Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 07, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Trading Symbol	BRO
Entity Registrant Name	BROWN & BROWN, INC.
Entity Central Index Key	0000079282
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		276,241,760

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES
Commissions and fees	$ 500,338	$ 444,566
Investment income	601	243
Other income, net	522	20,271
Total revenues	501,461	465,080
EXPENSES
Employee compensation and benefits	270,899	245,866
Other operating expenses	76,313	66,919
(Gain)/loss on disposal	(2,420)	(100)
Amortization	20,539	21,620
Depreciation	5,552	6,098
Interest	9,671	9,682
Change in estimated acquisition earn-out payables	2,466	4,028
Total expenses	383,020	354,113
Income before income taxes	118,441	110,967
Income taxes	27,613	40,857
Net income	$ 90,828	$ 70,110
Net income per share:
Basic (in dollars per share)	$ 0.33	$ 0.25
Diluted (in dollars per share)	0.32	0.25
Dividends declared per share (in dollars per share)	$ 0.08	$ 0.07

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 558,248	$ 573,383
Restricted cash and investments	268,129	250,705
Short-term investments	20,840	24,965
Premiums, commissions and fees receivable	694,266	546,402
Reinsurance recoverable	148,049	477,820
Prepaid reinsurance premiums	292,172	321,017
Other current assets	92,898	47,864
Total current assets	2,074,602	2,242,156
Fixed assets, net	81,131	77,086
Goodwill	2,747,446	2,716,079
Amortizable intangible assets, net	630,283	641,005
Investments	17,558	13,949
Other assets	64,063	57,275
Total assets	5,615,083	5,747,550
Current Liabilities:
Premiums payable to insurance companies	695,964	685,163
Losses and loss adjustment reserve	146,847	476,721
Unearned premiums	292,172	321,017
Premium deposits and credits due customers	97,587	91,648
Accounts payable	125,034	64,177
Accrued expenses and other liabilities	157,028	228,748
Current portion of long-term debt	120,000	120,000
Total current liabilities	1,634,632	1,987,474
Long-term debt less unamortized discount and debt issuance costs	851,548	856,141
Deferred income taxes, net	288,653	256,185
Other liabilities	69,657	65,051
Shareholders’ Equity:
Common stock, par value $0.10 per share; authorized 560,000 shares; issued 286,961 shares and outstanding 276,074 shares at 2018, issued 286,929 shares and outstanding 276,210 shares at 2017 - in thousands. 2017 share amounts restated for the 2-for-1 stock split effective March 28, 2018	28,696	28,692
Additional paid-in capital	495,278	483,730
Treasury stock, at cost at 10,887 shares at 2018 and 10,719 shares at 2017, respectively - in thousands.	(397,572)	(386,322)
Retained earnings	2,644,191	2,456,599
Total shareholders’ equity	2,770,593	2,582,699
Total liabilities and shareholders’ equity	$ 5,615,083	$ 5,747,550

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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)	286,961,240	286,929,229
Common stock, shares outstanding (in shares)	276,074,694	276,210,910
Treasury stock shares (in shares)	10,886,546	10,718,319

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash and Cash Equivalents [Line Items]
Document Period End Date	Mar. 31, 2018
Cash, Cash Equivalents and Restricted Cash	$ 826,377	$ 826,089
Cash flows from operating activities:
Net income	90,828	70,110
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization	20,539	21,620
Depreciation	5,552	6,098
Non-cash stock-based compensation	7,295	8,564
Change in estimated acquisition earn-out payables	2,466	4,028
Deferred income taxes	(12,093)	10,005
Amortization of debt discount	39	39
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Amortization Expense	368	383
Accretion (Amortization) of Discounts and Premiums, Investments	3	8
Payments On Acquisition Earn Outs In Excess Of Original Estimated Payables	(715)	(4,547)
Net gain on sales of investments, fixed assets and customer accounts	(2,388)	(2)
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Premiums, commissions and fees receivable decrease	7,667	16,297
Reinsurance recoverables decrease	329,771	38,844
Prepaid reinsurance premiums decrease	28,845	28,521
Other assets decrease	806	1,404
Premiums payable to insurance companies (decrease)	(2,691)	(4,383)
Premium deposits and credits due customers increase	5,910	7,088
Losses and loss adjustment reserve (decrease)	(329,874)	(38,844)
Unearned premiums (decrease)	(28,845)	(28,521)
Accounts payable increase	52,896	45,386
Accrued expenses and other liabilities (decrease)	(94,514)	(77,325)
Other liabilities (decrease)	(2,384)	(14,752)
Net cash provided by operating activities	79,481	90,021
Cash flows from investing activities:
Additions to fixed assets	(9,751)	(3,032)
Payments for businesses acquired, net of cash acquired	(33,576)	0
Proceeds from sales of fixed assets and customer accounts	142	589
Purchases of investments	(6,142)	(379)
Proceeds from Sale, Maturity and Collection of Investments	6,531	679
Net cash used in investing activities	(42,796)	(2,143)
Cash flows from financing activities:
Payments on acquisition earn-outs	(1,761)	(5,683)
Payments on long-term debt	(5,000)	(14,250)
Issuances of common stock for employee stock benefit plans	720	506
Repurchase Of Stock Benefit Plan Shares For Employees To Fund Tax Withholdings	(7,659)	(4,742)
Purchase of treasury stock	(11,250)	0
Settlement (prepayment) of accelerated share repurchase program	11,250	0
Cash dividends paid	(20,696)	(18,903)
Net cash used in financing activities	(34,396)	(43,072)
Net increase in cash and cash equivalents inclusive of restricted cash	2,289	44,806
Cash and cash equivalents inclusive of restricted cash at end of period	$ 558,248	$ 546,721

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of OperationsBrown & Brown, Inc., a Florida corporation, and its subsidiaries (collectively, “Brown & Brown” or the “Company”) is a diversified insurance agency, wholesale brokerage, insurance programs and services organization that markets and sells to its customers, insurance products and services, primarily in the property, 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 customers; the National Programs Segment, acting 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 nationwide networks of independent agents, including Brown & Brown retail agents; the Wholesale Brokerage Segment markets and sells excess and surplus commercial insurance, primarily through independent agents and brokers, including Brown & Brown Retail offices; and 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

3 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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, 2017.

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 February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which provides guidance for accounting for leases. Under ASU 2016-02, the Company will be required to recognize the assets and liabilities for the rights and obligations created by leased assets. ASU 2016-02 will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company continues to evaluate the impact of this pronouncement with the principal impact being that the present value of the remaining lease payments be presented as a liability on the balance sheet as well as an asset of similar value representing the “Right of Use” for those leased properties. The undiscounted contractual cash payments remaining on leased properties were $210.4 million as of December 31, 2017 as indicated in Note 13 of the Company's Form 10-K and $199.6 million as of March 31, 2018 as detailed in the Liquidity and Capital Resources section of this Quarterly Report on Form 10-Q.

Recently Adopted Accounting Standards

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230)”: Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (“ASU 2016-15”), which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified and applies to all entities, required to present a statement of cash flows under Topic 230. ASU 2016-15 became effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 with early adoption permitted. The Company adopted ASU 2016-15 effective January 1, 2018 and has determined there is no impact on the Company’s Statement of Cash Flows. The Company already presented cash paid on contingent consideration in business combination as prescribed by ASU 2016-15 and does not, at this time, engage in the other activities being addressed in this ASU.

In March 2016, the FASB issued ASU 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)” (“ASU 2016-08”) to clarify certain aspects of the principal-versus-agent guidance included in the new revenue standard ASU 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”). The FASB issued the ASU in response to concerns identified by stakeholders, including those related to (1) determining the appropriate unit of account under the revenue standard’s principal-versus-agent guidance and (2) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. The Company adopted ASU 2016-08 effective contemporaneously with ASU 2014-09 beginning January 1, 2018. The impact of ASU 2016-08 was limited to the claims administering activities of one of our businesses within our Services Segment and therefore was not material to the net income of the Company.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“Topic 606”), which provides guidance for revenue recognition. Topic 606 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. It supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. The standard’s core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. Effective as of January 1, 2018, the Company adopted ASU 2014–09, and all related amendments, which established Accounting Standards Codification ("ASC") Topic 606. The Company adopted these standards by recognizing the cumulative effect as an adjustment to opening retained earnings at January 1, 2018, under the modified retrospective method for contracts not completed as of the day of adoption. The cumulative impact of adopting Topic 606 on January 1, 2018 was an increase in retained earnings within stockholders’ equity of $117.5 million. Under the modified retrospective method, the Company is not required to restate comparative financial information prior to the adoption of these standards and, therefore, such information presented for the three months ended March 31, 2017 continues to be reported under the Company's previous accounting policies.

The following areas are impacted by the adoption of Topic 606:

Historically, approximately 70% of the Company’s commissions and fees are in the form of commissions paid by insurance carriers. These commissions are earned at a point in time upon the effective date of bound insurance coverage, as no significant performance obligation remains after coverage is bound. If there are other services within the contract, the Company estimates the stand-alone selling price for each separate performance obligation, and the corresponding apportioned revenue is recognized over a period of time as the performance obligations are fulfilled. In situations where multiple performance obligations exist within a contract, the use of estimates is required to allocate the transaction price on a relative stand-alone selling price basis to each separate performance obligation.

Commission revenues - Prior to the adoption of Topic 606, commission revenues, including those billed on an installment basis, were recognized on the latter of the policy effective date or the date that the premium was billed to the client, with the exception of the Company's Arrowhead businesses, which followed a policy of recognizing these revenues on the latter of the policy effective date or processed date in our systems. As a result of the adoption of Topic 606, certain revenues associated with the issuance of policies are now recognized upon the effective date of the associated policy. These commission revenues, including those billed on an installment basis, are now recognized earlier than they had been previously. Revenue is now accrued based upon the completion of the performance obligation, thereby creating a current asset for the unbilled revenue, until such time as an invoice is generated, which typically does not exceed twelve months. The Company does not expect the overall impact of these changes to be significant on a full-year basis, but the timing of recognizing revenue will impact our fiscal quarters when compared to prior years. For the three months ended March 31, 2018, the adoption of Topic 606 increased base and incentive commissions revenue, as defined in Note 3, by $46.0 million compared to what would have been recognized under the Company's previous accounting policies. Incentive commissions include additional commissions over base commissions received from insurance carriers based on predetermined production levels mutually agreed upon by both parties.

Profit-sharing contingent commissions - Prior to the adoption of Topic 606, revenue that was not fixed and determinable because a contingency existed was not recognized until the contingency was resolved. Under Topic 606, the Company must estimate the amount of consideration that will be received in the coming year such that a significant reversal of revenue is not probable. Profit-sharing contingent commissions represent a form of variable consideration associated with the placement of coverage, for which we earn commissions and fees. In connection with Topic 606, profit-sharing contingent commissions are estimated with a constraint applied and accrued relative to the recognition of the corresponding core commissions. The resulting effect on the timing of recognizing profit-sharing contingent commissions will now more closely follow a similar pattern as our commissions and fees with any true-ups recognized when payments are received or as additional information that affects the estimate becomes available. For the three months ended March 31, 2018, the adoption of Topic 606 reduced profit-sharing contingent commissions revenue by $18.2 million compared to what would have been recognized under our previous accounting policies.

Fee revenues - Approximately 30% of the Company’s commissions and fees is in the form of fees, which are predominantly in the Company's National Programs and Services Segments, and to a lesser extent in the large accounts business within the Company's Retail Segment, where the Company receives fees in lieu of a commission. In accordance with Topic 606, fees revenue from certain agreements are recognized in earlier periods and others in later periods as compared to our previous accounting treatment depending on when the services within the contract are satisfied and we have transferred control of the related services to the customer. The Company does not expect the overall impact of these changes to be significant on a full-year basis, but the timing of recognizing fees revenue will impact our fiscal quarters when compared to prior years. For the three months ended March 31, 2018, the adoption of Topic 606 reduced fees revenue by $0.4 million compared to what would have been recognized under our previous accounting policies.

Additionally, the Company has evaluated ASC Topic 340 - Other Assets and Deferred Cost (“ASC 340”) which requires companies to defer certain incremental cost to obtain customer contracts, and certain costs to fulfill customer contracts.

Incremental cost to obtain - The adoption of ASC 340 resulted in the Company deferring certain cost 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 cost is deferred and amortized over a 15-year period, which is consistent with the analysis performed on acquired customer accounts and referenced in Note 7 to the Company’s condensed consolidated financial statements. For the three months ended March 31, 2018, the Company deferred $2.8 million of incremental cost to obtain customer contracts. The Company expensed $31.7 thousand of these incremental cost to obtain customer contracts for the three months ended March 31, 2018.

Cost to fulfill - The adoption of ASC 340 resulted in the Company deferring certain cost to fulfill a contract and to recognize these costs as the associated performance obligations are fulfilled. In order for contract fulfillment costs to be deferred under ASC 340, the costs must (1) relate directly to a specific contract or anticipated contract, (2) generate or enhance resources that the Company will use in satisfying its obligations under the contract, and (3) be expected to be recovered through sufficient net cash flows from the contract. The Company does not expect the overall impact of these changes to be significant on a full-year basis, but the timing of recognizing these expenses will impact quarterly results compared to prior years as such recognition better aligns with the associated revenue. With the modified retrospective adoption of Topic 606, the Company deferred $52.7 million in contract fulfillment costs on its opening balance sheet on January 1, 2018 based upon the estimated average time spent on policy renewals. For the three months ended March 31, 2018, the Company expensed a net of $10.1 million of these deferred cost as the associated performance obligations were fulfilled.

In connection with the implementation of this standard, we modified, and in some instances instituted, additional accounting procedures, processes and internal controls. Given the relative impacts of this standard to our revenue streams, we do not expect that these modifications and additions will materially change our internal controls over financial reporting.

The cumulative effect of the changes made to our unaudited condensed consolidated balance sheet as of January 1, 2018 for the adoption of Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” and Accounting Standards Codification Topic 340 – Other Assets and Deferred Cost (the “New Revenue Standard”):



(in thousands)	Balance at December 31, 2017	Adjustments due to the New Revenue Standard	Balance at January 1, 2018
Balance Sheet
Assets:
Premiums, commissions and fees receivable	546,402	153,058	699,460
Other current assets	47,864	52,680	100,544

Liabilities:
Premiums payable to insurance companies	685,163	12,107	697,270
Accounts payable	64,177	8,747	72,924
Accrued expenses and other liabilities	228,748	22,794	251,542
Deferred income taxes, net	256,185	44,575	300,760

Shareholders' Equity:
Retained earnings	2,456,599	117,515	2,574,114

The $52.7 million adjustment to other current assets reflects the deferral of certain cost to fulfill contracts. The $12.1 million adjustment to premiums payable to insurance companies reflects the estimated amount payable to outside brokers on unbilled premiums, commissions and fees receivable.

The following table illustrates the impact of adopting the New Revenue Standard has had on our reported results in the unaudited condensed consolidated statement of income.



	Three months ended March 31, 2018
(in thousands)	As reported	Impact of adopting the New Revenue Standard	Balances without the New Revenue Standard
Statement of Income
Revenues:
Commissions and fees	500,338	27,410	472,928

Expenses:
Employee compensation and benefits	270,899	10,121	260,778
Other operating expenses	76,313	2,761	73,552
Income taxes	27,613	3,387	24,226

Net income	90,828	11,141	79,687

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Net Income Per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per ShareBasic 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:



	Three months ended March 31,
(in thousands, except per share data)	2018			2017
Net income	$	90,828		$	70,110
Net income attributable to unvested awarded performance stock	(1,902		)	(1,686		)
Net income attributable to common shares	$	88,926		$	68,424
Weighted average number of common shares outstanding – basic	275,952			280,224
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic	(5,780		)	(6,737		)
Weighted average number of common shares outstanding for basic net income per common share	270,172			273,487
Dilutive effect of stock options	5,542			4,565
Weighted average number of shares outstanding – diluted	275,714			278,052
Net income per share:
Basic	$	0.33		$	0.25
Diluted	$	0.32		$	0.25

Business Combinations

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Business Combinations

During the three months ended March 31, 2018, Brown & Brown acquired the assets and assumed certain liabilities of two insurance intermediaries. Additionally, miscellaneous adjustments were recorded to the purchase price allocation of certain prior acquisitions completed within the last twelve months as permitted by Accounting Standards Codification Topic 805 — Business Combinations (“ASC 805”). Such adjustments are presented in the “Other” category within the following two tables. The recorded purchase price for all acquisitions included an estimation of the fair value of liabilities associated with any potential earn-out provisions. Subsequent changes in the fair value of earn-out obligations will be recorded in the Condensed Consolidated Statement of Income when incurred.

The fair value of earn-out obligations is based on the present value of the expected future payments to be made to the sellers of the acquired businesses in accordance with the provisions outlined in the respective purchase agreements. In determining fair value, the acquired business’s future performance is estimated using financial projections developed by management for the acquired business and reflects market

participant assumptions regarding revenue growth and/or profitability. The expected future payments are estimated on the basis of the earn-out formula and performance targets specified in each purchase agreement compared to the associated financial projections. These payments are then discounted to present value using a risk-adjusted rate that takes into consideration the likelihood that the forecasted earn-out payments will be made.

Based on the acquisition date and the complexity of the underlying valuation work, certain amounts included in the Company’s Condensed Consolidated Financial Statements may be provisional and thus subject to further adjustments within the permitted measurement period, as defined in ASC 805. For the three months ended March 31, 2018, several adjustments were made within the permitted measurement period that resulted in an increase in the aggregate purchase price of the affected acquisitions of $21.4 thousand 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, 2018 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 $33.6 million in the three-month period ended March 31, 2018. We completed two acquisitions (excluding book of business purchases) in the three-month period ended March 31, 2018. We completed zero acquisitions (excluding book of business purchases) in the three-month period ended March 31, 2017.

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
Other	Various	Various	$	33,576	$	1,690	$	4,524	$	39,790	$	6,520
Total			$	33,576	$	1,690	$	4,524	$	39,790	$	6,520

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)	Other			Total
Fixed assets	$	21		$	21
Goodwill	31,367			31,367
Purchased customer accounts	9,774			9,774
Non-compete agreements	42			42
Total assets acquired	41,204			41,204
Other current liabilities	(1,414		)	(1,414		)
Total liabilities assumed	(1,414		)	(1,414		)
Net assets acquired	$	39,790		$	39,790

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 $31.4 million, which is net of any opening balance sheet adjustments within the allowable measurement period, was allocated to the Retail Segment. Of the total goodwill of $31.4 million, the amount currently deductible for income tax purposes is $26.9 million and the remaining $4.5 million relates to the recorded earn-out payables and will not be deductible until it is earned and paid.

For the acquisitions completed during 2018, 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, 2018, included in the Condensed Consolidated Statement of Income for the three months ended March 31, 2018, was $0.9 million. The income before income taxes, including the intercompany cost of capital charge, from the acquisitions completed through March 31, 2018, included in the Condensed Consolidated Statement of Income for the three months ended March 31, 2018, was $0.1 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)	2018		2017
Total revenues	$	502,679	$	467,198
Income before income taxes	$	118,807	$	111,618
Net income	$	91,109	$	70,522
Net income per share:
Basic	$	0.33	$	0.25
Diluted	$	0.32	$	0.25
Weighted average number of shares outstanding:
Basic	270,172		273,487
Diluted	275,714		278,052

As of March 31, 2018 and 2017, 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, 2018 and 2017, were as follows:



	Three months ended March 31,
(in thousands)	2018			2017
Balance as of the beginning of the period	$	36,175		$	63,821
Additions to estimated acquisition earn-out payables	4,524			(211		)
Payments for estimated acquisition earn-out payables	(2,565		)	(10,230		)
Subtotal	38,134			53,380
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables	2,062			3,335
Interest expense accretion	404			693
Net change in earnings from estimated acquisition earn-out payables	2,466			4,028
Balance as of March 31,	$	40,600		$	57,408

Of the $40.6 million estimated acquisition earn-out payables as of March 31, 2018, $29.1 million was recorded as accounts payable and $11.5 million was recorded as other non-current liabilities. As of March 31, 2018, the maximum future acquisition contingency payments related to all acquisitions was $84.2 million, inclusive of the $40.6 million estimated acquisition earn-out payables as of March 31, 2018. Included within the additions to estimated acquisition earn-out payables are any adjustments to opening balance sheet items within the allowable measurement period, which may therefore differ from previously reported amounts.

Goodwill

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

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, 2017, 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, 2018 are as follows:



(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Total
Balance as of January 1, 2018	$	1,386,248	$	908,472	$	286,098	$	135,261	$	2,716,079
Goodwill of acquired businesses	31,356		—		11		—		31,367
Balance as of March 31, 2018	$	1,417,604	$	908,472	$	286,109	$	135,261	$	2,747,446

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Amortizable Intangible Assets

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

Amortizable intangible assets at March 31, 2018 and December 31, 2017 consisted of the following:



	March 31, 2018								December 31, 2017
(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	$	1,474,048	$	(844,901	)	$	629,147	15.0	$	1,464,274	$	(824,584	)	$	639,690	15.0
Non-compete agreements	30,330		(29,194		)	1,136		6.8	30,287		(28,972		)	1,315		6.8
Total	$	1,504,378	$	(874,095	)	$	630,283		$	1,494,561	$	(853,556	)	$	641,005


(1)	Weighted average life calculated as of the date of acquisition.

Amortization expense for amortizable intangible assets for the years ending December 31, 2018, 2019, 2020, 2021 and 2022 is estimated to be $81.6 million, $77.1 million, $69.8 million, $66.5 million, and $62.1 million, respectively.

Long-Term Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt at March 31, 2018 and December 31, 2017 consisted of the following:



(in thousands)	March 31, 2018			December 31, 2017
Current portion of long-term debt:
Current portion of 5-year term loan facility expires June 28, 2022	$	20,000		$	20,000
4.500% senior notes, Series E, quarterly interest payments, balloon due September 2018	100,000			100,000
Total current portion of long-term debt	120,000			120,000
Long-term debt:
Note agreements:
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024	498,983			498,943
Total notes	498,983			498,943
Credit agreements:
5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires June 28, 2022	360,000			365,000
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	—			—
Total credit agreements	360,000			365,000
Debt issuance costs (contra)	(7,435		)	(7,802		)
Total long-term debt less unamortized discount and debt issuance costs	851,548			856,141
Current portion of long-term debt	120,000			120,000
Total debt	$	971,548		$	976,141

On December 22, 2006, the Company entered into a Master Shelf and Note Purchase Agreement (the “Master Agreement”) with a national insurance company. The initial issuance of notes under the Master Agreement occurred on December 22, 2006, through the issuance of $25.0 million in Series C Senior Notes due December 22, 2016, with a fixed interest rate of 5.660% per year. On February 1, 2008, $25.0 million in Series D Senior Notes due January 15, 2015, with a fixed interest rate of 5.370% per year, were issued. On September 15, 2011, and pursuant to a Confirmation of Acceptance, dated January 21, 2011, in connection with the Master Agreement, $100.0 million in Series E Senior Notes were issued and are due September 15, 2018, with a fixed interest rate of 4.500% per year. The Series E Senior Notes were issued for the sole purpose of retiring existing Senior Notes. On January 15, 2015 the Series D Senior Notes were redeemed at maturity using cash proceeds to pay off the principal of $25.0 million plus any remaining accrued interest. On December 22, 2016, the Series C Senior Notes were redeemed at maturity using cash proceeds to pay off the principal of $25.0 million plus any remaining accrued interest. As of March 31, 2018, there was an outstanding debt balance issued under the provisions of the Master Agreement of $100.0 million.

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 “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 term loan principal amortization schedule was reset with payments due quarterly. 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 Facility to the Consolidated Balance Sheet. The Company also expensed to the Consolidated Statements of Income $0.2 million of debt issuance costs related to the Original Credit Agreement due to certain lenders exiting prior to the modified agreement, while also carrying forward $1.6 million on the Consolidated Balance Sheet the unamortized portion of the Original Credit Agreement debt issuance costs which will amortize over the term of the Amended and Restated Credit Agreement. Either or both of the revolving credit facility and the term loans may be extended for two additional one year periods at the Company’s request and at the discretion of the respective lenders. Interest and facility fees in respect to the Credit Facility are based upon the better of the Company’s net debt leverage ratio or a non-credit enhanced senior unsecured long-term debt rating. Based upon the Company’s net debt leverage ratio, the rates of interest charged on the term loan are 1.000% to 1.750%, and the revolving loan is 0.850% to 1.500% above the adjusted LIBOR rate for outstanding amounts drawn. There are fees included in the facility which include a facility fee based upon the revolving credit commitments of the lenders (whether used or unused) at a rate of 0.150% to 0.250% and letter of credit fees based upon the amounts of outstanding secured or unsecured letters of credit. The Amended and Restated Credit Agreement includes various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers. On March 31, 2018, a scheduled principal payment of $5.0 million was satisfied per the terms of the Amended and Restated Credit Agreement. As of March 31, 2018, there was an outstanding debt balance issued under the terms of the Amended and Restated Credit Agreement of $380.0 million with no borrowings outstanding against the revolving loan. Per the terms of the Amended and Restated Credit Agreement, a scheduled principal payment of $5.0 million is due June 30, 2018.

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, 2018 and December 31, 2017, there was an outstanding debt balance of $500.0 million exclusive of the associated discount balance.

The Master Agreement and the Amended and Restated 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, 2018 and December 31, 2017.

The 30-day Adjusted LIBOR Rate as of March 31, 2018 was 1.938%.

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities

Our 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 our carrier partners.



	Three months ended March 31,
(in thousands)	2018		2017
Cash paid during the period for:
Interest	$	14,472	$	14,531
Income taxes	$	3,179	$	2,704

Brown & Brown’s significant non-cash investing and financing activities are summarized as follows:



	Three months ended March 31,
(in thousands)	2018		2017
Other payable issued for purchased customer accounts	$	1,690	$	—
Estimated acquisition earn-out payables and related charges	$	4,524	$	(211	)

The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of March 31, 2018 and 2017.



	Balance as of March 31,
(in thousands)	2018		2017
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	558,248	$	546,721
Restricted cash	268,129		279,368
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	826,377	$	826,089

The following is a reconciliation of cash and cash equivalents inclusive of restricted cash as of December 31, 2017 and 2016.



	Balance as of December 31,
(in thousands)	2017		2016
Table to reconcile cash and cash equivalents inclusive of restricted cash
Cash and cash equivalents	$	573,383	$	515,646
Restricted cash	250,705		265,637
Total cash and cash equivalents inclusive of restricted cash at the end of the period	$	824,088	$	781,283

In the preparation of the Statement of Cash Flows in this Quarterly Report on Form 10-Q, beginning balance sheet balances for 2018 were adjusted to reflect the modified retrospective adoption of Accounting Standards Update No.2014-09, “Revenue from Contracts with Customers” and Accounting Standards Codification Topic 340 - Other Assets and Deferred Cost, thereby reflecting in the Statement of Cash Flows the change in operating assets and liabilities for the period, excluding the initial impact of adoption of these new accounting standards. Refer to Note 2 in the "Recently Adopted Accounting Standards" for the initial impact of adoption of these new accounting standards.

Legal and Regulatory Proceedings	3 Months Ended
Legal and Regulatory Proceedings	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Legal and Regulatory Proceedings	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. During the first quarter of 2017, the Company was successful in settling a lawsuit it had brought against certain former employees of Brown & Brown, their employer, AssuredPartners, Inc. and certain key executives of AssuredPartners. The settlement included a payment of $20.0 million by AssuredPartners to Brown & Brown in exchange for releasing certain individuals from restrictive covenants in the employment contracts they had signed with the Company and provides protection for current Brown & Brown teammates from continued solicitation for employment by AssuredPartners. The proceeds of the settlement were received in March 2017 and were recorded in the other income line in the Condensed Consolidated Statement of Income. We continue 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, 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

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

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, (2) the National Programs Segment, which acts as a 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, and retail operations in Bermuda and the Cayman Islands. These operations earned $3.3 million and $3.0 million of total revenues for the three months ended March 31, 2018 and 2017, respectively. Long-lived assets held outside of the United States as of March 31, 2018 and 2017 were not material. Additionally, we have a licenses to operate as a broker in various Canadian provinces.

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, 2017. 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, 2018
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	278,402	$	112,475	$	66,148	$	44,066	$	370		$	501,461
Investment income	$	1	$	114	$	—	$	73	$	413		$	601
Amortization	$	10,242	$	6,323	$	2,837	$	1,137	$	—		$	20,539
Depreciation	$	1,237	$	1,387	$	427	$	411	$	2,090		$	5,552
Interest expense	$	6,797	$	7,496	$	1,435	$	594	$	(6,651	)	$	9,671
Income before income taxes	$	70,399	$	20,778	$	11,383	$	8,816	$	7,065		$	118,441
Total assets	$	4,687,456	$	3,009,147	$	1,323,046	$	432,920	$	(3,837,486	)	$	5,615,083
Capital expenditures	$	2,407	$	2,678	$	420	$	285	$	3,961		$	9,751



	Three months ended March 31, 2017
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	239,287	$	101,183	$	65,247	$	39,326	$	20,037		$	465,080
Investment income	$	2	$	74	$	—	$	80	$	87		$	243
Amortization	$	10,647	$	6,904	$	2,931	$	1,138	$	—		$	21,620
Depreciation	$	1,389	$	1,959	$	490	$	399	$	1,861		$	6,098
Interest expense	$	8,576	$	10,035	$	1,675	$	961	$	(11,565	)	$	9,682
Income before income taxes	$	48,855	$	12,527	$	15,265	$	6,121	$	28,199		$	110,967
Total assets	$	3,861,118	$	2,634,008	$	1,121,109	$	363,173	$	(2,781,964	)	$	5,197,444
Capital expenditures	$	1,136	$	1,080	$	378	$	150	$	288		$	3,032

Investments

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Investments

At March 31, 2018, 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	$	29,560	$	—	$	(318	)	$	29,242
Corporate debt	1,072		4		(3		)	1,073
Total	$	30,632	$	4	$	(321	)	$	30,315

At March 31, 2018, the Company held $29.2 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $1.1 million issued by corporations with investment grade ratings. Of that total, $12.8 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one-year, which also includes $8.0 million that is related to time deposits held with various financial institutions.

For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2018:



	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	$	16,235	$	(261	)	$	12,802	$	(57	)	$	29,037	$	(318	)
Corporate debt	803		(3		)	—		—			803		(3		)
Total	$	17,038	$	(264	)	$	12,802	$	(57	)	$	29,840	$	(321	)

The unrealized losses were caused by interest rate increases. At March 31, 2018, the Company had 31 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, 2018.

At December 31, 2017, 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	$	29,970	$	—	$	(206	)	$	29,764
Corporate debt	1,072		12		—			1,084
Total	$	31,042	$	12	$	(206	)	$	30,848

At December 31, 2017, the Company held $29.8 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $1.1 million issued by corporations with investment grade ratings. Of that total, $16.9 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one-year, which also includes $8.1 million that is related to time deposits held with various financial institutions.



	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	$	17,919	$	(157	)	$	11,845	$	(49	)	$	29,764	$	(206	)
Corporate debt	400		—			—		—			400		—
Total	$	18,319	$	(157	)	$	11,845	$	(49	)	$	30,164	$	(206	)

The unrealized losses from corporate issuers were caused by interest rate increases. At December 31, 2017, the Company had 27 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, 2017.

The amortized cost and estimated fair value of the fixed maturity securities at March 31, 2018 by contractual maturity are set forth below:



(in thousands)	Amortized Cost		Fair Value
Years to maturity:
Due in one year or less	$	12,791	$	12,756
Due after one year through five years	17,609		17,325
Due after five years	232		234
Total	$	30,632	$	30,315

The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2017 by contractual maturity are set forth below:



(in thousands)	Amortized Cost		Fair Value
Years to maturity:
Due in one year or less	$	16,934	$	16,899
Due after one year through five years	13,876		13,708
Due after five years	232		241
Total	$	31,042	$	30,848

The expected maturities in the foregoing table may differ from the contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalty.

Proceeds from the sales and maturity of the Company’s investment in fixed maturity securities were $6.0 million. This along with maturing time deposits yielded total cash proceeds from the sale of investments of $6.5 million in the period of January 1, 2018 to March 31, 2018. These proceeds were used to purchase additional fixed maturity securities and time deposits. The gains and losses realized on those sales for the period from January 1, 2018 to March 31, 2018 were insignificant.

Realized gains and losses are reported on the Condensed Consolidated Statements of Income, with the cost of securities sold determined on a specific identification basis.

At March 31, 2018, investments with a fair value of approximately $4.0 million were on deposit with state insurance departments to satisfy regulatory requirements.

Losses and Loss Adjustment Reserve

3 Months Ended

Mar. 31, 2018

Reinsurance Disclosures [Abstract]

Losses and Loss Adjustment Reserve

Although the reinsurers are liable to the Company for amounts reinsured, our subsidiary, Wright National Flood Insurance Company (“Wright Flood”) 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:



	Period from January 1, 2018 to March 31, 2018
(in thousands)	Written			Earned
Direct premiums	$	116,490		$	145,336
Ceded premiums	(116,487		)	(145,333		)
Net premiums	$	3		$	3

All premiums written by Wright Flood under the National Flood Insurance Program are 100% ceded to the Federal Emergency Management Agency, or FEMA, for which Wright Flood received a 30.9% expense allowance from January 1, 2018 through March 31, 2018. For the period from January 1, 2018 through March 31, 2018, the Company ceded $116.1 million of written premiums.

Effective April 1, 2014, Wright Flood is also a party to a quota share agreement whereby it cedes 100% of its gross excess flood premiums, excluding fees, to Arch Reinsurance Company and receives a 30.5% commission. Wright Flood ceded $0.4 million for the period from January 1, 2018 through March 31, 2018. As of March 31, 2018, Wright Flood had $1.2 million in paid excess flood losses, $46,659 in loss adjustment expenses, case reserves of $554,475 and incurred but not reported of $628,314.

Wright Flood also ceded 100% of the homeowners, private passenger auto liability, and other liability occurrence to Stillwater Insurance Company, formerly known as Fidelity National Insurance Company. This business is in runoff. Therefore, only loss data exists on this business. As of March 31, 2018, no ceded unpaid losses and loss adjustment expenses or incurred but not reported expenses for homeowners, private passenger auto liability and other liability occurrence existed.

As of March 31, 2018 the Condensed Consolidated Balance Sheet contained reinsurance recoverable of $146.8 million and prepaid reinsurance premiums of $292.2 million. There was no net activity in the reserve for losses and loss adjustment expense during the period January 1, 2018 through March 31, 2018, as Wright Flood’s direct premiums written were 100% ceded to two reinsurers. The balance of the reserve for losses and loss adjustment expense, excluding related reinsurance recoverable, as of March 31, 2018 was $148.0 million.

Statutory Financial Information	3 Months Ended
Statutory Financial Information	Mar. 31, 2018
Statutory Accounting Practices [Abstract]
Statutory Financial Information	Statutory Financial DataWright Flood 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 Wright Flood was $30.2 million at March 31, 2018 and $28.7 million as of December 31, 2017. For the period from January 1, 2018 through March 31, 2018, Wright Flood generated statutory net income of $1.5 million. For the period from January 1, 2017 through December 31, 2017, Wright Flood generated statutory net income of $4.8 million.

Subsidiary Dividend Restrictions	3 Months Ended
Subsidiary Dividend Restrictions	Mar. 31, 2018
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]
Subsidiary Dividend Restrictions	Subsidiary Dividend RestrictionsUnder the insurance regulations of Texas, where Wright Flood is incorporated, the maximum amount of ordinary dividends that Wright Flood can pay to shareholders in a rolling twelve-month period is limited to the greater of 10% of statutory adjusted capital and surplus as shown on Wright Flood’s last annual statement on file with the superintendent of the Texas Department of Insurance or 100% of adjusted net income. There was no dividend payout in 2017 and the maximum dividend payout that may be made in 2018 without prior approval is $4.8 million.

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Mar. 31, 2018
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity On November 14, 2017, the Company entered into an accelerated share repurchase agreement (“ASR”) with an investment bank to purchase an aggregate $75.0 million of the Company’s common stock. As part of the ASR, the Company received an initial delivery of 1,290,486 shares of the Company’s common stock with a fair market value of approximately $63.8 million. Upon maturity of the program, the Company received 168,227 shares, receiving the remaining balance of $11.2 million at settlement on February 9, 2018 for a total delivery of 1,458,713 shares of Company’s common stock. 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. After completion of the latest ASR transaction, the Company has approval to repurchase up to $227.5 million, in the aggregate, of the Company’s outstanding common stock. On March 28, 2018, we effected a 2-for-1 stock split (the “Stock Split”). As a result of the Stock Split, every share of common stock outstanding as of close of business on March 14, 2018 received an additional share of common stock, increasing the number of outstanding shares of common stock from approximately 138 million shares to approximately 276 million shares. The number of authorized shares of our common stock increased from 280 million shares to 560 million shares. No fractional shares were issued in connection with the Stock Split. Par value of the Company’s common stock was unchanged as a result of the Stock Split remaining at $0.10 per share. The number of shares of common stock reserved or subject to outstanding grants, the exercise or purchase prices applicable to such outstanding grants and subscriptions, and certain grant limitations under our 1990 Employee Stock Purchase Plan, Performance Stock Plan and 2010 Stock Incentive Plan were adjusted as a result of the Stock Split, as required under the terms of those plans. Treasury shares were not adjusted for the Stock Split. All other shares and per share data included within this Quarterly Report on Form 10-Q, including our Condensed Consolidated Financial Statements and related footnotes, have been adjusted to account for the effect of the Stock Split.

Revenues (Notes)

3 Months Ended

Mar. 31, 2018

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]

The following tables present the revenues disaggregated by revenue source:



	Three months ended March 31, 2018
(in thousands)	Retail		National Programs		Wholesale		Services		Other			Total
Base commissions⁽¹⁾	$	222,329	$	74,610	$	52,425	$	—	$	126		$	349,490
Fees⁽²⁾	23,655		33,685		11,271		43,993		(236		)	112,368
Incentive commissions⁽³⁾	23,560		40		207		—		9			23,816
Profit-sharing contingent commissions⁽⁴⁾	6,130		3,982		1,572		—		—			11,684
Guaranteed supplemental commissions⁽⁵⁾	2,522		15		443		—		—			2,980
Investment income⁽⁶⁾	1		114		—		73		413			601
Other income, net⁽⁷⁾	205		29		230		—		58			522
Total Revenues	$	278,402	$	112,475	$	66,148	$	44,066	$	370		$	501,461

(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 and fees negotiated in lieu of commissions.


(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 which may also reflect considerations for volume, growth and/or retention.


(5)	Guaranteed supplemental commissions represents 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.

Contract Assets and Liabilities

The balances of contract assets and contract liabilities arising from contracts with customers for the period ended March 31, 2018 and December 31, 2017 were as follows:



(in thousands)	March 31, 2018		December 31, 2017⁽¹⁾
Contract assets	$	222,544	$	210,323
Contract liabilities	$	54,881	$	51,236


(1)	The balances as of December 31, 2017 have been revised to reflect the impact of adopting the New Revenue Standard.

Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which have not yet been billed in our systems. 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.

Approximately 87% of the contract liability balance at the beginning of the period is expected to be recognized as revenue during 2018. The remaining 13% of the contract liability balance at the beginning of the period is included within other liabilities (long term) and expected to be recognized as revenue during 2019 or thereafter.

During the period ended March 31, 2018, the amount of revenue recognized during the period related to performance obligations satisfied in a previous period, inclusive of changes due to estimates, was insignificant.

Nature of Operations (Policies)	3 Months Ended
Nature of Operations (Policies)	Mar. 31, 2018
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, 2017.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 PronouncementsIn February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which provides guidance for accounting for leases. Under ASU 2016-02, the Company will be required to recognize the assets and liabilities for the rights and obligations created by leased assets. ASU 2016-02 will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company continues to evaluate the impact of this pronouncement with the principal impact being that the present value of the remaining lease payments be presented as a liability on the balance sheet as well as an asset of similar value representing the “Right of Use” for those leased properties. The undiscounted contractual cash payments remaining on leased properties were $210.4 million as of December 31, 2017 as indicated in Note 13 of the Company's Form 10-K and $199.6 million as of March 31, 2018 as detailed in the Liquidity and Capital Resources section of this Quarterly Report on Form 10-Q.

Basis of Financial Reporting Recently Adopted Accounting Standards (Policies)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

Recently Adopted Accounting Standards

The following areas are impacted by the adoption of Topic 606:



(in thousands)	Balance at December 31, 2017	Adjustments due to the New Revenue Standard	Balance at January 1, 2018
Balance Sheet
Assets:
Premiums, commissions and fees receivable	546,402	153,058	699,460
Other current assets	47,864	52,680	100,544

Liabilities:
Premiums payable to insurance companies	685,163	12,107	697,270
Accounts payable	64,177	8,747	72,924
Accrued expenses and other liabilities	228,748	22,794	251,542
Deferred income taxes, net	256,185	44,575	300,760

Shareholders' Equity:
Retained earnings	2,456,599	117,515	2,574,114

The following table illustrates the impact of adopting the New Revenue Standard has had on our reported results in the unaudited condensed consolidated statement of income.



	Three months ended March 31, 2018
(in thousands)	As reported	Impact of adopting the New Revenue Standard	Balances without the New Revenue Standard
Statement of Income
Revenues:
Commissions and fees	500,338	27,410	472,928

Expenses:
Employee compensation and benefits	270,899	10,121	260,778
Other operating expenses	76,313	2,761	73,552
Income taxes	27,613	3,387	24,226

Net income	90,828	11,141	79,687

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Reconciliation between Basic and Diluted Weighted Average Shares Outstanding



	Three months ended March 31,
(in thousands, except per share data)	2018			2017
Net income	$	90,828		$	70,110
Net income attributable to unvested awarded performance stock	(1,902		)	(1,686		)
Net income attributable to common shares	$	88,926		$	68,424
Weighted average number of common shares outstanding – basic	275,952			280,224
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic	(5,780		)	(6,737		)
Weighted average number of common shares outstanding for basic net income per common share	270,172			273,487
Dilutive effect of stock options	5,542			4,565
Weighted average number of shares outstanding – diluted	275,714			278,052
Net income per share:
Basic	$	0.33		$	0.25
Diluted	$	0.32		$	0.25

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Purchase price allocation for current year acquisitions and adjustments made for prior year acquisitions



(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
Other	Various	Various	$	33,576	$	1,690	$	4,524	$	39,790	$	6,520
Total			$	33,576	$	1,690	$	4,524	$	39,790	$	6,520

Estimated fair values of aggregate assets and liabilities acquired



(in thousands)	Other			Total
Fixed assets	$	21		$	21
Goodwill	31,367			31,367
Purchased customer accounts	9,774			9,774
Non-compete agreements	42			42
Total assets acquired	41,204			41,204
Other current liabilities	(1,414		)	(1,414		)
Total liabilities assumed	(1,414		)	(1,414		)
Net assets acquired	$	39,790		$	39,790

Unaudited pro forma 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)	2018		2017
Total revenues	$	502,679	$	467,198
Income before income taxes	$	118,807	$	111,618
Net income	$	91,109	$	70,522
Net income per share:
Basic	$	0.33	$	0.25
Diluted	$	0.32	$	0.25
Weighted average number of shares outstanding:
Basic	270,172		273,487
Diluted	275,714		278,052

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, 2018 and 2017, were as follows:



	Three months ended March 31,
(in thousands)	2018			2017
Balance as of the beginning of the period	$	36,175		$	63,821
Additions to estimated acquisition earn-out payables	4,524			(211		)
Payments for estimated acquisition earn-out payables	(2,565		)	(10,230		)
Subtotal	38,134			53,380
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables	2,062			3,335
Interest expense accretion	404			693
Net change in earnings from estimated acquisition earn-out payables	2,466			4,028
Balance as of March 31,	$	40,600		$	57,408

Goodwill (Tables)

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Value of Goodwill by Operating Segment

three months ended March 31, 2018 are as follows:



(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Total
Balance as of January 1, 2018	$	1,386,248	$	908,472	$	286,098	$	135,261	$	2,716,079
Goodwill of acquired businesses	31,356		—		11		—		31,367
Balance as of March 31, 2018	$	1,417,604	$	908,472	$	286,109	$	135,261	$	2,747,446

Amortizable Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets

Amortizable intangible assets at March 31, 2018 and December 31, 2017 consisted of the following:



	March 31, 2018								December 31, 2017
(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	$	1,474,048	$	(844,901	)	$	629,147	15.0	$	1,464,274	$	(824,584	)	$	639,690	15.0
Non-compete agreements	30,330		(29,194		)	1,136		6.8	30,287		(28,972		)	1,315		6.8
Total	$	1,504,378	$	(874,095	)	$	630,283		$	1,494,561	$	(853,556	)	$	641,005

(1)

Weighted average life calculated as of the date of acquisition.

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Long-Term Debt Instrument

Long-term debt at March 31, 2018 and December 31, 2017 consisted of the following:



(in thousands)	March 31, 2018			December 31, 2017
Current portion of long-term debt:
Current portion of 5-year term loan facility expires June 28, 2022	$	20,000		$	20,000
4.500% senior notes, Series E, quarterly interest payments, balloon due September 2018	100,000			100,000
Total current portion of long-term debt	120,000			120,000
Long-term debt:
Note agreements:
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024	498,983			498,943
Total notes	498,983			498,943
Credit agreements:
5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires June 28, 2022	360,000			365,000
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	—			—
Total credit agreements	360,000			365,000
Debt issuance costs (contra)	(7,435		)	(7,802		)
Total long-term debt less unamortized discount and debt issuance costs	851,548			856,141
Current portion of long-term debt	120,000			120,000
Total debt	$	971,548		$	976,141

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting Information [Line Items]

Segment Information



	Three months ended March 31, 2018
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	278,402	$	112,475	$	66,148	$	44,066	$	370		$	501,461
Investment income	$	1	$	114	$	—	$	73	$	413		$	601
Amortization	$	10,242	$	6,323	$	2,837	$	1,137	$	—		$	20,539
Depreciation	$	1,237	$	1,387	$	427	$	411	$	2,090		$	5,552
Interest expense	$	6,797	$	7,496	$	1,435	$	594	$	(6,651	)	$	9,671
Income before income taxes	$	70,399	$	20,778	$	11,383	$	8,816	$	7,065		$	118,441
Total assets	$	4,687,456	$	3,009,147	$	1,323,046	$	432,920	$	(3,837,486	)	$	5,615,083
Capital expenditures	$	2,407	$	2,678	$	420	$	285	$	3,961		$	9,751



	Three months ended March 31, 2017
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other			Total
Total revenues	$	239,287	$	101,183	$	65,247	$	39,326	$	20,037		$	465,080
Investment income	$	2	$	74	$	—	$	80	$	87		$	243
Amortization	$	10,647	$	6,904	$	2,931	$	1,138	$	—		$	21,620
Depreciation	$	1,389	$	1,959	$	490	$	399	$	1,861		$	6,098
Interest expense	$	8,576	$	10,035	$	1,675	$	961	$	(11,565	)	$	9,682
Income before income taxes	$	48,855	$	12,527	$	15,265	$	6,121	$	28,199		$	110,967
Total assets	$	3,861,118	$	2,634,008	$	1,121,109	$	363,173	$	(2,781,964	)	$	5,197,444
Capital expenditures	$	1,136	$	1,080	$	378	$	150	$	288		$	3,032

Investments (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Held-to-maturity Securities [Line Items]

Schedule of Investments in Fixed Maturity Securities

At December 31, 2017, 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	$	29,970	$	—	$	(206	)	$	29,764
Corporate debt	1,072		12		—			1,084
Total	$	31,042	$	12	$	(206	)	$	30,848

At March 31, 2018, 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	$	29,560	$	—	$	(318	)	$	29,242
Corporate debt	1,072		4		(3		)	1,073
Total	$	30,632	$	4	$	(321	)	$	30,315

Summary of Unrealized Loss Position

he 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, 2018:



	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	$	16,235	$	(261	)	$	12,802	$	(57	)	$	29,037	$	(318	)
Corporate debt	803		(3		)	—		—			803		(3		)
Total	$	17,038	$	(264	)	$	12,802	$	(57	)	$	29,840	$	(321	)

December 31, 2017:



	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	$	17,919	$	(157	)	$	11,845	$	(49	)	$	29,764	$	(206	)
Corporate debt	400		—			—		—			400		—
Total	$	18,319	$	(157	)	$	11,845	$	(49	)	$	30,164	$	(206	)

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, 2018 by contractual maturity are set forth below:



(in thousands)	Amortized Cost		Fair Value
Years to maturity:
Due in one year or less	$	12,791	$	12,756
Due after one year through five years	17,609		17,325
Due after five years	232		234
Total	$	30,632	$	30,315

The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2017 by contractual maturity are set forth below:



(in thousands)	Amortized Cost		Fair Value
Years to maturity:
Due in one year or less	$	16,934	$	16,899
Due after one year through five years	13,876		13,708
Due after five years	232		241
Total	$	31,042	$	30,848

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2018
Investments, Owned, Federal Income Tax Note [Line Items]
Income Tax, Policy [Policy Text Block]	NOTE 17· Income Taxes The Tax Cuts and Jobs Act of 2017 (“2017 Tax Reform Act”) made significant changes to the Internal Revenue Code, including, but not limited to, the reduction in the US federal corporate income tax rate from 35.0% to 21.0% for tax years beginning after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a participation exemption regime, and a one-time transition tax on the mandatory deemed repatriation of foreign earnings. The Company estimated its provision for income taxes in accordance with the 2017 Tax Reform Act and guidance available upon enactment and as a result recorded $120.9 million as a one-time credit in the fourth quarter of 2017, the period in which the legislation was signed into law. The 2017 estimate includes a provisional benefit of $124.2 million related to the remeasurement of certain deferred tax assets and liabilities, based on the rates at which they are expected to reverse in the future which was partially offset by a provisional amount related to the one-time transition tax on the mandatory deemed repatriation of foreign earnings of $3.3 million based on cumulative foreign earnings of $20.9 million. The Company has not recorded any adjustments to this provisional amount as of March 31, 2018. On December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the 2017 Tax Reform Act. In accordance with SAB 118, the Company has determined that the deferred tax benefit recorded in connection with the remeasurement of certain deferred tax assets and liabilities and the current tax expense recorded in connection with the transition tax on the mandatory deemed repatriation of foreign earnings was a provisional amount and a reasonable estimate at March 31, 2018 and December 31, 2017. Additional work is necessary for a more detailed analysis of the Company’s deferred tax assets and liabilities and its historical foreign earnings as well as potential correlative adjustments. Any subsequent adjustment to these amounts will be recorded to current tax expense in the quarter of identification, but no later than one year from the enactment date. The 2017 Tax Reform Act instituted a number of new provisions effective January 1, 2018, including the Global Intangible Low Taxed Income (“GILTI”), Foreign Derived Intangible Income (“FDII”) and Base Erosion and Anti-Abuse Tax (“BEAT”). The Company prepared reasonable estimates of the impact of each of these provisions of the 2017 Tax Reform Act on its effective tax rate for quarter ended March 31, 2018 and determined that the resulting impact was not material. The Company will continue to refine its provisional estimates related to the GILTI, FDII and BEAT rules as additional information is made available.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Basis of Financial Reporting Adopted Guidance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
Premiums Commissions And Fees Receivable	$ 694,266		$ 699,460	$ 546,402
Other Assets, Current	92,898		100,544	47,864
Insurance Commissions and Fees	500,338	$ 444,566
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	27,410
Retained Earnings (Accumulated Deficit)	2,644,191		2,574,114	2,456,599
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification				12,107
Premiums Payable To Insurance Companies	695,964		697,270	685,163
Accounts Payable, Current	125,034		72,924	64,177
Accrued Liabilities, Current	157,028		251,542	228,748
Deferred Tax Liabilities, Net, Noncurrent	288,653		$ 300,760	256,185
Employee Compensation And Benefits	270,899	245,866
Other Cost and Expense, Operating	76,313	66,919
Income Tax Expense (Benefit)	27,613	40,857
Net Income (Loss) Attributable to Parent	90,828	$ 70,110
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income	11,141
Accounts Payable [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification				8,747
Other Liabilities [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification				22,794
Deferred Income Tax Charge [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification				44,575
Employee Compensation and Benefits [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	10,121
Operating Expense [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	2,761
Income Tax Expense [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	3,387
Retained Earnings [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification				117,515
Premiums Receivable [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification				153,058
Other Current Assets [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification				$ 52,680
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Insurance Commissions and Fees	472,928
Employee Compensation And Benefits	260,778
Other Cost and Expense, Operating	73,552
Income Tax Expense (Benefit)	24,226
Net Income (Loss) Attributable to Parent	$ 79,687

Basis of Financial Reporting Text Block (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption			$ 12,107,000
Insurance Commissions	$ 349,490,000
Profit-Sharing Contingent Commission Revenue	(11,684,000)
Fees and Commissions, Other	112,368,000
Operating Leases, Future Minimum Payments Due	199,600,000		210,400,000
Share-based Compensation	7,295,000	$ 8,564,000
Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance Commissions	46,000,000.0
Profit-Sharing Contingent Commission Revenue	18,200,000
Fees and Commissions, Other	(400,000)
Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption			$ 117,515,000
Cost to Obtain [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Costs	2,800,000
Capitalized Contract Cost, Amortization	31,700
Cost to Fulfill [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred Costs	52,700,000
Capitalized Contract Cost, Amortization	$ 10,100,000

Net Income Per Share - Reconciliation between Basic and Diluted Weighted Average Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income	$ 90,828	$ 70,110
Net income attributable to unvested awarded performance stock	(1,902)	(1,686)
Net income attributable to common shares	$ 88,926	$ 68,424
Weighted average number of common shares outstanding - basic (in shares)	275,952	280,224
Less unvested awarded performance stock included in weighted average number of common shares outstanding - basic (in shares)	(5,780)	(6,737)
Weighted average number of common shares outstanding for basic earnings per common share (in shares)	270,172	273,487
Dilutive effect of stock options (in shares)	5,542	4,565
Weighted average number of shares outstanding - diluted (in shares)	275,714	278,052
Basic (in dollars per share)	$ 0.33	$ 0.25
Diluted (in dollars per share)	$ 0.32	$ 0.25

Business Combinations - Additional Information (Detail)	3 Months Ended
Business Combinations - Additional Information (Detail)	Mar. 31, 2018 USD ($) acquisition	Mar. 31, 2017 USD ($) acquisition	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$ 41,204,000
Number of acquisitions \| acquisition	2	0
Aggregate purchase price of acquisitions	$ 21,400
Payments to Acquire Businesses, Gross	33,576,000
Goodwill assigned	31,367,000
Goodwill currently deductible for income tax purposes	26,900,000
Goodwill related to the recorded earn-out payables	4,500,000
Total revenues related to acquisitions	900,000
Income before income taxes related to acquisitions	100,000
Estimated acquisition earn-out payables	40,600,000	$ 57,408,000	$ 36,175,000	$ 63,821,000
Maximum Future Contingency payments Acquisitions	84,200,000
Accounts payable
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	$ 29,100,000
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
Services
Business Acquisition [Line Items]
Goodwill assigned	$ 31,356,000
Other non-current liability
Business Acquisition [Line Items]
Estimated acquisition earn-out payables	$ 11,500,000
Business Combinations - Asset Deals [Member]
Business Acquisition [Line Items]
Number of acquisitions \| acquisition	2
Other Acquisitions [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$ 41,204,000
Goodwill assigned	$ 31,367,000

Business Combinations - Acquisitions Accounted for Business Combinations (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	$ 1,414
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	41,204
Cash Paid	33,576
Other Payable	1,690
Recorded Earn-Out Payable	4,524
Net Assets Acquired	39,790
Maximum Potential Earn- Out Payable	6,520
Fixed assets	21
Goodwill	31,367
Purchased customer accounts	9,774
Non-compete agreements	42
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	1,414
Services
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill	31,356
Other Acquisitions [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	1,414
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	41,204
Net Assets Acquired	39,790
Fixed assets	21
Goodwill	31,367
Purchased customer accounts	9,774
Non-compete agreements	42
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	1,414
Other Acquisitions [Member] \| Various
Business Combination, Separately Recognized Transactions [Line Items]
Cash Paid	33,576
Other Payable	1,690
Recorded Earn-Out Payable	4,524
Net Assets Acquired	39,790
Maximum Potential Earn- Out Payable	$ 6,520

Business Combinations - Estimated Fair Values of Aggregate Assets and Liabilities Acquired (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Fair Value Of Assets And Liabilities Statement [Line Items]
Payments to Acquire Businesses, Gross	$ 33,576
Recorded Earn-Out Payable	4,524
Fixed assets	21
Goodwill	31,367
Purchased customer accounts	9,774
Non-compete agreements	42
Total assets acquired	41,204
Other current liabilities	(1,414)
Total liabilities assumed	(1,414)
Net assets acquired	39,790
Maximum Potential Earn- Out Payable	6,520
Other Acquisitions [Member]
Fair Value Of Assets And Liabilities Statement [Line Items]
Fixed assets	21
Goodwill	31,367
Purchased customer accounts	9,774
Non-compete agreements	42
Total assets acquired	41,204
Other current liabilities	(1,414)
Total liabilities assumed	(1,414)
Net assets acquired	$ 39,790

Business Combinations - Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	$ 900
Business Combination Pro Forma Information Income Loss Before Income Taxes Of Acquiree Since Acquisition Date Actual	100
Total revenues	502,679	$ 467,198
Income before income taxes	118,807	111,618
Net income	$ 91,109	$ 70,522
Net income per share:
Basic (in dollars per share)	$ 0.33	$ 0.25
Diluted (in dollars per share)	$ 0.32	$ 0.25
Weighted Average Basic Shares Outstanding, Pro Forma	270,172	273,487
Weighted average number of shares outstanding:
Pro Forma Weighted Average Shares Outstanding, Diluted	275,714	278,052

Business Combinations - Additions, Payments, and Net Changes, as well as Interest Expense Accretion on Estimated Acquisition Earn-Out Payables (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Business Combinations [Abstract]
Beginning balance	$ 36,175	$ 63,821
Additions to estimated acquisition earn-out payables	4,524	(211)
Payments for estimated acquisition earn-out payables	(2,565)	(10,230)
Subtotal	38,134	53,380
Net change in earnings from estimated acquisition earn-out payables:
Change in fair value on estimated acquisition earn-out payables	2,062	3,335
Interest expense accretion	404	693
Net change in earnings from estimated acquisition earn-out payables	2,466	4,028
Ending balance	$ 40,600	$ 57,408

Goodwill - Changes in Carrying Value of Goodwill by Operating Segment (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,716,079
Goodwill of acquired businesses	31,367
Ending balance	2,747,446
Services
Goodwill [Roll Forward]
Beginning balance	1,386,248
Goodwill of acquired businesses	31,356
Ending balance	1,417,604
National Programs
Goodwill [Roll Forward]
Beginning balance	908,472
Goodwill of acquired businesses	0
Ending balance	908,472
Wholesale Brokerage
Goodwill [Roll Forward]
Beginning balance	286,098
Goodwill of acquired businesses	11
Ending balance	286,109
Services
Goodwill [Roll Forward]
Beginning balance	135,261
Goodwill of acquired businesses	0
Ending balance	$ 135,261

Amortizable Intangible Assets - Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 1,504,378	$ 1,494,561
Accumulated Amortization	(874,095)	(853,556)
Net Carrying Value	630,283	641,005
Purchased customer accounts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,474,048	1,464,274
Accumulated Amortization	(844,901)	(824,584)
Net Carrying Value	$ 629,147	639,690
Weighted Average Life (Years)	15 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 30,330	30,287
Accumulated Amortization	(29,194)	(28,972)
Net Carrying Value	$ 1,136	$ 1,315
Weighted Average Life (Years)	6 years 9 months 18 days

Amortizable Intangible Assets - Additional Information (Detail) $ in Millions	Mar. 31, 2018 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense estimated, year one (2015)	$ 81.6
Amortization expense estimated, year two (2016)	77.1
Amortization expense estimated, year three (2017)	69.8
Amortization expense estimated, year four (2018)	66.5
Amortization expense estimated, year five (2019)	$ 62.1

Long-Term Debt - Long-Term Debt Instrument (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Jan. 15, 2015
Debt Instrument [Line Items]
Document Period End Date	Mar. 31, 2018
Total current portion of long-term debt	$ 120,000	$ 120,000
Total notes	498,983	498,943
Long-term credit agreements	360,000	365,000
Debt Issuance Costs, Gross	(7,435)	(7,802)
Total long-term debt	851,548	856,141
Current portion of long-term debt	120,000	120,000
Total debt	971,548	976,141
4.500% senior notes, Series E, quarterly interest payments, balloon due September 2018
Debt Instrument [Line Items]
Current portion of senior notes	100,000	100,000	$ 25,000
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024
Debt Instrument [Line Items]
Total notes	498,983	498,943
5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires June 28, 2022
Debt Instrument [Line Items]
Current portion of loan facility	20,000	20,000
Long-term credit agreements	360,000	365,000
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	$ 0	$ 0

Long-Term Debt - Long-Term Debt Instrument (Additional Information) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 18, 2014	Sep. 15, 2011
4.500% senior notes, Series E, quarterly interest payments, balloon due 2018
Debt Instrument [Line Items]
Debt instrument maturity year	2018	2018
Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			4.20%
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024
Debt Instrument [Line Items]
Debt instrument maturity year	2024	2024
5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, 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
Five Year Term Loan Facility Expires In Two Thousand Ninteen Current [Member]
Debt Instrument [Line Items]
Debt instrument maturity year	2022	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
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
Maximum \| Term Loan [Member] \| LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%
Revolving Credit Facility [Member] \| Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.25%	0.25%
Revolving Credit Facility [Member] \| Maximum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.50%	1.50%
Series E [Member] \| Master Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				4.50%

Long-Term Debt - Narrative (Detail) - USD ($)	3 Months Ended	12 Months Ended
Long-Term Debt - Narrative (Detail) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2018	Jun. 28, 2017	Jan. 15, 2015	Sep. 18, 2014	Apr. 17, 2014	Sep. 15, 2011	Feb. 01, 2008	Dec. 22, 2006
Debt Instrument [Line Items]
Document Period End Date	Mar. 31, 2018
Credit facility, outstanding amount	$ 360,000,000	$ 365,000,000
Unsecured revolving credit facility				$ 400,000,000.0			$ 800,000,000.0
Write off of Deferred Debt Issuance Cost	200,000
Debt Issuance Costs, Noncurrent, Net				1,600,000
Debt Instrument, Periodic Payment, Principal	5,000,000.0
Proceeds from Issuance of Debt	2,800,000
Unsecured term loans				$ 380,000,000.0
Outstanding debt balance	971,548,000	976,141,000
4.500% senior notes, Series E, quarterly interest payments, balloon due September 2018
Debt Instrument [Line Items]
Current portion of senior notes	100,000,000	$ 100,000,000			$ 25,000,000.0
Unsecured Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage						4.20%
Debt instrument, face amount						$ 500,000,000.0
Outstanding debt balance	500,000,000.0
Term Loan
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal	67,500,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, outstanding amount						$ 475,000,000.0
Master Agreement
Debt Instrument [Line Items]
Unsecured senior notes outstanding	$ 100,000,000.0
Master Agreement \| Series C
Debt Instrument [Line Items]
Unsecured senior notes outstanding									$ 25,000,000.0	$ 25,000,000.0
Debt instrument interest rate stated percentage										5.66%
Master Agreement \| Series D
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage									5.37%
Master Agreement \| Series E
Debt Instrument [Line Items]
Unsecured senior notes outstanding								$ 100,000,000.0
Debt instrument interest rate stated percentage								4.50%
LIBOR
Debt Instrument [Line Items]
30-day Adjusted LIBOR Rate	1.938%
Maximum \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Facility fee	0.25%	0.25%
Maximum \| LIBOR \| Term Loan
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.75%	1.75%
Maximum \| LIBOR \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, variable interest rate	1.50%	1.50%
Scenario, Forecast [Member]
Debt Instrument [Line Items]
Unsecured senior notes outstanding			$ 5,000,000.0

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities - Significant Non-Cash Investing and Financing Activities (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Document Period End Date	Mar. 31, 2018
Cash and cash equivalents	$ 558,248,000	$ 546,721,000	$ 573,383,000	$ 515,646,000
Restricted Cash and Cash Equivalents	268,129,000	279,368,000	250,705,000	265,637,000
Cash paid during the period for:
Interest	14,472,000	14,531,000
Income taxes	3,179,000	2,704,000
Significant non-cash investing and financing activities
Other payable issued for purchased customer accounts	1,690,000	0
Estimated acquisition earn-out payables and related charges	4,524,000	(211,000)
Cash and Cash Equivalents inclusive of Restricted Cash [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 826,377,000	$ 826,089,000	$ 824,088,000	$ 781,283,000

Supplemental Disclosures of Cash Flow Information and Non-Cash Financing and Investing Activities Restricted Cash (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Cash and cash equivalents	$ 558,248,000	$ 546,721,000	$ 573,383,000	$ 515,646,000
Cash and Cash Equivalents, at Carrying Value	826,377,000	826,089,000	824,088,000	781,283,000
Restricted Cash and Cash Equivalents	268,129,000	279,368,000	250,705,000	265,637,000
Cash and Cash Equivalents inclusive of Restricted Cash [Member]
Cash and cash equivalents	$ 826,377,000	$ 826,089,000	$ 824,088,000	$ 781,283,000

Segment Information - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) Segment	Mar. 31, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	4
Total revenues	$ 501,461	$ 465,080
London, Bermuda and Cayman Islands
Segment Reporting Information [Line Items]
Total revenues	$ 3,300	$ 3,000

Segment Information - Summarized Financial Information Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total revenues	$ 501,461	$ 465,080
Investment income	601	243
Amortization	20,539	21,620
Depreciation	5,552	6,098
Interest expense	9,671	9,682
Income before income taxes	118,441	110,967
Total assets	5,615,083	5,197,444	$ 5,747,550
Capital expenditures	9,751	3,032
Operating Segments
Segment Reporting Information [Line Items]
Investment income	413
Operating Segments \| Services
Segment Reporting Information [Line Items]
Total revenues	278,402	239,287
Investment income	1	2
Amortization	10,242	10,647
Depreciation	1,237	1,389
Interest expense	6,797	8,576
Income before income taxes	70,399	48,855
Total assets	4,687,456	3,861,118
Capital expenditures	2,407	1,136
Operating Segments \| National Programs
Segment Reporting Information [Line Items]
Total revenues	112,475	101,183
Investment income	114	74
Amortization	6,323	6,904
Depreciation	1,387	1,959
Interest expense	7,496	10,035
Income before income taxes	20,778	12,527
Total assets	3,009,147	2,634,008
Capital expenditures	2,678	1,080
Operating Segments \| Wholesale Brokerage
Segment Reporting Information [Line Items]
Total revenues	66,148	65,247
Investment income	0	0
Amortization	2,837	2,931
Depreciation	427	490
Interest expense	1,435	1,675
Income before income taxes	11,383	15,265
Total assets	1,323,046	1,121,109
Capital expenditures	420	378
Operating Segments \| Services
Segment Reporting Information [Line Items]
Total revenues	44,066	39,326
Investment income	73	80
Amortization	1,137	1,138
Depreciation	411	399
Interest expense	594	961
Income before income taxes	8,816	6,121
Total assets	432,920	363,173
Capital expenditures	285	150
Other
Segment Reporting Information [Line Items]
Total revenues	370	20,037
Investment income	413	87
Amortization	0	0
Depreciation	2,090	1,861
Interest expense	(6,651)	(11,565)
Income before income taxes	7,065	28,199
Total assets	(3,837,486)	(2,781,964)
Capital expenditures	$ 3,961	$ 288

Investments - Schedule of Investments in Fixed Maturity Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Debt Maturities, Single Maturity Date	$ 8,000	$ 8,100
Cost	30,632	31,042
Gross Unrealized Gains	4	12
Gross Unrealized Losses	(321)	(206)
Fair Value	30,315	30,848
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities
Schedule of Available-for-sale Securities [Line Items]
Cost	29,560	29,970
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(318)	(206)
Fair Value	29,242	29,764
Corporate debt
Schedule of Available-for-sale Securities [Line Items]
Cost	1,072	1,072
Gross Unrealized Gains	4	12
Gross Unrealized Losses	(3)	0
Fair Value	$ 1,073	$ 1,084

Investments - Summary of Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 Months	$ 17,038	$ 18,319
Unrealized Losses, Less than 12 Months	(264)	(157)
Fair Value, 12 Months or More	12,802	11,845
Unrealized Losses, 12 Months or More	(57)	(49)
Fair Value	29,840	30,164
Unrealized Losses	(321)	(206)
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 Months	16,235	17,919
Unrealized Losses, Less than 12 Months	(261)	(157)
Fair Value, 12 Months or More	12,802	11,845
Unrealized Losses, 12 Months or More	(57)	(49)
Fair Value	29,037	29,764
Unrealized Losses	(318)	(206)
Corporate debt
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 Months	803	400
Unrealized Losses, Less than 12 Months	(3)	0
Fair Value, 12 Months or More	0	0
Unrealized Losses, 12 Months or More	0	0
Fair Value	803	400
Unrealized Losses	$ (3)	$ 0

Investments - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) Securities	Dec. 31, 2017 USD ($) Securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	$ 30,315	$ 30,848
Number of securities in unrealized loss position \| Securities	31	27
Proceeds from sale of investment in fixed maturity securities	$ 6,000
Proceeds from Sale of Other Investments	$ 6,500
Investment security maturity date, start	Jan. 01, 2018
Investment security maturity date, End	Mar. 31, 2018
Gross realized gains and losses of securities	insignificant
Investments on deposit with the state insurance department	$ 4,000
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	$ 29,242	$ 29,764

Investments - Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Amortized Cost
Due in one year or less	$ 12,791	$ 16,934
Due after one year through five years	17,609	13,876
Due after five years	232	232
Amortized Cost, Total	30,632	31,042
Fair Value
Due in one year or less	12,756	16,899
Due after one year through five years	17,325	13,708
Due after five years	234	241
Fair Value, Total	$ 30,315	$ 30,848

Losses and Loss Adjustment Reserve - Effects of Reinsurance on Premiums Written and Earned (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Written
Direct premiums	$ 116,490
Ceded premiums	(116,487)
Net premiums	3
Earned
Direct premiums	145,336
Ceded premiums	(145,333)
Net premiums	$ 3

Losses and Loss Adjustment Reserve - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018 USD ($) Reinsurer	Dec. 31, 2017 USD ($)
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Ceded rate of premiums under insurance program	100.00%
Document Period End Date	Mar. 31, 2018
Premiums written net	$ 116,487,000
Ceded unpaid loss	146,800,000
Prepaid reinsurance premiums	292,172,000	$ 321,017,000
Increase (Decrease) in Loss and Loss Adjustment Expense Reserve	1,200,000
Reserve for losses and loss adjustment expense	$ 148,000,000.0
Number of reinsurers \| Reinsurer	2
Wright National Flood Insurance Company [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Ceded rate of premiums under insurance program	100.00%
Expenses and allowance rate received in premiums	30.90%
Premiums written net	$ 116,100,000
Wright National Flood Insurance Company [Member] \| Quota Share Agreement
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Effective cedes rate under quota share agreement	100.00%
Commission rate, percent of ceded written premiums	30.50%
Ceded amount	$ 400,000
Wright National Flood Insurance Company [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Loss Adjustment Expense	46,659
Case Reserves	554,475
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred but Not Reported (IBNR) Claims, Amount	$ 628,314

Statutory Financial Information - Additional Information (Detail) - Wright Flood - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Statutory Accounting Practices [Line Items]
Statutory capital and surplus required	$ 7,500,000
Statutory capital and surplus	30,200,000	$ 28,700,000
Statutory net Income	$ 1,500,000	$ 4,800,000

Subsidiary Dividend Restrictions - Additional Information (Detail) - Wright Flood $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Dividend Restrictions [Line Items]
Dividend rate as a percentage of net income	100.00%
Ordinary dividends payment description	The maximum amount of ordinary dividends that Wright Flood can pay to shareholders in a rolling twelve month period is limited to the greater of 10% of statutory adjusted capital and surplus as shown on Wright Flood?s last annual statement on file with the superintendent or 100% of adjusted net income.
Maximum dividend payout that may be made without prior approval	$ 4.8
Maximum
Dividend Restrictions [Line Items]
Dividend rate as a percentage of net income	10.00%

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2017	Mar. 31, 2018	Mar. 28, 2018	Mar. 14, 2018	Feb. 09, 2018	Nov. 14, 2017
Accelerated Share Repurchases [Line Items]
Shares repurchased, authorized amount		$ 227,500
Shares repurchased, number of shares received initially (in shares)	10,718,319	10,886,546
Fair value of common stock repurchased	$ 386,322	$ 397,572
Common Stock, Shares, Outstanding	276,210,910	276,074,694
Common Stock, Shares Authorized	560,000,000	560,000,000
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10	$ 0.10
Third Accelerated Share Repurchase Agreement [Member]
Accelerated Share Repurchases [Line Items]
Shares repurchased, authorized amount	$ 75,000
Shares repurchased, number of shares received initially (in shares)					168,227	1,290,486
Fair value of common stock repurchased					$ 11,200	$ 63,800
Treasury Stock, Shares, Acquired	1,458,713
Repurchase Agreements [Member]
Accelerated Share Repurchases [Line Items]
Shares repurchased, authorized amount		$ 100,000
2 for 1 Stock Split [Member]
Accelerated Share Repurchases [Line Items]
Common Stock, Shares, Outstanding			276,000,000	138,000,000
Common Stock, Shares Authorized			560,000,000	280,000,000

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Document Period End Date	Mar. 31, 2018
Insurance Commissions	$ 349,490
Investment Income, Nonoperating	601	$ 243
Other Income	522	20,271
Fees and Commissions, Other	112,368
Incentive Commission	23,816
Profit-Sharing Contingent Commission Revenue	11,684
Guaranteed Supplemental Commission	2,980
Revenues	501,461	465,080
Contract with Customer, Asset and Liability [Table Text Block]	222,544		$ 210,323
Contract with Customer, Liability	54,881		$ 51,236
Operating Segments [Member]
Segment Reporting Information [Line Items]
Insurance Commissions	126
Investment Income, Nonoperating	413
Other Income	58
Fees and Commissions, Other	(236)
Incentive Commission	9
Profit-Sharing Contingent Commission Revenue	0
Guaranteed Supplemental Commission	0
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Investment Income, Nonoperating	413	87
Revenues	370	20,037
Retail [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Insurance Commissions	222,329
Investment Income, Nonoperating	1	2
Other Income	205
Fees and Commissions, Other	23,655
Incentive Commission	23,560
Profit-Sharing Contingent Commission Revenue	6,130
Guaranteed Supplemental Commission	2,522
Revenues	278,402	239,287
National Programs [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Insurance Commissions	74,610
Investment Income, Nonoperating	114	74
Other Income	29
Fees and Commissions, Other	33,685
Incentive Commission	40
Profit-Sharing Contingent Commission Revenue	3,982
Guaranteed Supplemental Commission	15
Revenues	112,475	101,183
Wholesale Brokerage [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Insurance Commissions	52,425
Investment Income, Nonoperating	0	0
Other Income	230
Fees and Commissions, Other	11,271
Incentive Commission	207
Profit-Sharing Contingent Commission Revenue	1,572
Guaranteed Supplemental Commission	443
Revenues	66,148	65,247
Services [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Insurance Commissions	0
Investment Income, Nonoperating	73	80
Other Income	0
Fees and Commissions, Other	43,993
Incentive Commission	0
Profit-Sharing Contingent Commission Revenue	0
Guaranteed Supplemental Commission	0
Revenues	$ 44,066	$ 39,326

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2017
Investments, Owned, Federal Income Tax Note [Line Items]
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount		$ 3,300
Income Tax Expense (Benefit)	$ (27,613)		$ (40,857)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%			35.00%
Undistributed Earnings of Foreign Subsidiaries		20,900		$ 20,900
Document Period End Date	Mar. 31, 2018
Tax Cuts and Jobs Act 2017 [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Deferred Tax Liabilities, Deferred Expense		124,200		$ 124,200
Income Tax Expense (Benefit)		$ 120,900

Legal and Regulatory Proceedings Legal and Regulatory Proceedings (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded from Other Party	$ 20.0

Nature of Operations - Additional Information (Detail)	3 Months Ended
Nature of Operations - Additional Information (Detail)	Mar. 31, 2018 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4