Quarterly report [Sections 13 or 15(d)]

Revenue from Contracts with Customers

v3.25.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2025
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 March 31,
2025
2024
Wholesale Brokerage
$360,788
$323,445
Binding Authority
101,950
88,635
Underwriting Management
213,390
125,807
Total Net commissions and fees
$676,128
$537,887
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 $35.5 million and $35.6 million as of March 31, 2025 and December 31, 2024,
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 $8.2 million and $8.7 million as of March 31, 2025 and December 31, 2024,
respectively. During the three months ended March 31, 2025, $3.8 million of the contract liabilities outstanding as of
December 31, 2024, were recognized in revenue.