Revenues (Tables)

3 Months Ended

Mar. 31, 2023

The following tables present the revenues disaggregated by revenue source:


	Three months ended March 31, 2023
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	488.9	$	157.8	$	100.0	$	—	$	—		$	746.7
Fees (2)		126.1		50.3		17.9		44.3		(0.6	)		238.0
Other supplemental commissions (3)		82.4		2.4		1.7		—		—			86.5
Profit-sharing contingent commissions (4)		15.4		7.9		3.5		—		—			26.8
Earned premium (5)		—		10.0		—		—		—			10.0
Investment income (6)		0.2		1.2		0.2		—		5.4			7.0
Other income, net (7)		0.5		0.2		0.1		—		0.2			1.0
Total Revenues	$	713.5	$	229.8	$	123.4	$	44.3	$	5.0		$	1,116.0


	Three months ended March 31, 2022
(in millions)	Retail		National Programs		Wholesale Brokerage		Services		Other (8)			Total
Base commissions (1)	$	393.5	$	117.3	$	78.3	$	—	$	—		$	589.1
Fees (2)		112.7		34.6		16.1		43.6		(0.4	)		206.6
Other supplemental commissions (3)		72.2		1.1		5.6		—		—			78.9
Profit-sharing contingent commissions (4)		17.9		8.0		2.7		—		—			28.6
Earned premium (5)		—		1.1		—		—		—			1.1
Investment income (6)		—		0.1		0.1		—		—			0.2
Other income, net (7)		0.1		—		0.1		—		—			0.2
Total Revenues	$	596.4	$	162.2	$	102.9	$	43.6	$	(0.4	)	$	904.7

(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)

Other supplemental commissions include additional commissions over base commissions received from insurance carriers based on predetermined growth or production measures. This includes incentive commissions and guaranteed supplemental commissions.

(4)

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

(5)

Earned premium relates to the premiums earned in the Captives.

(6)

Investment income consists primarily of interest on cash and investments.

(7)

Other income, net consists primarily of other miscellaneous income.

(8)

Fees within Other reflects the elimination of intercompany revenues.

Schedule of Revenues Disaggregated by Geographic Area

The following table presents the revenues disaggregated by geographic area where our services are being performed:


	Three months ended March 31,
(in millions, except per share data)	2023		2022
U.S.	$	998.2	$	884.3
U.K.		98.1		4.6
Ireland		11.3		9.2
Canada		5.3		5.1
Other		3.1		1.5
Total Revenues	$	1,116.0	$	904.7

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 March 31, 2023 and December 31, 2022 were as follows:


(in millions)	March 31, 2023		December 31, 2022
Contract assets	$	543.5	$	431.2
Contract liabilities	$	104.2	$	113.3