Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers

v3.24.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregation of Revenue
The following table summarizes revenue from contracts with customers by Specialty:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Wholesale Brokerage
$346,666
$308,872
$1,114,240
$976,338
Binding Authority
76,497
69,245
245,762
208,547
Underwriting Management
164,966
109,228
446,262
322,993
Total Net commissions and fees
$588,129
$487,345
$1,806,264
$1,507,878
Contract Balances
Contract assets, which arise primarily from the Company’s supplemental and contingent 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 $18.5 million and $13.4 million as of September 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 $11.2 million and $7.8 million as of September 30, 2024 and December 31, 2023,
respectively. During the three and nine months ended September 30, 2024, $0.5 million and $7.1 million, respectively, of
the contract liabilities outstanding as of December 31, 2023, was recognized in revenue.