776 272,679 Diluted 274,861 275,014
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, 2020 and 2019 , were as follows: Three months ended March 31, (in thousands) 2020 2019 Balance as of the beginning of the period $ 161,513 $ 89,924 Additions to estimated acquisition earn-out payables 13,978 18,155 Payments for estimated acquisition earn-out payables (6,814 ) (579 ) Subtotal 168,677 107,500 Net change in earnings from estimated acquisition earn-out payables: Change in fair value on estimated acquisition earn-out payables (12,641 ) 50 Interest expense accretion 1,684 1,160 Net change in earnings from estimated acquisition earn-out payables (10,957 ) 1,210 Balance as of March 31, $ 157,720 $ 108,710

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Changes in Carrying Value of Goodwill by Operating Segment	The changes in the carrying value of goodwill by reportable segment for the three months ended March 31, 2020 are as follows: (in thousands) Retail National Programs Wholesale Brokerage Services Total Balance as of December 31, 2019 $ 2,351,291 $ 925,541 $ 298,101 $ 171,161 $ 3,746,094 Goodwill of acquired businesses 657 55,607 79,110 108 135,482 Goodwill disposed of relating to sales of businesses — — — — — Balance as of March 31, 2020 $ 2,351,948 $ 981,148 $ 377,211 $ 171,269 $ 3,881,576

Amortizable Intangible Assets (

Amortizable Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortizable Intangible Assets	Amortizable intangible assets at March 31, 2020 and December 31, 2019 consisted of the following: March 31, 2020 December 31, 2019 (in thousands) Gross carrying value Accumulated amortization Net carrying value Weighted average life (years) (1) Gross carrying value Accumulated amortization Net carrying value Weighted average life (years) (1) Purchased customer accounts $ 1,967,117 $ (1,037,652 ) $ 929,465 15.0 $ 1,925,326 $ (1,011,574 ) $ 913,752 15.0 Non-compete agreements 34,587 (31,178 ) 3,409 4.6 33,881 (30,865 ) 3,016 4.6 Total $ 2,001,704 $ (1,068,830 ) $ 932,874 $ 1,959,207 $ (1,042,439 ) $ 916,768 (1) Weighted average life calculated as of the date of acquisition.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt at (in thousands) March 31, 2020 December 31, 2019 Current portion of long-term debt: Current portion of 5-year $ 40,000 $ 40,000 Current portion of 5-year 18,750 15,000 Total current portion of long-term debt 58,750 55,000 Long-term debt: Note agreements: 4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024 $ 499,298 $ 499,259 4.500% balloon due 2029 349,498 349,484 Total notes 848,796 848,743 Credit agreements: 5-year 1.750%, expires June 28, 2022 280,000 290,000 5-year commitment fees up to 0.250%, expires June 28, 2022 100,000 100,000 5-year 1.750%, expires December 21, 2023 262,500 270,000 Total credit agreements 642,500 660,000 Debt issuance costs (contra) (7,941 ) (8,400 ) Total long-term debt less unamortized discount and debt issuance costs 1,483,355 1,500,343 Current portion of long-term debt 58,750 55,000 Total debt $ 1,542,105 $ 1,555,343

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Balances and Classification of Operating Lease Right-of-Use Assets and Operating Lease Liabilities within Condensed Consolidated Balance Sheet	The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheet is as follows: (in thousands) March 31, 2020 December 31, 2019 Balance Sheet Assets: Operating lease right-of-use assets Operating lease assets $ 193,591 $ 184,288 Total Assets 193,591 184,288 Liabilities: Current operating lease liabilities Accrued expenses and other liabilities 43,352 43,415 Non-current operating lease liabilities Operating lease liabilities 176,748 167,855 Total Liabilities $ 220,100 $ 211,270
Schedule of Components of Lease Cost for Operating Leases	The components of lease cost for operating leases for the three months ended March 31, 2020 were: (in thousands) Three months ended March 31, 2020 Three months ended March 31, 2019 Operating leases: Lease cost $ 12,968 $ 12,088 Variable lease cost 845 713 Short-Term lease cost 128 — Operating lease cost $ 13,941 $ 12,801 Sublease income (268 ) — Total lease cost net $ 13,673 $ 12,801
Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases	The weighted average remaining lease term and the weighted average discount rate for operating leases as of March 31, 2020 were: Weighted-average remaining lease term 6.01 Weighted-average discount rate 3.63
Schedule of Maturities of Operating Lease Liabilities	Maturities of the operating lease liabilities by fiscal year at March 31, 2020 for the Company's operating leases are as follows: (in thousands) Operating Leases 2020 (Remainder) $ 37,172 2021 48,817 2022 41,138 2023 34,417 2024 26,685 Thereafter 58,148 Total undiscounted lease payments 246,377 Less: Imputed interest 26,277 Present value of lease payments $ 220,100
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information for operating leases: (in thousands) Three months ended March 31, 2020 Three months ended March 31, 2019 Cash paid for amounts included in measurement of liabilities Operating cash flows from operating leases $ 13,001 $ 12,311 Right-of-use assets obtained in exchange for new operating liabilities $ 19,158 $ 2,439

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Summary of Cash Paid for Interest and Income Taxes	Brown & Brown's cash paid during the period for interest and income taxes are summarized as follows: Three months ended March 31, (in thousands) 2020 2019 Cash paid during the period for: Interest $ 24,028 $ 20,127 Income taxes $ 4,296 $ 3,120
Summary of Significant Non-Cash Investing and Financing Activities	Brown & Brown’s significant non-cash investing and financing activities are summarized as follows: Three months ended March 31, (in thousands) 2020 2019 Other payable issued for purchased customer accounts $ 1,547 $ 608 Estimated acquisition earn-out payables and related charges $ 13,978 $ 18,155
Schedule of Reconciliation of Cash and Cash Equivalents Inclusive of Restricted Cash	The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of March 31, 2020 and 2019. Balance as of March 31, (in thousands) 2020 2019 Table to reconcile cash and cash equivalents inclusive of restricted cash Cash and cash equivalents $ 385,788 $ 322,477 Restricted cash 389,390 302,410 Total cash and cash equivalents inclusive of restricted cash at the end of the period $ 775,178 $ 624,887 The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of December 31, 2019 and 2018. Balance as of December 31, (in thousands) 2019 2018 Table to reconcile cash and cash equivalents inclusive of restricted cash Cash and cash equivalents $ 542,174 $ 438,961 Restricted cash 420,801 338,635 Total cash and cash equivalents inclusive of restricted cash at the end of the period $ 962,975 $ 777,596

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summarized Financial Information Reportable Segments	Summarized financial information concerning the Company’s reportable segments is shown in the following tables. The “Other” column includes any income and expenses not allocated to reportable segments, corporate-related items, including the intercompany interest expense charge to the reporting segment. Three months ended March 31, 2020 (in thousands) Retail National Programs Wholesale Brokerage Services Other Total Total revenues $ 447,489 $ 128,412 $ 77,698 $ 44,452 $ 444 $ 698,495 Investment income $ 83 $ 263 $ 50 $ - $ 765 $ 1,161 Amortization $ 16,287 $ 6,365 $ 2,349 $ 1,390 $ — $ 26,391 Depreciation $ 2,036 $ 1,905 $ 431 $ 351 $ 1,298 $ 6,021 Interest expense $ 21,798 $ 4,682 $ 1,711 $ 1,091 $ (13,991 ) $ 15,291 Income before income taxes $ 128,662 $ 29,645 $ 17,686 $ 10,080 $ 19,180 $ 205,253 Total assets $ 6,375,532 $ 3,054,411 $ 1,514,243 $ 475,168 $ (3,837,009 ) $ 7,582,345 Capital expenditures $ 2,499 $ 1,513 $ 1,227 $ 267 $ 10,952 $ 16,458 Three months ended March 31, 2019 (in thousands) Retail National Programs Wholesale Brokerage Services Other Total Total revenues $ 389,231 $ 109,560 $ 70,509 $ 49,492 $ 488 $ 619,280 Investment income $ 0 $ 316 $ 40 $ 48 $ 677 $ 1,081 Amortization $ 15,444 $ 6,596 $ 2,849 $ 1,303 $ — $ 26,192 Depreciation $ 1,624 $ 1,590 $ 404 $ 284 $ 2,133 $ 6,035 Interest expense $ 21,153 $ 5,354 $ 1,327 $ 872 $ (13,508 ) $ 15,198 Income before income taxes $ 93,841 $ 19,316 $ 15,569 $ 9,177 $ 10,617 $ 148,520 Total assets $ 5,773,290 $ 2,852,824 $ 1,292,406 $ 480,108 $ (3,592,339 ) $ 6,806,289 Capital expenditures $ 3,136 $ 4,568 $ 1,189 $ 109 $ 14,184 $ 23,186

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Summary of Amortized Cost and Fair Values of Fixed Maturity Securities	At (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities $ 26,486 $ 586 $ (4 ) $ 27,068 Corporate debt 5,319 71 (65 ) 5,325 Total $ 31,805 $ 657 $ (69 ) $ 32,393 At December 31, 2019, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows: (in thousands) Cost Gross unrealized gains Gross unrealized losses Fair value U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities $ 26,487 $ 174 $ (39 ) $ 26,622 Corporate debt 5,324 68 (8 ) 5,384 Total $ 31,811 $ 242 $ (47 ) $ 32,006
Schedule of Investments' Gross Unrealized Loss and Fair Value	For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2020: Less than 12 Months 12 Months or More Total (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities $ 1,080 $ (4 ) $ — $ — $ 1,080 $ (4 ) Corporate debt 941 (65 ) — — 941 (65 ) Total $ 2,021 $ (69 ) $ — $ — $ 2,021 $ (69 ) For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019: Less than 12 Months 12 Months or More Total (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities $ — $ — $ 7,053 $ (39 ) $ 7,053 $ (39 ) Corporate debt — — 998 (8 ) 998 (8 ) Total $ — $ — $ 8,051 $ (47 ) $ 8,051 $ (47 )
Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity	The amortized cost and estimated fair value of the fixed maturity securities at March 31, 2020 by contractual maturity are set forth below: (in thousands) Amortized cost Fair value Years to maturity: Due in one year or less $ 8,982 $ 9,053 Due after one year through five years 22,823 23,340 Due after five years — — Total $ 31,805 $ 32,393 The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2019 by contractual maturity are set forth below: (in thousands) Amortized cost Fair value Years to maturity: Due in one year or less $ 4,616 $ 4,628 Due after one year through five years 27,195 27,378 Due after five years — — Total $ 31,811 $ 32,006

Insurance Company WNFIC (Tables

Insurance Company WNFIC (Tables)	3 Months Ended
	Mar. 31, 2020
Reinsurance Disclosures [Abstract]
Effects of Reinsurance on Premiums Written and Earned	The effects of reinsurance on premiums written and earned are as follows: Three months ended March 31, 2020 (in thousands) Written Earned Direct premiums $ 142,962 $ 175,177 Ceded premiums (142,959 ) (175,174 ) Net premiums $ 3 $ 3

Nature of Operations - Addition

Nature of Operations - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of reportable segments	4

Basis of Financial Reporting -

Basis of Financial Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
ASU 2017-04
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Impairment charges	$ 0

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated by Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	$ 1,161	$ 1,081
Other income	831	736
Revenues	698,495	619,280
Corporate, Non-Segment
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	765	677
Other income	0	0
Revenues	444	488
Retail | Operating Segments
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	83	0
Other income	706	592
Revenues	447,489	389,231
National Programs | Operating Segments
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	263	316
Other income	13	37
Revenues	128,412	109,560
Wholesale Brokerage | Operating Segments
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	50	40
Other income	112	107
Revenues	77,698	70,509
Services | Operating Segments
Disaggregation Of Revenue [Line Items]
Investment Income, Nonoperating	0	48
Other income	0	0
Revenues	44,452	49,492
Core Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	460,033	418,539
Core Commission Revenue | Corporate, Non-Segment
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other		(12)
Core Commission Revenue | Retail
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	315,888	287,200
Core Commission Revenue | National Programs
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	88,582	77,178
Core Commission Revenue | Wholesale Brokerage
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	55,563	54,173
Core Commission Revenue | Services
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0
Fee Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	151,913	135,789
Fee Revenue | Corporate, Non-Segment
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	(322)	(288)
Fee Revenue | Retail
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	57,483	43,877
Fee Revenue | National Programs
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	34,659	30,246
Fee Revenue | Wholesale Brokerage
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	15,641	12,510
Fee Revenue | Services
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	44,452	49,444
Incentive Commissions Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	56,759	44,178
Incentive Commissions Revenue | Corporate, Non-Segment
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	1	111
Incentive Commissions Revenue | Retail
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	52,802	42,775
Incentive Commissions Revenue | National Programs
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	197	919
Incentive Commissions Revenue | Wholesale Brokerage
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	3,759	373
Incentive Commissions Revenue | Services
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0
Profit-Sharing Contingent Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	23,942	15,322
Profit-Sharing Contingent Commission Revenue | Corporate, Non-Segment
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0
Profit-Sharing Contingent Commission Revenue | Retail
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	16,095	11,547
Profit-Sharing Contingent Commission Revenue | National Programs
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	5,711	860
Profit-Sharing Contingent Commission Revenue | Wholesale Brokerage
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	2,136	2,915
Profit-Sharing Contingent Commission Revenue | Services
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0
Guaranteed Supplemental Commission Revenue
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	3,856	3,635
Guaranteed Supplemental Commission Revenue | Corporate, Non-Segment
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	0	0
Guaranteed Supplemental Commission Revenue | Retail
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	4,432	3,240
Guaranteed Supplemental Commission Revenue | National Programs
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	(1,013)	4
Guaranteed Supplemental Commission Revenue | Wholesale Brokerage
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	437	391
Guaranteed Supplemental Commission Revenue | Services
Disaggregation Of Revenue [Line Items]
Fees and Commissions, Other	$ 0	$ 0

Revenues - Schedule of Balances

Revenues - Schedule of Balances of Contract Assets and Contract Liabilities Arising from contracts with Customers (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenues [Abstract]
Contract assets	$ 357,567	$ 289,609
Contract liabilities	$ 53,791	$ 58,126

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Contract with Customer, Liability	$ 37.2	$ 41.2
Contract with Customer, Liability, Noncurrent	16.6	16.9
Deferred Revenue, Revenue Recognized	9
Deferred Costs	31.1	26.9
Cost to Obtain
Segment Reporting Information [Line Items]
Deferred Costs	4.7
Capitalized Contract Cost, Amortization	0.5
Cost to Fulfill
Segment Reporting Information [Line Items]
Deferred Costs	62.9	$ 73.3
Capitalized Contract Cost, Amortization	$ 10.4

Net Income Per Share - Reconcil

Net Income Per Share - Reconciliation between Basic and Diluted Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 152,400	$ 113,896
Net income attributable to unvested awarded performance stock	(5,192)	(3,201)
Net income attributable to common shares	$ 147,208	$ 110,695
Weighted average number of common shares outstanding – basic	282,397	280,564
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic	(9,621)	(7,885)
Weighted average number of common shares outstanding for basic net income per common share	272,776	272,679
Dilutive effect of stock options	2,085	2,335
Weighted average number of shares outstanding – diluted	274,861	275,014
Basic (in dollars per share)	$ 0.54	$ 0.41
Diluted (in dollars per share)	$ 0.54	$ 0.40

Business Combinations - Additio

Business Combinations - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Acquisition	Mar. 31, 2019USD ($)Acquisition	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Number of acquisitions | Acquisition	5	8
Aggregate purchase price of acquisitions	$ 100
Payments to Acquire Businesses, Gross	153,291
Net assets acquired	168,816
Goodwill, Acquired During Period	135,482
Goodwill currently deductible for income tax purposes	121,500
Goodwill related to the recorded earn-out payables	14,000
Total revenues related to acquisitions	5,600
Income (loss) before income taxes related to acquisitions	500
Estimated acquisition earn-out payables	157,720	$ 108,710	$ 161,513	$ 89,924
Maximum Future Contingency payments Acquisitions	366,500
Other Noncurrent Liabilities
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	145,300
Accounts payable
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	12,400
Retail
Business Acquisition [Line Items]
Goodwill, Acquired During Period	657
National Programs
Business Acquisition [Line Items]
Goodwill, Acquired During Period	55,607
Wholesale Brokerage
Business Acquisition [Line Items]
Goodwill, Acquired During Period	79,110
Services
Business Acquisition [Line Items]
Goodwill, Acquired During Period	108
Goodwill adjusted amount	$ 100
Purchased Customer Accounts
Business Acquisition [Line Items]
Weighted average life (years)	15 years
Non-compete Agreements
Business Acquisition [Line Items]
Weighted average life (years)	5 years
Business Combinations - Asset Deals
Business Acquisition [Line Items]
Number of acquisitions | Acquisition	5
Other Acquisitions | Maximum
Business Acquisition [Line Items]
Net assets acquired	$ 10,000

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation for Current Year Acquisitions and Adjustments Made for Prior Year Acquisitions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Business Combination Separately Recognized Transactions [Line Items]
Cash paid	$ 153,291
Other payable	1,536
Recorded earn-out payable	13,978
Net assets acquired	168,816
Maximum potential earn- out payable	$ 49,590
Special Risk Insurance Managers Ltd. (Special Risk) | National Programs
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition	Jan. 1, 2020
Cash paid	$ 68,812
Recorded earn-out payable	4,884
Net assets acquired	73,696
Maximum potential earn- out payable	14,650
Texas All Risk General Agency, Inc. (Texas Risk)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired	$ 10,980
Texas All Risk General Agency, Inc. (Texas Risk) | Wholesale Brokerage
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition	Jan. 1, 2020
Cash paid	$ 10,511
Other payable	135
Recorded earn-out payable	310
Net assets acquired	10,980
Maximum potential earn- out payable	1,150
The Colonial Group, Inc. (Colonial)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired	$ 35,203
The Colonial Group, Inc. (Colonial) | Wholesale Brokerage
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition	Mar. 1, 2020
Cash paid	$ 29,037
Other payable	10
Recorded earn-out payable	5,639
Net assets acquired	35,203
Maximum potential earn- out payable	10,150
RLA Insurance Intermediaries, LLC (RLA)
Business Combination Separately Recognized Transactions [Line Items]
Net assets acquired	$ 46,233
RLA Insurance Intermediaries, LLC (RLA) | Wholesale Brokerage
Business Combination Separately Recognized Transactions [Line Items]
Effective date of acquisition	Mar. 1, 2020
Cash paid	$ 42,496
Other payable	100
Recorded earn-out payable	2,951
Net assets acquired	46,233
Maximum potential earn- out payable	22,500
Other Acquisitions | Various
Business Combination Separately Recognized Transactions [Line Items]
Cash paid	2,435
Other payable	1,291
Recorded earn-out payable	194
Net assets acquired	2,704
Maximum potential earn- out payable	$ 1,140

Business Combinations - Estimat

Business Combinations - Estimated Fair Values of Aggregate Assets and Liabilities Acquired (Details) $ in Thousands	Mar. 31, 2020USD ($)
Fair Value Of Assets And Liabilities Statement [Line Items]
Other current assets	$ 4,160
Fixed assets	486
Goodwill	135,482
Total assets acquired	182,626
Other current liabilities	(13,810)
Total liabilities assumed	(13,810)
Net assets acquired	168,816
Special Risk
Fair Value Of Assets And Liabilities Statement [Line Items]
Other current assets	2,159
Fixed assets	346
Goodwill	55,607
Total assets acquired	73,145
Other current liabilities	551
Total liabilities assumed	551
Net assets acquired	73,696
Texas Risk
Fair Value Of Assets And Liabilities Statement [Line Items]
Other current assets	446
Fixed assets	27
Goodwill	8,488
Total assets acquired	12,660
Other current liabilities	(1,680)
Total liabilities assumed	(1,680)
Net assets acquired	10,980
Colonial
Fair Value Of Assets And Liabilities Statement [Line Items]
Other current assets	808
Fixed assets	59
Goodwill	26,030
Total assets acquired	36,333
Other current liabilities	(1,130)
Total liabilities assumed	(1,130)
Net assets acquired	35,203
RLA
Fair Value Of Assets And Liabilities Statement [Line Items]
Fixed assets	54
Goodwill	44,592
Total assets acquired	57,676
Other current liabilities	(11,443)
Total liabilities assumed	(11,443)
Net assets acquired	46,233
Other
Fair Value Of Assets And Liabilities Statement [Line Items]
Other current assets	747
Goodwill	765
Total assets acquired	2,812
Other current liabilities	(108)
Total liabilities assumed	(108)
Net assets acquired	2,704
Purchased Customer Accounts
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	41,792
Purchased Customer Accounts | Special Risk
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	14,897
Purchased Customer Accounts | Texas Risk
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	3,674
Purchased Customer Accounts | Colonial
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	9,393
Purchased Customer Accounts | RLA
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	12,549
Purchased Customer Accounts | Other
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	1,279
Non-compete Agreements
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	706
Non-compete Agreements | Special Risk
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	136
Non-compete Agreements | Texas Risk
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	25
Non-compete Agreements | Colonial
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	43
Non-compete Agreements | RLA
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	481
Non-compete Agreements | Other
Fair Value Of Assets And Liabilities Statement [Line Items]
Intangible assets	$ 21

Business Combinations - Unaudit

Business Combinations - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Combinations [Abstract]
Total revenues	$ 702,333	$ 628,230
Income before income taxes	206,330	150,948
Net income	$ 153,200	$ 115,758
Net income per share:
Basic	$ 0.54	$ 0.41
Diluted	$ 0.54	$ 0.41
Weighted average number of shares outstanding:
Basic	272,776	272,679
Diluted	274,861	275,014

Business Combinations - Addit_2

Business Combinations - Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Combinations [Abstract]
Beginning balance	$ 161,513	$ 89,924
Additions to estimated acquisition earn-out payables	13,978	18,155
Payments for estimated acquisition earn-out payables	(6,814)	(579)
Subtotal	168,677	107,500
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables	(12,641)	50
Interest expense accretion	1,684	1,160
Net change in earnings from estimated acquisition earn-out payables	(10,957)	1,210
Ending balance	$ 157,720	$ 108,710

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Value of Goodwill by Operating Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Line Items]
Beginning balance	$ 3,746,094
Goodwill of acquired businesses	135,482
Goodwill disposed of relating to sales of businesses	0
Ending balance	3,881,576
Retail
Goodwill [Line Items]
Beginning balance	2,351,291
Goodwill of acquired businesses	657
Goodwill disposed of relating to sales of businesses	0
Ending balance	2,351,948
National Programs
Goodwill [Line Items]
Beginning balance	925,541
Goodwill of acquired businesses	55,607
Goodwill disposed of relating to sales of businesses	0
Ending balance	981,148
Wholesale Brokerage
Goodwill [Line Items]
Beginning balance	298,101
Goodwill of acquired businesses	79,110
Goodwill disposed of relating to sales of businesses	0
Ending balance	377,211
Services
Goodwill [Line Items]
Beginning balance	171,161
Goodwill of acquired businesses	108
Goodwill disposed of relating to sales of businesses	0
Ending balance	$ 171,269

Amortizable Intangible Assets -

Amortizable Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 2,001,704	$ 1,959,207
Accumulated amortization	(1,068,830)	(1,042,439)
Net carrying value	932,874	916,768
Purchased Customer Accounts
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	1,967,117	1,925,326
Accumulated amortization	(1,037,652)	(1,011,574)
Net carrying value	$ 929,465	$ 913,752
Weighted average life (years)	15 years	15 years
Non-compete Agreements
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 34,587	$ 33,881
Accumulated amortization	(31,178)	(30,865)
Net carrying value	$ 3,409	$ 3,016
Weighted average life (years)	4 years 7 months 6 days	4 years 7 months 6 days

Amortizable Intangible Assets_2

Amortizable Intangible Assets - Additional Information (Details) $ in Millions	Mar. 31, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense estimated, year one (2020)	$ 103.8
Amortization expense estimated, year two (2021)	100.5
Amortization expense estimated, year three (2022)	96.1
Amortization expense estimated, year four (2023)	89.1
Amortization expense estimated, year five (2024)	$ 85.2

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total current portion of long-term debt	$ 58,750	$ 55,000
Total notes	848,796	848,743
Long-term credit agreements	642,500	660,000
Debt issuance costs (contra)	(7,941)	(8,400)
Total long-term debt less unamortized discount and debt issuance costs	1,483,355	1,500,343
Current portion of long-term debt	58,750	55,000
Total debt	1,542,105	1,555,343
5-year Term-Loan Facility Expires in 2022
Debt Instrument [Line Items]
Total current portion of long-term debt	40,000	40,000
Long-term credit agreements	280,000	290,000
5-year Term-Loan Facility Expires in 2023
Debt Instrument [Line Items]
Total current portion of long-term debt	18,750	15,000
Long-term credit agreements	262,500	270,000
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2024
Debt Instrument [Line Items]
Total notes	499,298	499,259
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Total notes	349,498	349,484
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.250%, Expires June 28, 2022
Debt Instrument [Line Items]
Long-term credit agreements	$ 100,000	$ 100,000

Long-Term Debt - Schedule of _2

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Maximum
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%
Minimum
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.00%
4.200% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2024
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.20%	4.20%
Debt instrument maturity year	2024	2024
4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage	4.50%	4.50%
Debt instrument maturity year	2029	2029
5-year Term-Loan Facility Expires in 2022
Debt Instrument [Line Items]
Debt instrument maturity year	2022	2022
Line of credit facility, expiration period	5 years	5 years
Line of credit facility, expiration date	Jun. 28, 2022	Jun. 28, 2022
5-year Term-Loan Facility Expires in 2022 | Maximum | LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.250%, Expires June 28, 2022
Debt Instrument [Line Items]
Line of credit facility, expiration period	5 years	5 years
Line of credit facility, expiration date	Jun. 28, 2022	Jun. 28, 2022
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.250%, Expires June 28, 2022 | Maximum
Debt Instrument [Line Items]
Commitment fee, percentage	0.25%	0.25%
5-year Revolving-Loan Facility, Periodic Interest Payments, LIBOR Plus up to 1.500%, Plus Commitment Fees up to 0.250%, Expires June 28, 2022 | Maximum | LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.50%	1.50%
5-year Term-Loan Facility Expires in 2023
Debt Instrument [Line Items]
Debt instrument maturity year	2023	2023
Line of credit facility, expiration period	5 years	5 years
Line of credit facility, expiration date	Dec. 21, 2023	Dec. 21, 2023
5-year Term-Loan Facility Expires in 2023 | Maximum | LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)

Jun. 30, 2020

Dec. 21, 2018

Mar. 31, 2020

Dec. 31, 2018

Jun. 30, 2017

Dec. 31, 2019

Mar. 31, 2019

Mar. 11, 2019

Nov. 15, 2018

Jun. 28, 2017

Sep. 18, 2014

Apr. 17, 2014

Debt Instrument [Line Items]

Unsecured revolving credit facility

$ 100,000,000

$ 100,000,000

$ 600,000,000

$ 400,000,000

$ 800,000,000

Debt instrument, periodic payment, principal

10,000,000

330,000,000

Proceeds from issuance of debt

2,800,000

Write off of deferred debt issuance cost

$ 200,000

Debt issuance costs

$ 1,600,000

Unsecured term loans

320,000,000

Outstanding debt balance

$ 1,542,105,000

$ 1,555,343,000

Debt instrument, periodic payment, principal

$ 250,000,000

Minimum

Debt Instrument [Line Items]

Debt instrument, variable interest rate

1.00%

Maximum

Debt Instrument [Line Items]

Debt instrument, variable interest rate

1.75%

Unsecured Senior Notes

Debt Instrument [Line Items]

Debt instrument, face amount

$ 500,000,000

Debt instrument interest rate stated percentage

4.50%

4.20%

Outstanding debt balance

$ 500,000,000

$ 500,000,000

$ 350,000,000

4.500% Senior Notes, Semi-Annual Interest Payments, Net of the Unamortized Discount, Balloon Due 2029

Debt Instrument [Line Items]

Debt instrument interest rate stated percentage

4.50%

4.50%

Senior notes

$ 350,000,000

$ 350,000,000

Forecast

Debt Instrument [Line Items]

Debt instrument, periodic payment, principal

$ 10,000,000

Term Loan

Debt Instrument [Line Items]

Debt instrument, periodic payment, principal

$ 67,500,000

Unsecured term loans

$ 300,000,000

$ 281,300,000

$ 285,000,000

Loan repayment term

5 years

Term Loan | LIBOR

Debt Instrument [Line Items]

30-day Adjusted LIBOR Rate

1.00%

Term Loan | Minimum

Debt Instrument [Line Items]

Unsecured term loans

$ 300,000,000

Term Loan | Maximum

Debt Instrument [Line Items]

Unsecured term loans

$ 450,000,000

Term Loan | Forecast

Debt Instrument [Line Items]

Long-term debt, scheduled principal payment in next three months

$ 3,800,000

Revolving Credit Facility

Debt Instrument [Line Items]

Credit facility, outstanding amount

$ 475,000,000

Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

30-day Adjusted LIBOR Rate

0.813%

Long-term Debt | LIBOR

Debt Instrument [Line Items]

30-day Adjusted LIBOR Rate

1.00%

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Lessee Lease Description [Line Items]
Operating lease expiration term	2043
Future Lease Agreements
Lessee Lease Description [Line Items]
Operating lease expected to commence undiscounted lease liabilities in 2020	$ 11.3
Operating lease expected to commence undiscounted lease liabilities in 2021	$ 0.6

Leases - Schedule of Balances a

Leases - Schedule of Balances and Classification of Operating Lease Right-of-Use Assets and Operating Lease Liabilities within Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Operating lease right-of-use assets	$ 193,591	$ 184,288
Total Assets	193,591	184,288
Liabilities:
Current operating lease liabilities	43,352	43,415
Non-current operating lease liabilities	176,748	167,855
Total Liabilities	$ 220,100	$ 211,270

Leases - Schedule of Components

Leases - Schedule of Components of Lease Cost for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating leases:
Lease cost	$ 12,968	$ 12,088
Variable lease cost	845	713
Short-Term lease cost	128
Operating lease cost	13,941	12,801
Sublease income	(268)
Total lease cost net	$ 13,673	$ 12,801

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases (Details)	Mar. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term	6 years 3 days
Weighted-average discount rate	3.63%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2020 (Remainder)	$ 37,172
2021	48,817
2022	41,138
2023	34,417
2024	26,685
Thereafter	58,148
Total undiscounted lease payments	246,377
Less: Imputed interest	26,277
Present value of lease payments	$ 220,100	$ 211,270

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$ 13,001	$ 12,311
Right-of-use assets obtained in exchange for new operating liabilities	$ 19,158	$ 2,439

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Summary of Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash paid during the period for:
Interest	$ 24,028	$ 20,127
Income taxes	$ 4,296	$ 3,120

Supplemental Disclosures of C_4

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Summary of Significant Non-Cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Significant non-cash investing and financing activities
Other payable issued for purchased customer accounts	$ 1,547	$ 608
Estimated acquisition earn-out payables and related charges	$ 13,978	$ 18,155

Supplemental Disclosures of C_5

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Schedule of Reconciliation of Cash and Cash Equivalents Inclusive of Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 385,788	$ 542,174	$ 322,477	$ 438,961
Restricted cash	389,390	420,801	302,410	338,635
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$ 775,178	$ 962,975	$ 624,887	$ 777,596

Segment Information - Additiona

Segment Information - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Segment	Mar. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	4
Revenues	$ 698,495	$ 619,280
London, Bermuda and Cayman Islands
Segment Reporting Information [Line Items]
Revenues	$ 3,900	$ 3,400

Segment Information - Summarize

Segment Information - Summarized Financial Information Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 698,495	$ 619,280
Investment income	1,161	1,081
Amortization	26,391	26,192
Depreciation	6,021	6,035
Interest expense	15,291	15,198
Income before income taxes	205,253	148,520
Total assets	7,582,345	6,806,289	$ 7,622,821
Capital expenditures	16,458	23,186
Operating Segments | Retail
Segment Reporting Information [Line Items]
Total revenues	447,489	389,231
Investment income	83	0
Amortization	16,287	15,444
Depreciation	2,036	1,624
Interest expense	21,798	21,153
Income before income taxes	128,662	93,841
Total assets	6,375,532	5,773,290
Capital expenditures	2,499	3,136
Operating Segments | National Programs
Segment Reporting Information [Line Items]
Total revenues	128,412	109,560
Investment income	263	316
Amortization	6,365	6,596
Depreciation	1,905	1,590
Interest expense	4,682	5,354
Income before income taxes	29,645	19,316
Total assets	3,054,411	2,852,824
Capital expenditures	1,513	4,568
Operating Segments | Wholesale Brokerage
Segment Reporting Information [Line Items]
Total revenues	77,698	70,509
Investment income	50	40
Amortization	2,349	2,849
Depreciation	431	404
Interest expense	1,711	1,327
Income before income taxes	17,686	15,569
Total assets	1,514,243	1,292,406
Capital expenditures	1,227	1,189
Operating Segments | Services
Segment Reporting Information [Line Items]
Total revenues	44,452	49,492
Investment income	0	48
Amortization	1,390	1,303
Depreciation	351	284
Interest expense	1,091	872
Income before income taxes	10,080	9,177
Total assets	475,168	480,108
Capital expenditures	267	109
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	444	488
Investment income	765	677
Amortization	0	0
Depreciation	1,298	2,133
Interest expense	(13,991)	(13,508)
Income before income taxes	19,180	10,617
Total assets	(3,837,009)	(3,592,339)
Capital expenditures	$ 10,952	$ 14,184

Investments - Summary of Amorti

Investments - Summary of Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Cost	$ 31,805	$ 31,811
Gross unrealized gains	657	242
Gross unrealized losses	(69)	(47)
Fair value	32,393	32,006
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities
Debt Securities, Available-for-sale [Line Items]
Cost	26,486	26,487
Gross unrealized gains	586	174
Gross unrealized losses	(4)	(39)
Fair value	27,068	26,622
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Cost	5,319	5,324
Gross unrealized gains	71	68
Gross unrealized losses	(65)	(8)
Fair value	$ 5,325	$ 5,384

Investments - Additional Inform

Investments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)Security	Dec. 31, 2019USD ($)Security
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 32,393,000	$ 32,006,000
Number of securities in unrealized loss position | Security	3	10
Proceeds from sale of investment in fixed maturity securities	$ 0
Proceeds from Sale of Other Investments	1,700,000
Gross realized gains and losses on sale of securities	0
Investments on deposit with the state insurance department	4,300,000
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	27,068,000	$ 26,622,000
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities | Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	9,100,000	4,600,000
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities | Bank Time Deposits
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	7,500,000	7,700,000
Corporate Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Debt Securities	$ 5,325,000	$ 5,384,000

Investments - Schedule of Inves

Investments - Schedule of Investments' Gross Unrealized Loss and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 2,021	$ 0
Unrealized Losses, Less than 12 Months	(69)	0
Fair Value, 12 Months or More	0	8,051
Unrealized Losses, 12 Months or More	0	(47)
Fair Value	2,021	8,051
Unrealized Losses	(69)	(47)
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	1,080	0
Unrealized Losses, Less than 12 Months	(4)	0
Fair Value, 12 Months or More	0	7,053
Unrealized Losses, 12 Months or More	0	(39)
Fair Value	1,080	7,053
Unrealized Losses	(4)	(39)
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	941	0
Unrealized Losses, Less than 12 Months	(65)	0
Fair Value, 12 Months or More	0	998
Unrealized Losses, 12 Months or More	0	(8)
Fair Value	941	998
Unrealized Losses	$ (65)	$ (8)

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Amortized cost
Due in one year or less	$ 8,982	$ 4,616
Due after one year through five years	22,823	27,195
Due after five years	0	0
Amortized Cost, Total	31,805	31,811
Fair value
Due in one year or less	9,053	4,628
Due after one year through five years	23,340	27,378
Due after five years	0	0
Fair Value, Total	$ 32,393	$ 32,006

Insurance Company WNFIC - Effec

Insurance Company WNFIC - Effects of Reinsurance on Premiums Written and Earned (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Written
Direct premiums	$ 142,962
Ceded premiums	(142,959)
Net premiums	3
Earned
Direct premiums	175,177
Ceded premiums	(175,174)
Net premiums	$ 3

Insurance Company WNFIC - Addit

Insurance Company WNFIC - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)Reinsurer	Dec. 31, 2019USD ($)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded rate of premiums under insurance program	100.00%
Premiums written net	$ 142,959
Ceded unpaid loss	33,600
Prepaid reinsurance premiums	333,806	$ 366,021
Increase (decrease) in loss and loss adjustment expense reserve	0
Reserve for losses and loss adjustment expense	$ 33,600
Number of reinsurers | Reinsurer	2
Wright National Flood Insurance Company
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceded rate of premiums under insurance program	100.00%
Expenses and allowance rate received in premiums	30.10%
Premiums written net	$ 142,500
Statutory capital and surplus required	7,500
Statutory capital and surplus	30,200	29,600
Statutory net Income	$ 100	$ 8,100
Preferred stock, dividend rate, percentage	100.00%
Maximum dividend payout that may be made without prior approval	$ 8,100
Wright National Flood Insurance Company | Maximum
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Preferred stock, dividend rate, percentage	10.00%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)	Mar. 31, 2020	Mar. 26, 2020
Second Accelerated Share Repurchase Agreement | Maximum
Accelerated Share Repurchases [Line Items]
Shares repurchased, authorized amount	$ 100,000,000
Third Accelerated Share Repurchase Agreement
Accelerated Share Repurchases [Line Items]
Shares repurchased, authorized amount		$ 1,400,000
Shares repurchased, authorized shares		42,080
Accelerated Share Repurchase Agreement
Accelerated Share Repurchases [Line Items]
Stock repurchase program, remaining authorized repurchase amount		$ 459,900,000