Annual report [Section 13 and 15(d), not S-K Item 405]

Receivables and Other Current Assets

v3.25.4
Receivables and Other Current Assets
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Receivables and Other Current Assets RECEIVABLES AND OTHER CURRENT ASSETS
Receivables
The Company had receivables of $489.0 million and $389.8 million outstanding as of December 31, 2025 and 2024,
respectively, which were recognized within Commissions and fees receivable – net on the Consolidated Balance Sheets.
Commission and fees receivable is net of an allowance for expected credit losses. The Company’s allowance for expected
credit losses 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 summary of changes in the Company’s allowance for expected credit losses:
Year Ended December 31,
2025
2024
Balance at beginning of period
$3,018
$2,458
Write-offs
(4,908)
(3,106)
Increase in provision
5,985
3,666
Balance at end of period
$4,095
$3,018
Other Current Assets
Major classes of other current assets consisted of the following:
As of December 31,
2025
2024
Prepaid expenses
$62,995
$51,701
Insurance recoverable
—
20,155
Interest rate cap
—
13,936
Other current receivables
37,442
24,159
Total Other current assets
$100,437
$109,951
Other current receivables contain service receivables from Geneva Re, Ltd (“Geneva Re”) and Velocity Specialty
Insurance Company (“VSIC”). See Note 16, Related Parties, for further information regarding related parties. See Note 15,
Commitments and Contingencies, for further information on the insurance recoverable. See Note 12, Derivatives, for
further information on the interest rate cap.