v3.25.4
Revenue from Contracts With Customers
 12 Months Ended
Dec. 31, 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:
Year Ended December 31,
2025
2024
2023
Wholesale Brokerage
$1,600,427
$1,489,077
$1,319,056
Binding Authority
370,155
320,379
275,961
Underwriting Management
1,024,000
646,215
431,579
Total Net commissions and fees
$2,994,582
$2,455,671
$2,026,596
Contract Balances
The contract assets balance, which is included within Commissions and fees receivable – net on the Consolidated Balance
Sheets, was $65.4 million and $35.6 million as of December 31, 2025 and 2024, respectively. The contract liability balance
related to deferred revenue, which is included in Accounts payable and accrued liabilities on the Consolidated Balance
Sheets, was $10.0 million and $8.7 million as of December 31, 2025 and 2024, respectively. During the year ended
December 31, 2025, $8.6 million of the contract liabilities outstanding as of December 31, 2024, were recognized as
revenue.