Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers

v3.21.2
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2021
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,
  
    
2021
     
2020
     
2021
     
2020
  
Wholesale brokerage
    $ 255,959      $ 172,118      $ 447,083      $ 306,222  
Binding authorities
      53,596        31,561        108,641        65,707  
Underwriting management
      80,291        42,386        145,466        81,221  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Net commissions and fees
   
$
389,846
 
   
$
246,065
 
   
$
701,190
 
   
$
453,150
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Contract Assets Balances
Contract assets, which arise from the Company’s volume-based commissions, are included within Commissions and fees receivable – net in the Consolidated Statements of Financial Position. The contract asset balance as of June 30, 2021 and December 31, 2020 was $5.6
million and 
$6.7
 mi
llion
, respectively. For contract assets, payment is typically due within one year of the completed performance obligation. No contract liabilities were recognized as of June 30, 2021 or December 31, 2020.