Business and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The table below presents the changes in the relevant balance sheet captions at December 31, 2024 from amounts as previously reported to the revised presentation.


	At December 31, 2024
(in thousands)	As Previously Reported		Change in Presentation		As Revised
Cash and cash equivalents	$	148,120	$	(58,075)	$	90,045
Restricted cash	164,649		(164,649)		—
Fiduciary cash	—		222,724		222,724
Total	$	312,769	$	—	$	312,769

Premiums, commissions and fees receivables, net	$	702,096	$	(702,096)	$	—
Assumed premiums, commissions and fees receivable, net	—		283,553		283,553
Fiduciary receivables	—		418,543		418,543
Total	$	702,096	$	—	$	702,096

Premiums payable to insurance companies	$	641,267	$	(641,267)	$	—
Fiduciary liabilities	—		641,267		641,267
Total	$	641,267	$	—	$	641,267

The table below presents the changes in the relevant statement of cash flow captions for the six months ended June 30, 2024 from amounts as previously reported to the revised presentation.


	For the Six Months Ended June 30, 2024
(in thousands)	As Previously Reported		Change in Presentation		As Revised
Cash flows from operating activities:
Changes in operating assets and liabilities:
Premiums, commissions and fees receivable, net	$	(134,494)	$	134,494	$	—
Assumed premiums, commissions and fees receivable, net	—		(15,381)		(15,381)
Accounts payable, accrued expenses and other current liabilities	167,077		(176,601)		(9,524)
Colleague earnout incentives(1)	—		(4,766)		(4,766)

Cash flows from financing activities:
Change in fiduciary assets and liabilities, net	—		62,254		62,254
Total represented changes in cash flows	$	32,583	$	—	$	32,583

__________

(1) Beginning December 31, 2024, colleague earnout incentives were presented separately on the face of the consolidated balance sheets unrelated to the change in presentation for fiduciary assets and liabilities. Changes in colleague earnout incentives are included in this table only to present the effect of this reclassification on the changes in accounts payable, accrued expenses and other current liabilities.