Quarterly report pursuant to Section 13 or 15(d)

Receivables and Current Assets

v3.22.2
Receivables and Current Assets
6 Months Ended
Jun. 30, 2022
Receivables And Current Assets [Abstract]  
Receivables and Current Assets
6.
Receivables and Other Current Assets

Receivables

The Company had receivables of $244.8 million and $210.3 million outstanding as of June 30, 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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Beginning of period

 

$

2,503

 

 

$

2,921

 

 

$

2,508

 

 

$

2,916

 

Write-offs

 

 

(465

)

 

 

(1,224

)

 

 

(520

)

 

 

(1,553

)

Increase in provision

 

 

449

 

 

 

1,237

 

 

 

499

 

 

 

1,571

 

End of period

 

$

2,487

 

 

$

2,934

 

 

$

2,487

 

 

$

2,934

 

Other Current Assets

Major classes of other current assets consist of the following:

 

 

June 30, 2022

 

 

December 31, 2021

 

Prepaid expenses

 

$

14,047

 

 

$

13,434

 

Service receivables(1)

 

 

669

 

 

 

644

 

Other current receivables

 

 

3,590

 

 

 

1,804

 

Total other current assets

 

$

18,306

 

 

$

15,882

 

(1)
Service receivables contain receivables from Geneva Re, Ltd. Further information regarding related parties is detailed in Note 18, Related Parties.