Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers

v3.23.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

2022

 

 

2023

 

2022

 

Wholesale Brokerage

 

$

308,872

 

$

267,222

 

 

$

976,338

 

$

841,273

 

Binding Authority

 

 

69,245

 

 

55,607

 

 

 

208,547

 

 

178,351

 

Underwriting Management

 

 

109,228

 

 

84,722

 

 

 

322,993

 

 

264,835

 

Total Net commissions and fees

 

$

487,345

 

$

407,551

 

 

$

1,507,878

 

$

1,284,459

 

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 $7.9 million and $13.0 million as of September 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 $7.4 million and $1.4 million as of September 30, 2023 and December 31, 2022, respectively.