v3.22.2

Segment Reporting (Notes) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Segment Reporting | Segment Information BRP Group’s business is divided into four Operating Groups: Middle Market, Specialty, MainStreet, and Medicare. •The Middle Market Operating Group provides expertly-designed commercial risk management, employee benefits solutions and private risk management for mid-to-large size businesses and high net worth individuals, as well as their families. •The Specialty Operating Group consists of two distinct businesses. Our specialty wholesale broker businesses deliver specialty insurers, professionals, individuals and niche industry businesses expanded access to exclusive specialty markets, capabilities and programs requiring complex underwriting and placement. Specialty also houses our MGA of the Future platform, in which we manufacture proprietary, technology enabled insurance product that is then distributed (in many instances via technology and/or API integrations) internally via our Risk Advisors in Middle Market and MainStreet and externally via select distribution partners, with a focus on sheltered channels where our product delivers speed, ease of use and certainty of execution, an example of which is our national embedded renter’s insurance product sold at point of lease via integrations with property management software providers. •The MainStreet Operating Group offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities. •The Medicare Operating Group offers consultation for government assistance programs and solutions, including traditional Medicare and Medicare Advantage, to seniors and Medicare-eligible individuals through a network of primarily independent contractor agents. In the Medicare Operating Group, BRP generates commissions and fees in the form of direct bill insurance placement and marketing income. Marketing income is earned through co-branded marketing campaigns with our Insurance Company Partners. In the Middle Market, MainStreet, and Specialty Operating Groups, the Company generates commissions and fees from insurance placement under both agency bill and direct bill arrangements. In addition, the Company generates profit sharing income in each of those segments based on either the underlying Book of Business or performance, such as loss ratios. In the Middle Market Operating Group only, the Company generates fees from service fee and consulting arrangements. Service fee arrangements are in place with certain customers in lieu of commission arrangements. In the Medicare Operating Group, the Company generates commissions and fees in the form of direct bill insurance placement and marketing income. Marketing income is earned through co-branded marketing campaigns with the Company’s Insurance Company Partners. The Company’s chief operating decision maker, the chief executive officer, uses net income (loss) and net income (loss) before interest, taxes, depreciation, amortization, and one-time transactional-related expenses or non-recurring items to manage resources and make decisions about the business. Summarized financial information concerning the Company’s Operating Groups is shown in the following tables. The Corporate and Other non-reportable segment includes any expenses not allocated to the Operating Groups and corporate-related items, including related party and third-party interest expense. Intersegment revenue and expenses are eliminated through the Corporate and Other column. Service center expenses and other overhead are allocated to the Company’s Operating Groups based on either revenue or headcount as applicable to each expense.
| For the Three Months Ended June 30, 2022
(in thousands) | Middle Market |  | Specialty |  | MainStreet |  | Medicare |  | Corporate and Other |  | Total
Commissions and fees(1) | $ | 131,532 |  |  | $ | 74,301 |  |  | $ | 29,430 |  |  | $ | 6,595 |  |  | $ | (9,398) |  |  | $ | 232,460 |
Net income (loss) | 33,459 |  |  | 11,008 |  |  | 5,359 |  |  | 286 |  |  | (33,519) |  |  | 16,593 |
| For the Three Months Ended June 30, 2021
(in thousands) | Middle Market |  | Specialty |  | MainStreet |  | Medicare |  | Corporate and Other |  | Total
Commissions and fees(2) | $ | 76,109 |  |  | $ | 30,105 |  |  | $ | 8,576 |  |  | $ | 5,152 |  |  | $ | (236) |  |  | $ | 119,706 |
Net income (loss) | (5,898) |  |  | 1,617 |  |  | 972 |  |  | 452 |  |  | (17,584) |  |  | (20,441) |
| For the Six Months Ended June 30, 2022
(in thousands) | Middle Market |  | Specialty |  | MainStreet |  | Medicare |  | Corporate and Other |  | Total
Commissions and fees(1) | $ | 302,935 |  |  | $ | 123,824 |  |  | $ | 38,707 |  |  | $ | 20,276 |  |  | $ | (10,434) |  |  | $ | 475,308 |
Net income (loss) | 88,346 |  |  | 16,326 |  |  | 3,501 |  |  | 4,586 |  |  | (51,327) |  |  | 61,432 |
| For the Six Months Ended June 30, 2021
(in thousands) | Middle Market |  | Specialty |  | MainStreet |  | Medicare |  | Corporate and Other |  | Total
Commissions and fees(2) | $ | 186,664 |  |  | $ | 55,187 |  |  | $ | 16,798 |  |  | $ | 14,604 |  |  | $ | (719) |  |  | $ | 272,534 |
Net income (loss) | 35,981 |  |  | 3,504 |  |  | 2,323 |  |  | 2,769 |  |  | (33,711) |  |  | 10,866 |
__________ (1) During the three and six months ended June 30, 2022, the Middle Market Operating Group recorded intercompany commissions and fees revenue from activity with the Specialty Operating Group of $0.4 million and $0.6 million, respectively; the Specialty Operating Group recorded intercompany commissions and fees revenue from activity with the MainStreet Operating Group and itself of $8.6 million and $8.8 million, respectively; the MainStreet Operating Group recorded intercompany commissions and fees revenue from activity with the Middle Market and Specialty Operating Groups of $0.1 million and $0.2 million, respectively; and the Medicare Operating Group recorded intercompany commissions and fees revenue from activity with itself of $0.3 million and $0.8 million, respectively. These intercompany commissions and fees are eliminated through Corporate and Other. (2) During the three and six months ended June 30, 2021, the Middle Market Operating Group recorded intercompany commissions and fees revenue from activity with the Specialty Operating Group of $0.1 million and $0.5 million, respectively; the MainStreet Operating Group recorded intercompany commissions and fees revenue from activity with the Middle Market Operating Group of less than $0.1 million and less than $0.1 million, respectively; and the Medicare Operating Group recorded intercompany commissions and fees revenue from activity with itself of less than $0.1 million and $0.2 million, respectively. These intercompany commissions and fees are eliminated through Corporate and Other.
(in thousands) | Middle Market |  | Specialty |  | MainStreet |  | Medicare |  | Corporate and Other |  | Total
Total assets at June 30, 2022 | $ | 2,230,111 |  |  | $ | 593,225 |  |  | $ | 464,205 |  |  | $ | 51,552 |  |  | $ | 71,552 |  |  | $ | 3,410,645 |
Total assets at December 31, 2021 | 2,142,485 |  |  | 549,662 |  |  | 61,322 |  |  | 56,472 |  |  | 66,366 |  |  | 2,876,307 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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