Ryan Specialty Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Receivables and Other Current Assets

Receivables and Other Current Assets

9 Months Ended

Sep. 30, 2023

Receivables And Current Assets [Abstract]

Receivables

The Company had receivables of $238.8 million and $231.4 million outstanding as of September 30, 2023 and December 31, 2022, respectively, which were recognized within Commissions and fees receivable – net on the Consolidated Balance Sheets. Commission and fees receivable is net of an allowance for credit losses. The Company’s allowance for credit losses 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 summary of changes in the Company’s allowance for expected credit losses:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Beginning of period	$	2,089		$	2,487		$	1,980		$	2,508
Write-offs		(441	)		(393	)		(1,342	)		(912	)
Increase in provision		869			375			1,879			873
End of period	$	2,517		$	2,469		$	2,517		$	2,469

Other Current Assets

Major classes of other current assets consist of the following:


	September 30, 2023		December 31, 2022
Prepaid expenses	$	25,187	$	21,062
Insurance recoverable		22,562		20,562
Other current receivables		14,880		8,066
Total Other current assets	$	62,629	$	49,690

Other current receivables contain service receivables from Geneva Re, Ltd. See Note 15, Related Parties, for further information regarding related parties. See Note 14, Commitments and Contingencies, for further information on the insurance recoverable.