Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers

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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
2.
Revenue from Contracts with Customers

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers by Specialty:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

2023

 

 

2024

 

2023

 

Wholesale Brokerage

 

$

444,129

 

$

381,616

 

 

$

767,574

 

$

667,466

 

Binding Authority

 

 

80,630

 

 

69,775

 

 

 

169,265

 

 

139,301

 

Underwriting Management

 

 

155,489

 

 

121,629

 

 

 

281,296

 

 

213,766

 

Total Net commissions and fees

 

$

680,248

 

$

573,020

 

 

$

1,218,135

 

$

1,020,533

 

 

Contract Balances

Contract assets, which arise primarily from the Company’s supplemental commission arrangements and medical stop loss business, are included within Commissions and fees receivable – net on the Consolidated Balance Sheets. The contract assets balance was $17.3 million and $13.4 million as of June 30, 2024 and December 31, 2023, respectively. For contract assets, payment is typically due within one year of the completed performance obligation. The contract liability balance related to deferred revenue, which is included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $4.2 million and $7.8 million as of June 30, 2024 and December 31, 2023, respectively. During the three and six months ended June 30, 2024, $3.1 million and $6.6 million, respectively, of the contract liabilities outstanding as of December 31, 2023 was recognized in revenue.