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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Summarized Financial Information by Operating Group | Summarized financial information regarding the Company’s operating groups is shown in the following tables. Corporate and Other includes any expenses not allocated to the operating groups and corporate-related items, including interest expense. Intersegment revenue and expenses are eliminated through Corporate and Other. 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, 2025
(in thousands) | Insurance Advisory Solutions |  | Underwriting, Capacity & Technology Solutions |  | Mainstreet Insurance Solutions |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Commission revenue(1)(2) | $ | 139,680 |  |  | $ | 117,060 |  |  | $ | 61,309 |  |  | $ | (18,806) |  |  | $ | 299,243 |
Profit-sharing revenue | 14,003 |  |  | 2,038 |  |  | 3,919 |  |  | — |  |  | 19,960 |
Consulting and service fee revenue | 25,993 |  |  | 1,382 |  |  | — |  |  | — |  |  | 27,375 |
Policy fee and installment fee revenue | — |  |  | 19,684 |  |  | — |  |  | — |  |  | 19,684 |
Assumed premium earned | — |  |  | 5,488 |  |  | — |  |  | — |  |  | 5,488 |
Other income | 2,677 |  |  | 723 |  |  | 1,280 |  |  | (181) |  |  | 4,499 |
Investment income | 912 |  |  | 1,135 |  |  | 56 |  |  | 459 |  |  | 2,562 |
Total revenues | 183,265 |  |  | 147,510 |  |  | 66,564 |  |  | (18,528) |  |  | 378,811 |
Expenses: |  |  |  |  |  |  |  |  |
Inside advisor commissions | 41,031 |  |  | 180 |  |  | 7,920 |  |  | — |  |  | 49,131 |
Fixed compensation | 54,340 |  |  | 16,016 |  |  | 9,995 |  |  | 2,801 |  |  | 83,152 |
Benefits and other | 23,793 |  |  | 10,022 |  |  | 6,241 |  |  | 3,072 |  |  | 43,128 |
Share-based compensation | 5,904 |  |  | 3,397 |  |  | 1,655 |  |  | 5,996 |  |  | 16,952 |
Severance | 732 |  |  | 723 |  |  | 39 |  |  | 124 |  |  | 1,618 |
Colleague earnout incentives | 1,490 |  |  | — |  |  | — |  |  | — |  |  | 1,490 |
Colleague compensation and benefits | 127,290 |  |  | 30,338 |  |  | 25,850 |  |  | 11,993 |  |  | 195,471 |
Outside commissions(2) | 2,800 |  |  | 70,716 |  |  | 19,057 |  |  | (18,987) |  |  | 73,586 |
Selling expense | 6,424 |  |  | 1,591 |  |  | 3,828 |  |  | 2,206 |  |  | 14,049 |
Operating expense | 14,420 |  |  | 13,976 |  |  | 5,828 |  |  | 6,930 |  |  | 41,154 |
Administrative expense | 13,885 |  |  | 5,339 |  |  | 7,744 |  |  | 32,920 |  |  | 59,888 |
All other expenses, net(3) | 668 |  |  | (1,565) |  |  | 34 |  |  | 667 |  |  | (196) |
Total expense | 165,487 |  |  | 120,395 |  |  | 62,341 |  |  | 35,729 |  |  | 383,952 |
Net income (loss) | $ | 17,778 |  |  | $ | 27,115 |  |  | $ | 4,223 |  |  | $ | (54,257) |  |  | $ | (5,141) |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Change in fair value of contingent consideration | $ | (468) |  |  | $ | (1,554) |  |  | $ | 65 |  |  | $ | — |  |  | $ | (1,957) |
Depreciation and amortization expense | 13,519 |  |  | 5,102 |  |  | 7,583 |  |  | 1,448 |  |  | 27,652 |
Interest (income) expense, net | (1) |  |  | 110 |  |  | 24 |  |  | 31,187 |  |  | 31,320 |
Gain (loss) on divestitures | 500 |  |  | — |  |  | — |  |  | (1,611) |  |  | (1,111) |
__________ (1) During the three months ended June 30, 2025, commission revenue for the IAS, UCTS and MIS operating groups included direct bill revenue of $70.8 million, $2.6 million and $60.7 million, respectively, and agency bill revenue of $68.8 million, $114.4 million and $0.6 million, respectively. (2) During the three months ended June 30, 2025, the IAS operating group recorded commission revenue shared with other operating groups of $0.2 million and the UCTS operating group recorded commission revenue shared with other operating groups of $18.8 million. Commission revenue shared with other operating groups, and the related outside commissions, are eliminated through Corporate and Other. (3) All other expenses, net include change in fair value of contingent consideration, gain (loss) on divestitures, other income (expense), net and income tax expense.
| For the Three Months Ended June 30, 2024
(in thousands) | Insurance Advisory Solutions |  | Underwriting, Capacity & Technology Solutions |  | Mainstreet Insurance Solutions |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Commission revenue(1)(2) | $ | 132,908 |  |  | $ | 102,023 |  |  | $ | 63,859 |  |  | $ | (18,385) |  |  | $ | 280,405 |
Profit-sharing revenue | 16,171 |  |  | 3,258 |  |  | 2,856 |  |  | — |  |  | 22,285 |
Consulting and service fee revenue | 16,903 |  |  | 1,718 |  |  | — |  |  | — |  |  | 18,621 |
Policy fee and installment fee revenue | — |  |  | 14,642 |  |  | — |  |  | — |  |  | 14,642 |
Other income | 787 |  |  | 14 |  |  | 349 |  |  | — |  |  | 1,150 |
Investment income | 1,358 |  |  | 830 |  |  | — |  |  | 549 |  |  | 2,737 |
Total revenues | 168,127 |  |  | 122,485 |  |  | 67,064 |  |  | (17,836) |  |  | 339,840 |
Expenses: |  |  |  |  |  |  |  |  |
Inside advisor commissions | 39,040 |  |  | 255 |  |  | 7,339 |  |  | — |  |  | 46,634 |
Fixed compensation | 50,630 |  |  | 12,498 |  |  | 9,780 |  |  | 692 |  |  | 73,600 |
Benefits and other | 20,849 |  |  | 7,776 |  |  | 5,616 |  |  | 2,480 |  |  | 36,721 |
Share-based compensation | 4,718 |  |  | 2,517 |  |  | 2,338 |  |  | 5,148 |  |  | 14,721 |
Severance | 792 |  |  | 121 |  |  | 149 |  |  | 125 |  |  | 1,187 |
Colleague earnout incentives | 2,796 |  |  | — |  |  | — |  |  | — |  |  | 2,796 |
Colleague compensation and benefits | 118,825 |  |  | 23,167 |  |  | 25,222 |  |  | 8,445 |  |  | 175,659 |
Outside commissions(2) | 2,530 |  |  | 65,065 |  |  | 19,446 |  |  | (18,385) |  |  | 68,656 |
Selling expense | 6,101 |  |  | 1,180 |  |  | 3,496 |  |  | 1,770 |  |  | 12,547 |
Operating expense | 12,804 |  |  | 10,042 |  |  | 4,927 |  |  | 5,298 |  |  | 33,071 |
Administrative expense | 16,671 |  |  | 3,146 |  |  | 6,636 |  |  | 47,364 |  |  | 73,817 |
All other expenses, net(3) | 2,236 |  |  | 2,891 |  |  | 218 |  |  | 1,612 |  |  | 6,957 |
Total expense | 159,167 |  |  | 105,491 |  |  | 59,945 |  |  | 46,104 |  |  | 370,707 |
Net income (loss) | $ | 8,960 |  |  | $ | 16,994 |  |  | $ | 7,119 |  |  | $ | (63,940) |  |  | $ | (30,867) |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Change in fair value of contingent consideration | $ | 3,815 |  |  | $ | 1,525 |  |  | $ | 212 |  |  | $ | — |  |  | $ | 5,552 |
Depreciation and amortization expense | 16,318 |  |  | 3,121 |  |  | 6,496 |  |  | 1,016 |  |  | 26,951 |
Interest (income) expense, net | (1) |  |  | — |  |  | 12 |  |  | 31,318 |  |  | 31,329 |
Gain (loss) on divestitures | 1,967 |  |  | (1,339) |  |  | — |  |  | — |  |  | 628 |
Loss on extinguishment and modification of debt | — |  |  | — |  |  | — |  |  | (14,679) |  |  | (14,679) |
__________ (1) During the three months ended June 30, 2024, commission revenue for the IAS, UCTS and MIS operating groups included direct bill revenue of $69.2 million, $0.5 million and $62.8 million, respectively, and agency bill revenue of $63.7 million, $101.6 million and $1.1 million, respectively. (2) During the three months ended June 30, 2024, the UCTS operating group recorded commission revenue shared with other operating groups of $18.1 million and the MIS operating group recorded commission revenue shared within the same operating group of $0.3 million. Commission revenue shared with other operating groups or within the same operating group, and the related outside commissions, are eliminated through Corporate and Other. (3) All other expenses, net include change in fair value of contingent consideration, gain (loss) on divestitures, other income (expense), net and income tax expense.
| For the Six Months Ended June 30, 2025
(in thousands) | Insurance Advisory Solutions |  | Underwriting, Capacity & Technology Solutions |  | Mainstreet Insurance Solutions |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Commission revenue(1)(2) | $ | 330,008 |  |  | $ | 212,009 |  |  | $ | 132,959 |  |  | $ | (36,871) |  |  | $ | 638,105 |
Profit-sharing revenue | 28,973 |  |  | 7,313 |  |  | 8,014 |  |  | — |  |  | 44,300 |
Consulting and service fee revenue | 44,580 |  |  | 2,951 |  |  | — |  |  | — |  |  | 47,531 |
Policy fee and installment fee revenue | — |  |  | 37,664 |  |  | — |  |  | — |  |  | 37,664 |
Assumed premium earned | — |  |  | 9,805 |  |  | — |  |  | — |  |  | 9,805 |
Other income | 5,441 |  |  | 769 |  |  | 3,346 |  |  | (181) |  |  | 9,375 |
Investment income | 1,936 |  |  | 2,173 |  |  | 114 |  |  | 1,213 |  |  | 5,436 |
Total revenues | 410,938 |  |  | 272,684 |  |  | 144,433 |  |  | (35,839) |  |  | 792,216 |
Expenses: |  |  |  |  |  |  |  |  |
Inside advisor commissions | 96,794 |  |  | 315 |  |  | 16,261 |  |  | — |  |  | 113,370 |
Fixed compensation | 107,480 |  |  | 29,960 |  |  | 19,521 |  |  | 4,762 |  |  | 161,723 |
Benefits and other | 49,664 |  |  | 18,572 |  |  | 12,689 |  |  | 6,672 |  |  | 87,597 |
Share-based compensation | 10,757 |  |  | 5,678 |  |  | 2,908 |  |  | 10,412 |  |  | 29,755 |
Severance | 1,218 |  |  | 930 |  |  | 495 |  |  | 182 |  |  | 2,825 |
Colleague earnout incentives | (1,671) |  |  | (108) |  |  | — |  |  | — |  |  | (1,779) |
Colleague compensation and benefits | 264,242 |  |  | 55,347 |  |  | 51,874 |  |  | 22,028 |  |  | 393,491 |
Outside commissions(2) | 6,438 |  |  | 131,879 |  |  | 38,144 |  |  | (37,052) |  |  | 139,409 |
Selling expense | 12,522 |  |  | 3,145 |  |  | 7,860 |  |  | 4,357 |  |  | 27,884 |
Operating expense | 29,036 |  |  | 28,511 |  |  | 11,300 |  |  | 15,978 |  |  | 84,825 |
Administrative expense | 27,881 |  |  | 10,154 |  |  | 15,356 |  |  | 66,845 |  |  | 120,236 |
All other expenses, net(3) | 5,956 |  |  | (831) |  |  | 742 |  |  | 747 |  |  | 6,614 |
Total expense | 346,075 |  |  | 228,205 |  |  | 125,276 |  |  | 72,903 |  |  | 772,459 |
Net income (loss) | $ | 64,863 |  |  | $ | 44,479 |  |  | $ | 19,157 |  |  | $ | (108,742) |  |  | $ | 19,757 |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Change in fair value of contingent consideration | $ | 6,670 |  |  | $ | (845) |  |  | $ | 279 |  |  | $ | — |  |  | $ | 6,104 |
Depreciation and amortization expense | 27,385 |  |  | 9,743 |  |  | 15,139 |  |  | 2,850 |  |  | 55,117 |
Interest (income) expense, net | (1) |  |  | 219 |  |  | 34 |  |  | 61,044 |  |  | 61,296 |
Gain (loss) on divestitures | 1,901 |  |  | — |  |  | — |  |  | (1,611) |  |  | 290 |
Loss on extinguishment and modification of debt | — |  |  | — |  |  | — |  |  | (2,394) |  |  | (2,394) |
Capital expenditures | 2,689 |  |  | 7,924 |  |  | 5,712 |  |  | 3,985 |  |  | 20,310 |
| At June 30, 2025
Total assets | $ | 2,419,363 |  |  | $ | 730,931 |  |  | $ | 509,708 |  |  | $ | 78,983 |  |  | $ | 3,738,985 |
__________ (1) During the six months ended June 30, 2025, commission revenue for the IAS, UCTS and MIS operating groups included direct bill revenue of $207.7 million, $3.6 million and $131.8 million, respectively, and agency bill revenue of $122.3 million, $208.4 million and $1.2 million, respectively. (2) During the six months ended June 30, 2025, the IAS operating group recorded commission revenue shared with other operating groups of $0.2 million and the UCTS operating group recorded commission revenue shared with other operating groups of $36.9 million. Commission revenue shared with other operating groups, and the related outside commissions, are eliminated through Corporate and Other. (3) All other expenses, net include change in fair value of contingent consideration, gain (loss) on divestitures, other income (expense), net and income tax expense.
| For the Six Months Ended June 30, 2024
(in thousands) | Insurance Advisory Solutions |  | Underwriting, Capacity & Technology Solutions |  | Mainstreet Insurance Solutions |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Commission revenue(1)(2) | $ | 318,879 |  |  | $ | 188,982 |  |  | $ | 130,988 |  |  | $ | (36,069) |  |  | $ | 602,780 |
Profit-sharing revenue | 30,965 |  |  | 4,821 |  |  | 7,186 |  |  | — |  |  | 42,972 |
Consulting and service fee revenue | 35,513 |  |  | 3,241 |  |  | — |  |  | — |  |  | 38,754 |
Policy fee and installment fee revenue | — |  |  | 27,250 |  |  | — |  |  | — |  |  | 27,250 |
Other income | 2,492 |  |  | 361 |  |  | 590 |  |  | — |  |  | 3,443 |
Investment income | 2,623 |  |  | 1,727 |  |  | — |  |  | 658 |  |  | 5,008 |
Total revenues | 390,472 |  |  | 226,382 |  |  | 138,764 |  |  | (35,411) |  |  | 720,207 |
Expenses: |  |  |  |  |  |  |  |  |
Inside advisor commissions | 94,370 |  |  | 1,040 |  |  | 14,802 |  |  | — |  |  | 110,212 |
Fixed compensation | 100,877 |  |  | 25,470 |  |  | 19,161 |  |  | 2,434 |  |  | 147,942 |
Benefits and other | 44,610 |  |  | 17,746 |  |  | 11,842 |  |  | 6,292 |  |  | 80,490 |
Share-based compensation | 10,326 |  |  | 5,082 |  |  | 4,271 |  |  | 9,136 |  |  | 28,815 |
Severance | 1,545 |  |  | 205 |  |  | 344 |  |  | 782 |  |  | 2,876 |
Colleague earnout incentives | 6,379 |  |  | — |  |  | — |  |  | — |  |  | 6,379 |
Colleague compensation and benefits | 258,107 |  |  | 49,543 |  |  | 50,420 |  |  | 18,644 |  |  | 376,714 |
Outside commissions(2) | 5,713 |  |  | 121,238 |  |  | 38,811 |  |  | (36,069) |  |  | 129,693 |
Selling expense | 11,238 |  |  | 2,231 |  |  | 7,245 |  |  | 2,903 |  |  | 23,617 |
Operating expense | 27,018 |  |  | 18,984 |  |  | 9,160 |  |  | 11,636 |  |  | 66,798 |
Administrative expense | 31,238 |  |  | 7,277 |  |  | 13,125 |  |  | 80,147 |  |  | 131,787 |
All other expenses, net(3) | 10,738 |  |  | (29,666) |  |  | 41 |  |  | 2,252 |  |  | (16,635) |
Total expense | 344,052 |  |  | 169,607 |  |  | 118,802 |  |  | 79,513 |  |  | 711,974 |
Net income (loss) | $ | 46,420 |  |  | $ | 56,775 |  |  | $ | 19,962 |  |  | $ | (114,924) |  |  | $ | 8,233 |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Change in fair value of contingent consideration | $ | 13,904 |  |  | $ | 4,323 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 18,228 |
Depreciation and amortization expense | 30,383 |  |  | 7,192 |  |  | 12,915 |  |  | 2,007 |  |  | 52,497 |
Interest (income) expense, net | (3) |  |  | (26) |  |  | 19 |  |  | 62,884 |  |  | 62,874 |
Gain on divestitures | 2,034 |  |  | 35,110 |  |  | — |  |  | — |  |  | 37,144 |
Loss on extinguishment and modification of debt | — |  |  | — |  |  | — |  |  | (14,679) |  |  | (14,679) |
Capital expenditures | 2,356 |  |  | 9,353 |  |  | 4,630 |  |  | 2,365 |  |  | 18,704 |
| At December 31, 2024
Total assets | $ | 2,329,152 |  |  | $ | 621,407 |  |  | $ | 524,576 |  |  | $ | 59,596 |  |  | $ | 3,534,731 |
__________ (1) During the six months ended June 30, 2024, commission revenue for the IAS, UCTS and MIS operating groups included direct bill revenue of $203.7 million, $3.6 million and $129.9 million, respectively, and agency bill revenue of $115.2 million, $185.4 million and $1.1 million, respectively. (2) During the six months ended June 30, 2024, the UCTS operating group recorded commission revenue shared with other operating groups of $35.1 million and the MIS operating group recorded commission revenue shared within the same operating group of $1.0 million. Commission revenue shared with other operating groups or within the same operating group, and the related outside commissions, are eliminated through Corporate and Other. (3) All other expenses, net include change in fair value of contingent consideration, gain on divestitures, other income (expense), net and income tax expense.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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