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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 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 Year Ended December 31, 2025
(in thousands) | Insurance Advisory Solutions |  | Underwriting, Capacity & Technology Solutions |  | Mainstreet Insurance Solutions |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Commission revenue(1) | $ | 572,256 |  |  | $ | 420,093 |  |  | $ | 265,183 |  |  | $ | (71,063) |  |  | $ | 1,186,469 |
Profit-sharing revenue | 52,969 |  |  | 16,051 |  |  | 25,070 |  |  | — |  |  | 94,090 |
Consulting and service fee revenue | 89,334 |  |  | 5,939 |  |  | 100 |  |  | — |  |  | 95,373 |
Policy fee and installment fee revenue | — |  |  | 78,642 |  |  | — |  |  | — |  |  | 78,642 |
Assumed premium earned | — |  |  | 22,571 |  |  | — |  |  | — |  |  | 22,571 |
Other income | 8,415 |  |  | 1,294 |  |  | 7,195 |  |  | (369) |  |  | 16,535 |
Investment income | 4,350 |  |  | 4,862 |  |  | 199 |  |  | 1,793 |  |  | 11,204 |
Total revenue | 727,324 |  |  | 549,452 |  |  | 297,747 |  |  | (69,639) |  |  | 1,504,884 |
Expenses: |  |  |  |  |  |  |  |  |
Inside advisor commissions | 175,335 |  |  | 683 |  |  | 31,684 |  |  | 5 |  |  | 207,707 |
Fixed compensation | 220,444 |  |  | 63,350 |  |  | 40,784 |  |  | 11,023 |  |  | 335,601 |
Benefits and other | 88,144 |  |  | 33,989 |  |  | 26,406 |  |  | 9,560 |  |  | 158,099 |
Share-based compensation | 25,680 |  |  | 16,344 |  |  | 5,328 |  |  | 23,761 |  |  | 71,113 |
Severance | 2,096 |  |  | 2,246 |  |  | 505 |  |  | 1,943 |  |  | 6,790 |
Colleague earnout incentives | (1,671) |  |  | (108) |  |  | — |  |  | — |  |  | (1,779) |
Colleague compensation and benefits | 510,028 |  |  | 116,504 |  |  | 104,707 |  |  | 46,292 |  |  | 777,531 |
Outside commissions(1) | 11,431 |  |  | 264,910 |  |  | 74,802 |  |  | (71,432) |  |  | 279,711 |
Selling expense | 24,119 |  |  | 6,382 |  |  | 15,094 |  |  | 8,939 |  |  | 54,534 |
Operating expense | 61,101 |  |  | 68,503 |  |  | 23,859 |  |  | 29,760 |  |  | 183,223 |
Administrative expense | 58,800 |  |  | 22,730 |  |  | 42,085 |  |  | 134,394 |  |  | 258,009 |
All other expenses, net(2) | 3,905 |  |  | (1,740) |  |  | 1,988 |  |  | 1,877 |  |  | 6,030 |
Total expense | 669,384 |  |  | 477,289 |  |  | 262,535 |  |  | 149,830 |  |  | 1,559,038 |
Net income (loss) | $ | 57,940 |  |  | $ | 72,163 |  |  | $ | 35,212 |  |  | $ | (219,469) |  |  | $ | (54,154) |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Change in fair value of contingent consideration | $ | 5,544 |  |  | $ | (1,405) |  |  | $ | 1,455 |  |  | $ | — |  |  | $ | 5,594 |
Depreciation and amortization expense | 57,957 |  |  | 21,770 |  |  | 41,810 |  |  | 6,293 |  |  | 127,830 |
Interest expense (income), net | (1) |  |  | 393 |  |  | 61 |  |  | 120,975 |  |  | 121,428 |
Loss (gain) on divestitures | (1,901) |  |  | — |  |  | — |  |  | 1,611 |  |  | (290) |
Loss on extinguishment and modification of debt | — |  |  | — |  |  | — |  |  | 6,226 |  |  | 6,226 |
Capital expenditures | 7,140 |  |  | 13,566 |  |  | 13,703 |  |  | 5,118 |  |  | 39,527 |
| At December 31, 2025
Total assets | $ | 2,293,873 |  |  | $ | 758,085 |  |  | $ | 712,639 |  |  | $ | 97,623 |  |  | $ | 3,862,220 |
__________ (1) During the year ended December 31, 2025, the IAS operating group recorded commission revenue shared with other operating groups of $0.4 million and the UCTS operating group recorded commission revenue shared with other operating groups of $71.1 million. Commission revenue shared within the same operating group and passed through to other operating groups is eliminated through Corporate and Other. (2) All other expenses, net includes change in fair value of contingent consideration, gain or loss on divestitures, other income (expense), net, share of net earnings of equity method investee and income tax expense.
| For the Year Ended December 31, 2024
(in thousands) | Insurance Advisory Solutions |  | Underwriting, Capacity & Technology Solutions |  | Mainstreet Insurance Solutions |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Commission revenue(1) | $ | 569,434 |  |  | $ | 388,810 |  |  | $ | 250,825 |  |  | $ | (79,166) |  |  | $ | 1,129,903 |
Profit-sharing revenue | 60,935 |  |  | 12,464 |  |  | 22,133 |  |  | — |  |  | 95,532 |
Consulting and service fee revenue | 71,852 |  |  | 6,316 |  |  | — |  |  | — |  |  | 78,168 |
Policy fee and installment fee revenue | — |  |  | 60,719 |  |  | — |  |  | — |  |  | 60,719 |
Other income | 3,936 |  |  | 568 |  |  | 8,290 |  |  | — |  |  | 12,794 |
Investment income | 5,779 |  |  | 4,062 |  |  | 35 |  |  | 2,045 |  |  | 11,921 |
Total revenue | 711,936 |  |  | 472,939 |  |  | 281,283 |  |  | (77,121) |  |  | 1,389,037 |
Expenses: |  |  |  |  |  |  |  |  |
Inside advisor commissions | 167,695 |  |  | 1,618 |  |  | 29,560 |  |  | — |  |  | 198,873 |
Fixed compensation | 206,029 |  |  | 53,453 |  |  | 38,601 |  |  | 4,965 |  |  | 303,048 |
Benefits and other | 82,925 |  |  | 32,757 |  |  | 22,974 |  |  | 8,466 |  |  | 147,122 |
Share-based compensation | 25,511 |  |  | 9,326 |  |  | 6,719 |  |  | 23,947 |  |  | 65,503 |
Severance | 1,895 |  |  | 1,757 |  |  | 520 |  |  | 1,584 |  |  | 5,756 |
Colleague earnout incentives | 39,315 |  |  | 2,602 |  |  | — |  |  | — |  |  | 41,917 |
Colleague compensation and benefits | 523,370 |  |  | 101,513 |  |  | 98,374 |  |  | 38,962 |  |  | 762,219 |
Outside commissions(1) | 11,009 |  |  | 260,204 |  |  | 77,782 |  |  | (79,166) |  |  | 269,829 |
Selling expense | 23,098 |  |  | 4,414 |  |  | 15,754 |  |  | 6,866 |  |  | 50,132 |
Operating expense | 54,714 |  |  | 36,602 |  |  | 19,449 |  |  | 28,172 |  |  | 138,937 |
Administrative expense | 63,016 |  |  | 15,681 |  |  | 27,511 |  |  | 144,390 |  |  | 250,598 |
All other expenses, net(2) | (15,403) |  |  | (28,888) |  |  | 495 |  |  | 2,199 |  |  | (41,597) |
Total expense | 659,804 |  |  | 389,526 |  |  | 239,365 |  |  | 141,423 |  |  | 1,430,118 |
Net income (loss) | $ | 52,132 |  |  | $ | 83,413 |  |  | $ | 41,918 |  |  | $ | (218,544) |  |  | $ | (41,081) |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Change in fair value of contingent consideration | $ | (10,458) |  |  | $ | 5,085 |  |  | $ | 424 |  |  | $ | — |  |  | $ | (4,949) |
Depreciation and amortization expense | 61,707 |  |  | 15,518 |  |  | 27,167 |  |  | 4,532 |  |  | 108,924 |
Interest expense (income), net | (4) |  |  | (26) |  |  | 32 |  |  | 123,642 |  |  | 123,644 |
Gain on divestitures | (3,843) |  |  | (35,110) |  |  | — |  |  | — |  |  | (38,953) |
Loss on extinguishment and modification of debt | — |  |  | — |  |  | — |  |  | 15,113 |  |  | 15,113 |
Capital expenditures | 6,110 |  |  | 17,626 |  |  | 8,897 |  |  | 8,416 |  |  | 41,049 |
| At December 31, 2024
Total assets | $ | 2,329,152 |  |  | $ | 621,407 |  |  | $ | 524,576 |  |  | $ | 59,596 |  |  | $ | 3,534,731 |
__________ (1) During the year ended December 31, 2024, the UCTS operating group recorded commission revenue shared with other operating groups of $77.6 million and the MIS operating group recorded commission revenue shared within the same operating group of $1.6 million. Commission revenue shared within the same operating group and passed through to other operating groups is eliminated through Corporate and Other. (2) All other expenses, net includes change in fair value of contingent consideration, gain on divestitures, other income (expense), net and income tax expense.
| For the Year Ended December 31, 2023
(in thousands) | Insurance Advisory Solutions |  | Underwriting, Capacity & Technology Solutions |  | Mainstreet Insurance Solutions |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Commission revenue(1) | $ | 512,211 |  |  | $ | 305,752 |  |  | $ | 217,300 |  |  | $ | (67,711) |  |  | $ | 967,552 |
Profit-sharing revenue | 56,549 |  |  | 21,174 |  |  | 15,714 |  |  | — |  |  | 93,437 |
Consulting and service fee revenue | 68,481 |  |  | 6,156 |  |  | — |  |  | — |  |  | 74,637 |
Policy fee and installment fee revenue | — |  |  | 65,386 |  |  | — |  |  | — |  |  | 65,386 |
Other income | 5,102 |  |  | 4,031 |  |  | 1,683 |  |  | — |  |  | 10,816 |
Investment income | 3,732 |  |  | 2,040 |  |  | — |  |  | 955 |  |  | 6,727 |
Total revenue | 646,075 |  |  | 404,539 |  |  | 234,697 |  |  | (66,756) |  |  | 1,218,555 |
Expenses: |  |  |  |  |  |  |  |  |
Inside advisor commissions | 153,212 |  |  | 4,530 |  |  | 26,073 |  |  | 2,927 |  |  | 186,742 |
Fixed compensation | 191,929 |  |  | 53,220 |  |  | 36,359 |  |  | 12,920 |  |  | 294,428 |
Benefits and other | 79,500 |  |  | 26,974 |  |  | 20,808 |  |  | 8,729 |  |  | 136,011 |
Share-based compensation | 3,693 |  |  | 3,727 |  |  | 1,343 |  |  | 47,458 |  |  | 56,221 |
Severance | 3,362 |  |  | 469 |  |  | 1,196 |  |  | 13,487 |  |  | 18,514 |
Colleague earnout incentives | 8,020 |  |  | — |  |  | — |  |  | — |  |  | 8,020 |
Colleague compensation and benefits | 439,716 |  |  | 88,920 |  |  | 85,779 |  |  | 85,521 |  |  | 699,936 |
Outside commissions(1) | 7,480 |  |  | 209,188 |  |  | 62,461 |  |  | (67,711) |  |  | 211,418 |
Selling expense | 19,750 |  |  | 3,954 |  |  | 14,680 |  |  | 7,297 |  |  | 45,681 |
Operating expense | 60,011 |  |  | 37,441 |  |  | 16,523 |  |  | 26,419 |  |  | 140,394 |
Administrative expense | 56,962 |  |  | 17,124 |  |  | 23,821 |  |  | 123,879 |  |  | 221,786 |
All other expenses, net(2) | 38,520 |  |  | 20,131 |  |  | 2,011 |  |  | 2,697 |  |  | 63,359 |
Total expense | 622,439 |  |  | 376,758 |  |  | 205,275 |  |  | 178,102 |  |  | 1,382,574 |
Net income (loss) | $ | 23,636 |  |  | $ | 27,781 |  |  | $ | 29,422 |  |  | $ | (244,858) |  |  | $ | (164,019) |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Change in fair value of contingent consideration | $ | 38,306 |  |  | $ | 20,930 |  |  | $ | 1,847 |  |  | $ | — |  |  | $ | 61,083 |
Depreciation and amortization expense | 55,339 |  |  | 16,584 |  |  | 23,418 |  |  | 3,061 |  |  | 98,402 |
Interest expense (income), net | (157) |  |  | — |  |  | (30) |  |  | 119,652 |  |  | 119,465 |
Capital expenditures | 1,330 |  |  | 7,571 |  |  | 3,482 |  |  | 8,993 |  |  | 21,376 |
__________ (1) During the year ended December 31, 2023, the UCTS operating group recorded commission revenue shared with other operating groups of $65.9 million and the MIS operating group recorded commission revenue shared within the same operating group of $1.8 million. Commission revenue shared within the same operating group is eliminated through Corporate and Other. (2) All other expenses, net includes change in fair value of contingent consideration, other income (expense), net and income tax expense.

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