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REVENUES (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table presents the disaggregation of revenues by major source (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Commission income | $ | 48,240 |  |  | $ | 43,993 |  |  | $ | 139,447 |  |  | $ | 122,451 |
Contingent income | 1,383 |  |  | 1,035 |  |  | 3,717 |  |  | 3,023 |
Fee income |  |  |  |  |  |  |
Policy fees | 1,064 |  |  | 580 |  |  | 2,510 |  |  | 1,656 |
Branch fees | 1,172 |  |  | 824 |  |  | 3,523 |  |  | 2,134 |
License fees | 495 |  |  | 555 |  |  | 1,454 |  |  | 2,090 |
TPA fees | 159 |  |  | 148 |  |  | 324 |  |  | 463 |
Other income | 2,127 |  |  | 575 |  |  | 3,244 |  |  | 1,125 |
Total revenues | $ | 54,640 |  |  | $ | 47,710 |  |  | $ | 154,219 |  |  | $ | 132,942 |
The Company operates through two primary offerings, which are Insurance Services and TWFG MGA. The following table presents the disaggregation of revenues by offerings (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Insurance Services |  |  |  |  |  |  |
Agency-in-a-box | $ | 34,000 |  |  | $ | 35,895 |  |  | $ | 100,418 |  |  | $ | 102,539 |
Corporate Branches | 9,234 |  |  | 1,755 |  |  | 25,861 |  |  | 4,259 |
TWFG MGA | 9,490 |  |  | 9,538 |  |  | 25,213 |  |  | 24,417 |
Other | 1,916 |  |  | 522 |  |  | 2,727 |  |  | 1,727 |
Total revenues | $ | 54,640 |  |  | $ | 47,710 |  |  | $ | 154,219 |  |  | $ | 132,942 |

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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