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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Summarized Financial Information by Operating Group |
| For the Three Months Ended June 30, 2026
(in thousands) | Insurance Advisory Solutions |  | Underwriting, Capacity & Technology Solutions |  | Mainstreet Insurance Solutions |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Commission revenue(1) | $ | 208,847 |  |  | $ | 114,990 |  |  | $ | 67,250 |  |  | $ | (18,027) |  |  | $ | 373,060 |
Profit-sharing revenue | 17,833 |  |  | 5,310 |  |  | 6,391 |  |  | — |  |  | 29,534 |
Consulting and service fee revenue | 42,935 |  |  | 1,872 |  |  | 76 |  |  | — |  |  | 44,883 |
Policy fee and installment fee revenue | — |  |  | 21,201 |  |  | — |  |  | — |  |  | 21,201 |
Assumed premium earned | — |  |  | 15,309 |  |  | — |  |  | — |  |  | 15,309 |
Other income | 3,269 |  |  | 140 |  |  | 1,589 |  |  | (196) |  |  | 4,802 |
Investment income | 2,459 |  |  | 1,425 |  |  | 21 |  |  | 245 |  |  | 4,150 |
Total revenues | 275,343 |  |  | 160,247 |  |  | 75,327 |  |  | (17,978) |  |  | 492,939 |
Expenses: |  |  |  |  |  |  |  |  |
Inside advisor commissions | 66,039 |  |  | 727 |  |  | 8,145 |  |  | — |  |  | 74,911 |
Fixed compensation | 76,404 |  |  | 19,319 |  |  | 10,527 |  |  | 2,670 |  |  | 108,920 |
Benefits and other | 34,858 |  |  | 9,802 |  |  | 7,257 |  |  | 1,967 |  |  | 53,884 |
Share-based compensation | 9,257 |  |  | 4,472 |  |  | 1,369 |  |  | 5,603 |  |  | 20,701 |
Severance | 3,586 |  |  | 490 |  |  | 957 |  |  | 874 |  |  | 5,907 |
Colleague compensation and benefits | 190,144 |  |  | 34,810 |  |  | 28,255 |  |  | 11,114 |  |  | 264,323 |
Outside commissions(1) | 3,953 |  |  | 66,551 |  |  | 19,517 |  |  | (18,223) |  |  | 71,798 |
Selling expense | 11,571 |  |  | 2,477 |  |  | 2,949 |  |  | 2,646 |  |  | 19,643 |
Operating expense | 28,093 |  |  | 30,171 |  |  | 5,875 |  |  | 9,261 |  |  | 73,400 |
Administrative expense | 35,186 |  |  | 14,790 |  |  | 13,222 |  |  | 42,412 |  |  | 105,610 |
All other (income) expense, net(2) | 7,675 |  |  | 4,755 |  |  | 1,745 |  |  | (29) |  |  | 14,146 |
Total expense | 276,622 |  |  | 153,554 |  |  | 71,563 |  |  | 47,181 |  |  | 548,920 |
Net income (loss) | $ | (1,279) |  |  | $ | 6,693 |  |  | $ | 3,764 |  |  | $ | (65,159) |  |  | $ | (55,981) |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Loss on change in fair value of contingent consideration | $ | 5,105 |  |  | $ | 5,446 |  |  | $ | 1,752 |  |  | $ | — |  |  | $ | 12,303 |
Depreciation and amortization expense | 32,946 |  |  | 10,821 |  |  | 13,170 |  |  | 1,863 |  |  | 58,800 |
Interest expense, net | 1,797 |  |  | 3,642 |  |  | 3 |  |  | 40,224 |  |  | 45,666 |
Loss on extinguishment and modification of debt | — |  |  | — |  |  | — |  |  | 129 |  |  | 129 |
Share of net earnings of equity method investee | — |  |  | 664 |  |  | — |  |  | — |  |  | 664 |
__________ (1) During the three months ended June 30, 2026, 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 $18.0 million. Commission revenue shared with other operating groups, and the related outside commissions, are eliminated through Corporate and Other. (2) All other (income) expense, net includes change in fair value of contingent consideration, other income (expense), net, share of net earnings of equity method investee and income tax expense (benefit).
| 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) | $ | 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(1) | 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 (income) expense, net(2) | 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: |  |  |  |  |  |  |  |  |
Loss (gain) on 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 |
Loss (gain) on divestitures | (500) |  |  | — |  |  | — |  |  | 1,611 |  |  | 1,111 |
__________ (1) 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. (2) All other (income) expense, net includes change in fair value of contingent consideration, gain (loss) on divestitures, other income (expense), net and income tax expense (benefit).
| For the Six Months Ended June 30, 2026
(in thousands) | Insurance Advisory Solutions |  | Underwriting, Capacity & Technology Solutions |  | Mainstreet Insurance Solutions |  | Corporate and Other |  | Total
Revenues: |  |  |  |  |  |  |  |  |
Commission revenue(1) | $ | 474,884 |  |  | $ | 209,460 |  |  | $ | 143,114 |  |  | $ | (33,844) |  |  | $ | 793,614 |
Profit-sharing revenue | 36,859 |  |  | 8,072 |  |  | 10,714 |  |  | — |  |  | 55,645 |
Consulting and service fee revenue | 85,000 |  |  | 3,280 |  |  | 76 |  |  | — |  |  | 88,356 |
Policy fee and installment fee revenue | — |  |  | 41,943 |  |  | — |  |  | — |  |  | 41,943 |
Assumed premium earned | — |  |  | 29,500 |  |  | — |  |  | — |  |  | 29,500 |
Other income | 5,789 |  |  | 176 |  |  | 3,029 |  |  | (402) |  |  | 8,592 |
Investment income | 4,007 |  |  | 2,759 |  |  | 52 |  |  | 706 |  |  | 7,524 |
Total revenues | 606,539 |  |  | 295,190 |  |  | 156,985 |  |  | (33,540) |  |  | 1,025,174 |
Expenses: |  |  |  |  |  |  |  |  |
Inside advisor commissions | 151,753 |  |  | 1,380 |  |  | 17,024 |  |  | — |  |  | 170,157 |
Fixed compensation | 154,418 |  |  | 37,788 |  |  | 20,752 |  |  | 5,071 |  |  | 218,029 |
Benefits and other | 72,052 |  |  | 21,930 |  |  | 14,499 |  |  | 5,518 |  |  | 113,999 |
Share-based compensation | 14,919 |  |  | 7,437 |  |  | 2,785 |  |  | 8,378 |  |  | 33,519 |
Severance | 8,926 |  |  | 515 |  |  | 1,815 |  |  | 975 |  |  | 12,231 |
Colleague compensation and benefits | 402,068 |  |  | 69,050 |  |  | 56,875 |  |  | 19,942 |  |  | 547,935 |
Outside commissions(1) | 8,629 |  |  | 124,311 |  |  | 39,783 |  |  | (34,246) |  |  | 138,477 |
Selling expense | 23,236 |  |  | 4,616 |  |  | 5,963 |  |  | 4,443 |  |  | 38,258 |
Operating expense | 56,173 |  |  | 57,491 |  |  | 11,745 |  |  | 152,872 |  |  | 278,281 |
Administrative expense | 67,484 |  |  | 25,347 |  |  | 26,128 |  |  | 90,705 |  |  | 209,664 |
All other (income) expense, net(2) | 7,946 |  |  | 5,176 |  |  | 1,905 |  |  | (144,591) |  |  | (129,564) |
Total expense | 565,536 |  |  | 285,991 |  |  | 142,399 |  |  | 89,125 |  |  | 1,083,051 |
Net income (loss) | $ | 41,003 |  |  | $ | 9,199 |  |  | $ | 14,586 |  |  | $ | (122,665) |  |  | $ | (57,877) |
Other segment disclosures: |  |  |  |  |  |  |  |  |
Loss on change in fair value of contingent consideration | $ | 5,403 |  |  | $ | 6,880 |  |  | $ | 1,989 |  |  | $ | — |  |  | $ | 14,272 |
Depreciation and amortization expense | 65,201 |  |  | 21,057 |  |  | 26,050 |  |  | 3,570 |  |  | 115,878 |
Interest expense, net | 1,663 |  |  | 3,721 |  |  | 14 |  |  | 79,168 |  |  | 84,566 |
Loss on extinguishment and modification of debt | — |  |  | — |  |  | — |  |  | 7,538 |  |  | 7,538 |
Share of net earnings of equity method investee | — |  |  | 1,175 |  |  | — |  |  | — |  |  | 1,175 |
Capital expenditures | 4,661 |  |  | 14,464 |  |  | 7,002 |  |  | 1,721 |  |  | 27,848 |
| At June 30, 2026
Total assets | $ | 4,222,844 |  |  | $ | 1,184,295 |  |  | $ | 694,213 |  |  | $ | 73,372 |  |  | $ | 6,174,724 |
__________ (1) During the six months ended June 30, 2026, 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 $33.8 million. Commission revenue shared with other operating groups, and the related outside commissions, are eliminated through Corporate and Other. (2) All other (income) expense, net includes change in fair value of contingent consideration, other income (expense), net, share of net earnings of equity method investee and income tax expense (benefit).
| 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) | $ | 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(1) | 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 (income) expense, net(2) | 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: |  |  |  |  |  |  |  |  |
Loss (gain) on 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 |
Loss (gain) 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 December 31, 2025
Total assets | $ | 2,293,873 |  |  | $ | 758,085 |  |  | $ | 712,639 |  |  | $ | 97,623 |  |  | $ | 3,862,220 |
__________ (1) 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. (2) All other (income) expense, net includes change in fair value of contingent consideration, gain (loss) on divestitures, other income (expense), net and income tax expense (benefit).

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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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