For our combined Brokerage and Risk Management segments, we posted 17% growth in revenue, 8.6% organic growth, but it's over 10% when adjusted for timing, which Doug will spend some time on in a few minutes.
Net earnings margin expansion of 107 basis points, adjusted EBITDAC margin expansion of 30 basis points, and we completed eight new mergers in the quarter with more than $70 million of estimated annualized revenue.
Reported revenue growth was strong at 16%.
Of that, 6.8% was organic revenue growth, a little better than our June IR Day expectation and closer to 9% adjusted for timing.
Our net earnings margin moved higher by 53 basis points, and our adjusted EBITDAC margin expanded by 23 basis points, highlighting our continued expense discipline.
First, our domestic retail operations were very strong with more than 8% organic.
Risk Placement Services, our domestic wholesale operations, grew 12%.
This includes nearly 25% organic in open Brokerage and 6% organic in our MGA programs and binding businesses.
Outside the U.S., our U.K. operations posted more than 9% organic.
Specialty was 10% and retail was excellent at 9%, bolstered by new business production.
Canada was up an outstanding 16%, fueled by rate and exposure growth on top of solid new business and retention.
And finally, Australia and New Zealand combined grew nearly 4%, benefiting from good new business and stable retention.
Second quarter organic was up about 4%, which is also ahead of our June IR Day commentary and another sequential step-up over first quarter 2021 and the second half of 2020.
As business activity improves, we're seeing more favorable growth in our core health and welfare, fee-for-service and retirement consulting businesses, which is encouraging -- it's an encouraging sign for the second half of the year.
So when I combine PC at 9-plus percent and benefits around 4%, total Brokerage segment organic was pushing 9% but with timing reported 6.8%.
U.S. retail was up about 8%, including double-digit increases in professional liability.
Canada was up 9%, driven by increases in professional liability and package.
New Zealand was flat and Australia up 6%.
Moving to the U.K., retail was up about 8%, with most classes of specialty business over 10%.
And finally, within RPS, wholesale open brokerage was up 12%, while our binding operations were up 4%.
So as I sit here today, I think second half Brokerage organic will be better than the first half and could take full year 2020 organic toward 8%.
That would be a terrific step-up from the 3.2% organic we reported in 2020.
We completed seven Brokerage and one Risk Management merger during the second quarter, representing over $70 million of estimated annualized revenues.
As I look at our tuck-in merger and acquisition pipeline, we have more than 40 term sheets signed or being prepared, representing around $300 million of annualized revenues.
Second quarter organic growth was pushing 20%, better than our June IR Day expectations of mid-teens, and our adjusted EBITDAC margin exceeded 19%.
We benefited from a revenue lift related to our 2020 new business wins, increased new arising claims within core workers' compensation and an easier pandemic-era comparison.
For the year, we expect organic to be just over 10% and our EBITDAC margin to remain above 19%.
And that's because of our 35,000-plus employees and our unique Gallagher culture.
And as we open offices around the globe yet preserving the flexibility we mastered over the last 16 months, I'm hearing the excitement about being back together.
Headline all-in organic of 6.8%, excellent on its own, but as Pat said, really running closer to 9%.
Call that 70 basis points.
Second, also recall that we took our 606 revenue accounting adjustment in the first quarter of 2020.
Call that about 150 basis points.
These two items combined for about 220 basis points of a headwind here in the second quarter.
You'll see that we expanded our EBITDAC margin by 23 basis points here in the second quarter.
Considering last year's second quarter was in the depth of the pandemic and our Brokerage segment saved $60 million in that quarter, to post any expansion at all this quarter is terrific work by the team.
So the natural question is, when you levelize for the $60 million of pandemic savings last year's second quarter and about $15 million of costs that came back this second quarter, what was the underlying margin expansion?
Answer to that is about 125 basis points, which on 6.8% organic feels about right.
That $15 million mostly relates to higher utilization of our self-insurance medical plans, a modest tick-up in T&E expenses and incentive comp.
So we held $45 million of cost savings this quarter, and that's really terrific.
As of now, we think about $20 million of cost returned in the third quarter and $30 million return in the fourth quarter.
Math would say about 7%, which is really the real story.
Recall at the beginning of the year, after expanding margins 420 basis points in 2020, we were looking at just holding margins flat.
So even with the return of the expenses and again, let's say, assuming for illustration a full year organic of 7%, math would show another full point of margin expansion in 2021.
That would mean our cumulative 2-year margin expansion would be well over 500 basis points.
Let's move on to the Risk Management segment EBITDAC table on Page 7.
Adjusted EBITDAC margin of 19.7% in the quarter is fantastic.
And we continue to expect the team to deliver margins above 19% for the full year, showing that our Risk Management segment can also hold some of the pandemic-induced cost savings, meaning that the 2020 step-up in margin can be sustained in 2021.
Accordingly, we are increasing our full year net earnings range to $75 million to $85 million on the back of the second quarter upside.
Looking ahead to the third quarter, and that's in the pinkish section, you'll see non-GAAP after-tax adjustment for $12 million to $14 million.
This charge is mostly related to redeeming $650 million of debt.
This should also lead to lower third and fourth quarter adjusted interest and banking expense, savings maybe of $2 million to $3 million after tax each quarter.
Rather, beginning in 2022, we will show substantial cash flows through our cash flow statement, call it $125 million to $150 million a year for, say, six to seven years.
So next, let's go to the balance sheet on Page 14, the top line cash.
At June 30, cash on hand was $3.2 billion, and we have no outstanding borrowings on our credit facility.
We'll use that first to redeem the $650 million of debt I just discussed.
And also today, we announced a $1.5 billion share repurchase program.
That would leave us with about $1 billion of cash.
Then add to that about $650 million of net cash generation in the second half.
And we would also have another $600 million to $700 million of borrowing capacity.
Means we have upwards of $2.5 billion for M&A.

Summary:
As business activity improves, we're seeing more favorable growth in our core health and welfare, fee-for-service and retirement consulting businesses, which is encouraging -- it's an encouraging sign for the second half of the year.
We benefited from a revenue lift related to our 2020 new business wins, increased new arising claims within core workers' compensation and an easier pandemic-era comparison.
And also today, we announced a $1.5 billion share repurchase program.