Annual report pursuant to Section 13 and 15(d)

Revenue from Contracts With Customers

v3.22.4
Revenue from Contracts With Customers
 12 Months Ended
Dec. 31, 2022
Disaggregation of Revenue [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:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Wholesale Brokerage

 

$

1,129,241

 

 

$

931,979

 

 

$

673,090

 

Binding Authority

 

 

231,048

 

 

 

209,622

 

 

 

144,837

 

Underwriting Management

 

 

351,572

 

 

 

290,578

 

 

 

198,758

 

Total Net commissions and fees

 

$

1,711,861

 

 

$

1,432,179

 

 

$

1,016,685

 

 

Contract Balances

Contract assets are included within Commissions and fees receivable – net in the Consolidated Balance Sheets. The contract asset balance was $13.0 million and $8.8 million as of December 31, 2022 and 2021, respectively. The contract liability balance related to deferred revenue, which is included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $1.4 million and $1.1 million as of December 31, 2022 and 2021, respectively. All contract liabilities outstanding as of December 31, 2021 were recognized in revenue during the year ended December 31, 2022.