On Tuesday of last week, our Board of Directors increased our quarterly dividend by 9%.
We delivered $674 million of revenue, growing 8.9% in total and 4.3% organically.
Our EBITDAC margin was 32.8%, which is up 130 basis points from the third quarter of 2019.
Our net income per share for the third quarter was $0.47, increasing 14.6% on an as reported basis.
On an adjusted basis, which excludes the change in acquisition earn-out payables, our net income per share was $0.52, an increase of 33.3% over the prior year.
During the quarter, we completed another six acquisitions with annual revenues of approximately $31 million.
From a capital perspective, we issued $700 million of 10.5-year bonds in September.
We're very pleased with a coupon of 2.375%, particularly considering that we issued bonds in March of 2019 with a coupon of 4.5%.
For the most part admitted market rates are up 3% to 7% across most lines.
Commercial auto rates were the exception, as they remain up 10%.
From an E&S perspective, most rates are up 10% to 20%.
Coastal property, both wind and quake are up 15% to 25%.
Professional liability is generally up 10% to 25%, depending on the coverage in the industry.
We've been active in the M&A space closing six transactions during the quarter with annual revenues of approximately $31 million.
During the first three quarters, we closed 16 transactions with annualized revenues of approximately $117 million.
Our retail segment, organic revenue grew by 4.1% in the third quarter.
Our National Programs segment grew 8.4% organically, delivering another impressive quarter.
Our Wholesale Brokerage segment grew 8.2% organically for the quarter.
The organic revenue for our services segment decreased 13.1% for the quarter.
For the third quarter, we delivered total revenue growth of $55.3 million or 8.9% and organic revenue growth of 4.3%.
Our EBITDAC increased by 13.2%, growing faster than revenues as we were able to leverage our expense base and further manage our expenses in response to COVID-19.
Our income before income taxes increased by 4.3%, growing at a slower pace than EBITDAC.
This was driven primarily by the $21 million year-over-year increase in the change in estimated acquisition earn-out payables.
Our net income increased by $18.4 million or 15.9% and our diluted net income per share increased by 14.6% to $0.47.
Our effective tax rate for the third quarter was 15.5%, compared to 23.9% in the third quarter of 2019.
Our weighted average number of shares increased slightly compared to the prior year and our dividends per share increased to $0.085 or 6.3% compared to the third quarter of 2019.
During the third quarter of 2020, the change in estimated acquisition earn-out payables was about $15 million, representing an increase of approximately $21 million as compared to the third quarter of 2019.
On a year-to-date basis, the net impact of the change in estimated earn-out payables that they charge of about $5 million as compared to a credit of approximately $7 million for the same period last year.
Excluding the change in acquisition earn-out payables in the third quarter of both years, our income before income taxes, grew $27.2 million or 18.6% growing faster than EBITDAC due primarily to lower interest expense.
Our net income on adjusted basis increased by $35.3 million or 31.6% and our adjusted diluted net income per share was $0.52, increasing 33.3%.
For the quarter, our total commissions and fees increased by 8.7% and our contingent commissions and GSCs were substantially flat.
Our organic revenues, which exclude the net impact of M&A activity increased by 4.3% for the third quarter.
Our Retail segment delivered total revenue growth of 6.5%, driven by acquisition activity over the past 12 months and organic revenue growth of 4.1%, which was driven by growth across most lines of business and slightly lower contingent commissions and GSCs.
For the quarter, retail realized about a 100 basis points of incremental organic revenue growth from the timing of new business and certain renewals we expected to recognize in the fourth quarter of this year.
Our EBITDAC margin for the quarter increased by 250 basis points and EBITDAC grew 16.2% due to higher organic revenue growth and cost savings achieved in response to the pandemic, both of which were partially offset by a prior year gain on disposals, higher non-cash stock compensation cost and higher inter-company IT cost.
Our income before income tax margin increased 50 basis points and grew slower than EBITDAC, due primarily to a change in estimated acquisition earn-outs.
Over to slide number 10.
Our National Programs segment increased total revenues by $25.1 million or 17.6% and organic revenue by 8.4%.
EBITDAC growth of 12.7% was slower than total revenue growth due to the write-offs of certain receivables in one of our programs.
Income before income taxes increased by $600,000 or 1.3% with the growth primarily impacted by increased acquisition earn-out payables and higher intercompany interest expense.
Over to slide number 11.
Our Wholesale Brokerage segment delivered total revenue growth of 16.2% and organic revenue growth of 8.2%.
EBITDAC grew by 21.1% and the margin improved by 160 basis points as compared to the prior year due to strong organic growth and the delivery of reduced variable expenses in response to COVID-19, which more than offset higher inter-company IT charges and higher non-cash stock-based compensation cost.
Our income before income taxes, grew by 21.1%, substantially in line with EBITDAC growth.
Over to slide number 12.
Total revenues and organic revenues for our services segment declined by 13.1%, driven by the items Powell mentioned earlier.
For the quarter, EBITDAC declined by 22.8%, driven by lower organic revenue and higher inter-company IT expenses.
Income before income taxes decreased 59.5% due to a credit of $6.3 million recorded in the third quarter of 2019 for the change in estimated acquisition earn-out payables and there was no adjustment in the third quarter of this year.
Regarding cash flow from operations, as a percentage of revenues, it decreased as expected for the third quarter due primarily to about $50 million of second quarter taxes that were paid in the third quarter as permitted by the Cares Act.
Our cash flow from operations as a percentage of revenue was approximately 27% as compared to 25% realized at the same period of the prior year.
Regarding liquidity and interest expense, Powell mentioned earlier that we issued $700 million of 10.5 year senior notes in late September with spread decreasing materially and the receptivity of the debt markets we thought it was prudent to access the additional capital at long-term rate materially below our prior issuances.
Our incremental debt is $500 million as we repaid $200 million on the revolving line of credit.
With the additional debt, our interest expense will increase by approximately $3 million per quarter.
Through 10 months, we've seen 6.4 million acres burn in California, Oregon, Washington and Colorado with 4.3 million of those acres in California alone.
There have been 27 tropical storms and 10 hurricanes with five of these hurricanes hitting the Gulf Coast region and one may hit this week.
For the first nine months, we grew our business 3.5% organically, delivered improving EBITDAC margins of 32.4%, adjusted earnings per share was up 21.4%.
Quite honestly, I didn't think our cost of borrowing for 10-year money would ever be 2.375%.

Summary:
We delivered $674 million of revenue, growing 8.9% in total and 4.3% organically.
Our net income per share for the third quarter was $0.47, increasing 14.6% on an as reported basis.
Our net income increased by $18.4 million or 15.9% and our diluted net income per share increased by 14.6% to $0.47.