Quarterly report [Sections 13 or 15(d)]

Revenue from Contracts with Customers

v3.25.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 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
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Wholesale Brokerage
$376,788
$346,666
$1,214,741
$1,114,240
Binding Authority
89,636
76,497
286,110
245,762
Underwriting Management
273,128
164,966
755,686
446,262
Total Net commissions and fees
$739,552
$588,129
$2,256,537
$1,806,264
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 $40.7 million and $35.6 million as of September 30, 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 $14.2 million and $8.7 million as of September 30, 2025 and December 31, 2024,
respectively. During the three and nine months ended September 30, 2025, $0.6 million and $8.0 million, respectively, of
the contract liabilities outstanding as of December 31, 2024, were recognized in revenue.