Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers

v3.22.2.2
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
3.
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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Wholesale Brokerage

 

$

267,222

 

 

$

229,146

 

 

$

841,273

 

 

$

676,229

 

Binding Authority

 

 

55,607

 

 

 

52,795

 

 

 

178,351

 

 

 

161,436

 

Underwriting Management

 

 

84,722

 

 

 

70,669

 

 

 

264,835

 

 

 

216,135

 

Total Net commissions and fees

 

$

407,551

 

 

$

352,610

 

 

$

1,284,459

 

 

$

1,053,800

 

Contract Balances

Contract assets, which arise from the Company’s volume-based commissions, are included within Commissions and fees receivable – net in the Consolidated Balance Sheets. The contract asset balance was $7.1 million and $8.8 million as of September 30, 2022 and December 31, 2021, 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 $3.2 million and $1.1 million as of September 30, 2022 and December 31, 2021, respectively.