The company acquired 32 insurance intermediaries and books of business, paying $890 million, net of cash acquired. Acquisitions contributed significantly to revenue growth.

Consolidated organic revenue growth was 10.4%, indicating solid performance from existing operations. This growth was driven by new business, customer retention, and exposure unit expansion.

The company recognized a gain on disposal, but it was significantly lower than the prior year due to the sale of the third-party claims administration and adjusting services business in the fourth quarter of 2023.

Employee compensation and benefits expense as a percentage of total revenues decreased to 50.1%, indicating improved efficiency. Other operating expenses also decreased as a percentage of total revenues.

The effective tax rate decreased from 24.1% to 23.1%, contributing to net income growth.

The company continues to integrate acquired businesses, as evidenced by acquisition/integration costs. Management is focused on successfully integrating acquired businesses into operations.

The company acknowledges the increasing sophistication of cybersecurity threats and the potential for attacks to disrupt operations, compromise data, and damage reputation. They continue to invest in security measures.

The company acknowledges risks related to integrating acquired businesses, including potential failures to achieve expected revenues or profitability, diversion of management attention, and difficulties in retaining employees.

The company highlights the risk of non-compliance with non-U.S. laws, regulations, and policies, which could adversely affect operations and strategic objectives. Changes in data privacy and protection laws are also noted as a risk.

The company acknowledges the highly competitive nature of the insurance intermediary business, with competition based on innovation, knowledge, service, and price. They compete with firms with greater resources.

The company recognizes the risk of disintermediation within the insurance industry, including increased competition from insurance companies, technology companies, and the financial services industry, as well as the shift away from traditional insurance markets.

The company states that no more than 5% of total core commissions was derived from insurance policies underwritten by one insurance company, mitigating the risk of losing a major carrier relationship.

Employee compensation and benefits as a percentage of total revenues decreased to 50.1%, indicating improved efficiency. Other operating expenses also decreased as a percentage of total revenues.

The company is continuously taking steps to upgrade and expand information systems capabilities, requiring an ongoing commitment of significant resources.

The company emphasizes providing a safe environment, with comprehensive safety policies addressing hazardous conditions, emergencies, and violence prevention. There were no work-related fatalities in 2024.

The company is continuously taking steps to upgrade and expand information systems capabilities, including how they electronically interact with customers, vendors, and insurance carriers.

The company uses artificial intelligence and robotic processing automation in its business, including with respect to services provided to customers, and has internal policies governing their use.

The company has made investments, and will continue to invest, in technology security initiatives, information technology policies, resources, and teammate training to mitigate the risk of unauthorized access to sensitive information.

The company completed 32 acquisitions, paying $890 million, net of cash acquired. Acquisitions are a core part of the company's growth strategy.

The company issued $600 million in senior notes and used the proceeds to repay other debt, demonstrating active management of its capital structure.

The company increased cash dividends by 14.1% to $154 million, reflecting a commitment to returning capital to shareholders.

The company has a Diversity, Inclusion and Belonging advisory council and Teammate Resource Groups to foster a diverse and inclusive workplace.

The company prioritizes holistic well-being, offering access to coaching, therapy, and work-life services through a teammate assistance program.

The company emphasizes providing a safe environment, with comprehensive safety policies addressing hazardous conditions, emergencies, and violence prevention.

The company acknowledges that changes in economic conditions, including inflation and interest rates, could adversely affect their business, results of operations, and financial condition.

The company notes that the occurrence of natural disasters could result in declines in profit-sharing contingent commissions or reduced insurer capacity.

The company's concentration in certain states and the United Kingdom exposes it to adverse economic conditions, natural disasters, or regulatory changes in those jurisdictions.