Ryan Specialty Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Receivables and Current Assets

Receivables and Current Assets

12 Months Ended

Dec. 31, 2022

Receivables And Current Assets [Abstract]

Receivables and Current Assets

Receivables and OTHER Current Assets

Receivables

The Company had receivables of $231.4 million and $210.3 million outstanding as of December 31, 2022 and 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 roll forward of the Company’s allowance for expected credit losses:


	Year Ended December 31,
	2022			2021
Beginning of period	$	2,508		$	2,916
Write-offs		(1,660	)		(2,636	)
Increase in provision		1,132			2,228
End of period	$	1,980		$	2,508

Other Current Assets

Major classes of other current assets consist of the following:


	As of December 31,
	2022		2021
Prepaid expenses	$	21,062	$	13,434
Service receivables		414		644
Other current receivables		28,214		1,804
Total other current assets	$	49,690	$	15,882

Service receivables contain receivables from Geneva Re, Ltd. Further information regarding related parties is detailed in Note 19, Related Parties. Other current receivables include insurance recoveries as described in Note 18, Commitments and Contingencies.