Quarterly report pursuant to Section 13 or 15(d)

Revenue from Contracts with Customers

v3.21.2
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [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:

 

 

Three months ended
September 30,

 

 

Nine months ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Wholesale brokerage

 

$

229,146

 

 

$

154,484

 

 

$

676,229

 

 

$

460,706

 

Binding authorities

 

 

52,795

 

 

 

36,130

 

 

 

161,436

 

 

 

101,837

 

Underwriting management

 

 

70,669

 

 

 

46,069

 

 

 

216,135

 

 

 

127,290

 

Total Net commissions and fees

 

$

352,610

 

 

$

236,683

 

 

$

1,053,800

 

 

$

689,833

 

Contract Assets Balances

Contract assets, which arise from the Company’s volume-based commissions, are included within Commissions and fees receivable – net in the Consolidated Balance Sheets. The contract asset balance as of September 30, 2021 and December 31, 2020 was $6.0 million and $6.7 million, respectively. For contract assets, payment is typically due within one year of the completed performance obligation. No contract liabilities were recognized as of September 30, 2021 or December 31, 2020.