Revenues (Tables)

9 Months Ended

Sep. 30, 2021

Revenues [Abstract]

Schedule of Disaggregated by Revenue

The following tables present the revenues disaggregated by revenue source:

	Three months ended September 30, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	284,536	$	133,649	$	90,862	$	—	$	25		$	509,072
Fees (2)		109,915		49,779		17,938		43,732		(428	)		220,936
Incentive commissions (3)		15,460		444		720		—		—			16,624
Profit-sharing contingent commissions (4)		8,705		6,499		2,414		—		—			17,618
Guaranteed supplemental commissions (5)		4,454		549		401		—		—			5,404
Investment income (6)		236		136		35		—		23			430
Other income, net (7)		115		9		98		—		(1	)		221
Total Revenues	$	423,421	$	191,065	$	112,468	$	43,732	$	(381	)	$	770,305

	Nine months ended September 30, 2021
(in thousands)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	905,470	$	369,703	$	246,233	$	—	$	32		$	1,521,438
Fees (2)		307,314		125,329		51,574		135,590		(1,352	)		618,455
Incentive commissions (3)		88,219		1,443		2,321		—		—			91,983
Profit-sharing contingent commissions (4)		32,848		23,833		6,482		—		—			63,163
Guaranteed supplemental commissions (5)		12,383		1,316		872		—		—			14,571
Investment income (6)		271		423		120		3		92			909
Other income, net (7)		930		185		332		—		967			2,414
Total Revenues	$	1,347,435	$	522,232	$	307,934	$	135,593	$	(261	)	$	2,312,933

1.Base commissions generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds’ underlying “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, or sales and payroll levels) to determine what premium to charge the insured. Insurance companies establish these premium rates based upon many factors, including loss experience, risk profile and reinsurance rates paid by such insurance companies, none of which we control.

2.Fee revenues relate to fees for services other than securing coverage for our customers, fees negotiated in lieu of commissions, and F&I products and services.

3.Incentive commissions include additional commissions over base commissions received from insurance carriers based on predetermined production levels mutually agreed upon by both parties.

4.Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention.

5.Guaranteed supplemental commissions represent guaranteed fixed-base agreements in lieu of profit-sharing contingent commissions.

6.Investment income consists primarily of interest on cash and investments.

7.Other income consists primarily of legal settlements and other miscellaneous income.

8.Fees within other reflects the elimination of intercompany revenues.

Schedule of Balances of Contract Assets and Contract Liabilities Arising from Contracts with Customers

The balances of contract assets and contract liabilities arising from contracts with customers as of September 30, 2021 and December 31, 2020 were as follows:

(in thousands)	September 30, 2021		December 31, 2020
Contract assets	$	375,277	$	308,755
Contract liabilities	$	84,566	$	80,997