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

3 Months Ended

Mar. 31, 2022

Receivables And Current Assets [Abstract]

Receivables and Current Assets

Receivables and Other Current Assets

Receivables

The Company had receivables of $189.7 million and $210.3 million outstanding as of March 31, 2022 and December 31, 2021, respectively, which were recognized within Commissions and fees receivable—net in the Consolidated Balance Sheets. 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:


	Three Months Ended March 31,
	2022			2021
Beginning of period	$	2,508		$	2,916
Write-offs		(54	)		(329	)
Increase in provision		49			334
End of period	$	2,503		$	2,921

Other Current Assets

Major classes of other current assets consist of the following:


	March 31, 2022		December 31, 2021
Prepaid expenses	$	10,244	$	13,434
Service receivables(1)		534		644
Other current receivables		2,473		1,804
Total other current assets	$	13,251	$	15,882

(1)

Service receivables contain receivables from Geneva Re, Ltd. Further information regarding related parties is detailed in Note 18, Related Parties.