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v3.26.1

Intangible Assets, Net and Goodwill (Tables) | 6 Months Ended
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Jun. 30, 2026
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Intangible Assets | Intangible assets consist of the following:
|  | June 30, 2026 |  | December 31, 2025
(in thousands) |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Acquired relationships |  | $ | 1,739,517 |  |  | $ | (430,185) |  |  | $ | 1,309,332 |  |  | $ | 1,253,396 |  |  | $ | (344,992) |  |  | $ | 908,404 |
Software |  | 211,823 |  |  | (116,073) |  |  | 95,750 |  |  | 163,514 |  |  | (95,547) |  |  | 67,967 |
Trade names |  | 76,724 |  |  | (31,766) |  |  | 44,958 |  |  | 28,474 |  |  | (26,411) |  |  | 2,063 |
Total intangible assets |  | $ | 2,028,064 |  |  | $ | (578,024) |  |  | $ | 1,450,040 |  |  | $ | 1,445,384 |  |  | $ | (466,950) |  |  | $ | 978,434 |
Schedule of Future Amortization Expense for Intangible Assets | Future annual estimated amortization expense over the next five years for intangible assets is as follows:
(in thousands) |  | Amortization
For the remainder of 2026 |  | $ | 111,472 |
2027 |  | 192,865 |
2028 |  | 165,578 |
2029 |  | 143,361 |
2030 |  | 129,979 |
2031 |  | 104,071 |
Schedule of Goodwill | The changes in carrying value of goodwill by operating group for the periods are as follows:
(in thousands) |  | Insurance Advisory Solutions |  | Underwriting, Capacity & Technology Solutions |  | Mainstreet Insurance Solutions |  | Total
Balance at December 31, 2025 |  | $ | 932,487 |  |  | $ | 241,905 |  |  | $ | 342,779 |  |  | $ | 1,517,171 |
Goodwill of acquired businesses |  | 940,290 |  |  | 194,605 |  |  | — |  |  | 1,134,895 |
Measurement period adjustments(1) |  | — |  |  | 341 |  |  | — |  |  | 341 |
Balance at June 30, 2026 |  | $ | 1,872,777 |  |  | $ | 436,851 |  |  | $ | 342,779 |  |  | $ | 2,652,407 |
__________ (1) Adjustments were made within the permitted measurement period to reflect a decrease in assumed premiums, commissions and fees receivable, net related to partnerships entered into in the prior year. The measurement period adjustments have been reflected as current‑period adjustments in accordance with Topic 805 and had no effect on results of operations or cash flows.

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