Quarterly report pursuant to Section 13 or 15(d)

Receivables and Current Assets

v3.21.2
Receivables and Current Assets
 9 Months Ended
Sep. 30, 2021
Receivables And Current Assets [Abstract]  
Receivables and Current Assets
6.
Receivables and Current Assets

Receivables

The Company had receivables of $171.9 million and $177.7 million outstanding as of September 30, 2021 and December 31, 2020, 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 rollforward of the Company’s allowance for expected credit losses:

 

Three months ended
September 30,

 

Nine months ended
September 30,

 

 

2021

 

2020

 

2021

 

2020

 

Beginning of period

$

2,934

 

$

1,571

 

$

2,916

 

$

1,555

 

Write-offs

 

(532

)

 

—

 

 

(2,085

)

 

(472

)

Increase in provision

 

107

 

 

711

 

 

1,678

 

 

1,199

 

End of period

$

2,509

 

$

2,282

 

$

2,509

 

$

2,282

 

Other Current Assets

Major classes of other current assets consist of the following:

 

 

September 30,
2021

 

 

December 31,
2020

 

Prepaid expenses

 

$

19,980

 

 

$

11,973

 

Service receivables(1)

 

 

435

 

 

 

508

 

Deferred offering costs(2)

 

 

—

 

 

 

1,459

 

Other current receivables

 

 

624

 

 

 

1,131

 

Total other current assets

 

$

21,039

 

 

$

15,071

 
(1)
Service receivables contain receivables from Geneva Re, Ltd. Further information regarding related parties is detailed in Note 19, Related Parties.
(2)
Deferred offering costs consist of legal, accounting, and other fees related to the IPO. Deferred offering costs totaling $13.2 million were offset against the proceeds upon the completion of the IPO in July 2021. Total offering costs related to the IPO were $90.1 million, including these deferred offering costs and the underwriting discount.