Contract Assets and Liabilities (Notes)

6 Months Ended

Jun. 30, 2026

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Contract assets arise when the Company recognizes revenue for amounts which have not yet been billed. Contract liabilities relate to payments received in advance of performance under the contract before the transfer of a good or service to the customer. Contract assets are included in assumed premiums, commissions and fees receivable, net and contract liabilities are included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The balances of contract assets and liabilities arising from contracts with customers were as follows:


(in thousands)	June 30, 2026		December 31, 2025
Contract assets	$	273,912	$	279,517
Contract liabilities	46,461		36,333

During the six months ended June 30, 2026, the Company recognized revenue of $29.2 million related to the contract liabilities balance at December 31, 2025.