v3.25.2
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers 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,
2025
2024
2025
2024
Wholesale Brokerage
$477,165
$444,129
$837,953
$767,574
Binding Authority
94,524
80,630
196,474
169,265
Underwriting Management
269,168
155,489
482,558
281,296
Total Net commissions and fees
$840,857
$680,248
$1,516,985
$1,218,135
Contract Balances
Contract assets, which arise primarily from the Company’s supplemental and contingent commission arrangements and
medical stop loss business, are included within Commissions and fees receivable – net on the Consolidated Balance Sheets.
The contract assets balance was $41.3 million and $35.6 million as of June 30, 2025 and December 31, 2024, 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 $4.9 million and $8.7 million as of June 30, 2025 and December 31, 2024, respectively.
During the three and six months ended June 30, 2025, $3.6 million and $7.4 million, respectively, of the contract liabilities
outstanding as of December 31, 2024, were recognized in revenue.