Ryan Specialty Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Receivables and Current Assets

Receivables and Current Assets

6 Months Ended

Jun. 30, 2021

Receivables And Current Assets [Abstract]

5.	Receivables and Current Assets

Receivables

The Company had receivables of $206.8

million

and $177.7

million

outstanding as of June 30, 2021 and December 31, 2020, respectively, which were recognized within Commissions and fees receivable—net in the Consolidated Statements of Financial Position. Commission and fees receivable is net of an allowance for credit losses.

Allowance for Credit Losses

The Company’s allowance for credit losses with respect to receivables is based on a combination of factors, including evaluation of historical write-offs, current economic conditions, aging of balances, and other qualitative and quantitative analyses.

The following table provides a rollforward of the Company’s allowance for expected credit losses:


	2021			2020
Balance at January 1	$	2,916		$	1,555
Write-offs		(329	)		—
Increase in provision		334			204

Balance at March 31		2,921			1,759

Write-offs		(1,224	)		(472	)
Increase in provision		1,237			284

Balance at June 30	$	2,934		$	1,571

Other Current Assets

Major classes of other current assets consist of the following:


	June 30, 2021		December 31, 2020
Prepaid expenses	$	14,452	$	11,973
Service receivables (1)		1,061		508
Deferred offering costs		9,766		1,459
Other current receivables		277		1,131

Total other current assets	$	25,556	$	15,071

(1)	Service receivables contain receivables from Geneva Re, Ltd. Further information regarding related parties is detailed in Note 15, Related Parties .