v3.26.1
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2026
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,
2026
2025
2026
2025
Wholesale Brokerage
$498,802
$477,165
$876,598
$837,953
Binding Authority
100,170
94,524
210,170
196,474
Underwriting Management
303,756
269,168
598,863
482,558
Total Net commissions and fees
$902,728
$840,857
$1,685,631
$1,516,985
Contract Balances
Contract assets, which arise primarily from the Company’s supplemental and contingent commission arrangements,
medical stop loss business, and multi-year structured solutions business, are included within Commissions and fees
receivable – net on the Consolidated Balance Sheets. The contract assets balance was $87.0 million and $65.4 million as of
June 30, 2026 and December 31, 2025, respectively. The contract liability balance related to deferred revenue, which is
included within Accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $7.3 million and $10.0
million as of June 30, 2026 and December 31, 2025, respectively. During the three and six months ended June 30, 2026,
$4.0 million and $8.1 million, respectively, of the contract liabilities outstanding as of December 31, 2025, were
recognized as revenue.