Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers

v3.23.2
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Wholesale Brokerage

 

$

381,616

 

 

$

329,225

 

 

$

667,466

 

 

$

574,051

 

Binding Authority

 

 

69,775

 

 

 

59,751

 

 

 

139,301

 

 

 

122,744

 

Underwriting Management

 

 

121,629

 

 

 

101,251

 

 

 

213,766

 

 

 

180,113

 

Total Net commissions and fees

 

$

573,020

 

 

$

490,227

 

 

$

1,020,533

 

 

$

876,908

 

Contract Balances

Contract assets, which arise primarily from the Company’s volume-based commissions, are included within Commissions and fees receivable – net on the Consolidated Balance Sheets. The contract assets balance was $3.9 million and $13.0 million as of June 30, 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 $0.5 million and $1.4 million as of June 30, 2023 and December 31, 2022, respectively.