Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers

v3.23.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
2.
Revenue from Contracts with Customers

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers by Specialty:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Wholesale Brokerage

 

$

285,850

 

 

$

244,827

 

Binding Authority

 

 

69,526

 

 

 

62,993

 

Underwriting Management

 

 

92,137

 

 

 

78,861

 

Total Net commissions and fees

 

$

447,513

 

 

$

386,681

 

Contract Balances

Contract assets, which arise primarily from the Company’s volume-based commissions, are included within Commissions and fees receivable – net in the Consolidated Balance Sheets. The contract assets balance was $9.6 million and $13.0 million as of March 31, 2023 and December 31, 2022, 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 $1.3 million and $1.4 million as of March 31, 2023 and December 31, 2022, respectively.