Contract assets arise when the Company recognizes revenue for amounts which have not yet been billed and contract liabilities relate to payments received in advance of performance under the contract before the transfer of a good or service to the customer. Contract assets are included in premiums, commissions and fees receivable, net and contract liabilities are included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The balances of contract assets and liabilities arising from contracts with customers are as follows:


(in thousands)	September 30, 2021		December 31, 2020
Contract assets	$	140,131	$	80,213
Contract liabilities	12,558		11,606

During the nine months ended September 30, 2021, the Company recognized revenue of $11.4 million related to the contract liabilities balance at December 31, 2020.