Quarterly report [Sections 13 or 15(d)]

Revenue from Contracts with Customers

v3.26.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2026
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,
2026
2025
Wholesale Brokerage
$377,796
$360,788
Binding Authority
110,000
101,950
Underwriting Management
295,107
213,390
Total Net commissions and fees
$782,903
$676,128
Contract Balances
Contract assets, which arise primarily from the Company’s supplemental and contingent commission arrangements,
medical stop loss business, and multi-year structured solutions business, are included within Commissions and fees
receivable – net on the Consolidated Balance Sheets. The contract assets balance was $83.1 million and $65.4 million as of
March 31, 2026 and December 31, 2025, respectively. The contract liability balance related to deferred revenue, which is
included within Accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $10.5 million and $10.0
million as of March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026, $4.1
million of the contract liabilities outstanding as of December 31, 2025, were recognized as revenue.