Annual report pursuant to Section 13 and 15(d)

Revenue from Contracts With Customers

v3.24.0.1
Revenue from Contracts With Customers
 12 Months Ended
Dec. 31, 2023
Disaggregation of Revenue [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:

 

 

 

Year Ended December 31,

 

 

 

2023

 

2022

 

2021

 

Wholesale Brokerage

 

$

1,319,056

 

$

1,129,241

 

$

931,979

 

Binding Authority

 

 

275,961

 

 

231,048

 

 

209,622

 

Underwriting Management

 

 

431,579

 

 

351,572

 

 

290,578

 

Total Net commissions and fees

 

$

2,026,596

 

$

1,711,861

 

$

1,432,179

 

 

Contract Balances

The contract assets balance, which is included within Commissions and fees receivable – net on the Consolidated Balance Sheets, was $13.4 million and $13.0 million as of December 31, 2023 and 2022, respectively. The contract liability balance related to deferred revenue, which is included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $7.8 million and $1.4 million as of December 31, 2023 and 2022, respectively. All contract liabilities outstanding as of December 31, 2022 were recognized in revenue during the year ended December 31, 2023.