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)	June 30, 2022		December 31, 2021
Contract assets	$	186,477	$	168,550
Contract liabilities	25,191		18,178

During the six months ended June 30, 2022, the Company recognized revenue of $16.7 million related to the contract liabilities balance at December 31, 2021.