We completed 16 Partnerships for an aggregate purchase price of $1.0 billion during 2020 and six Partnerships for an aggregate purchase price of $174.1 million during 2019. Partnerships completed during 2020 added $89.9 million of premiums, commissions and fees receivable, $480.0 million of intangible assets and $487.0 million of goodwill to the consolidated balance sheet. We borrowed $400.0 million under the Term Loan B and completed two follow-on public offerings for aggregate primary net proceeds of $449.7 million to assist with funding acquisitions during 2020.
Commissions and fees increased by $103.1 million for the year ended December 31, 2020 as compared to the same period of 2019. This increase was related to amounts attributable to Partners acquired during 2019 and 2020 prior to their having reached the twelve-month owned mark (such amounts, the “Partnership Contribution”) and organic growth. The Partnership Contribution accounted for $81.3 million of the increase to revenues and organic growth accounted for $21.8 million.
Agency bill revenue primarily represents commission revenue earned by providing insurance placement services to Clients wherein we act as an agent on behalf of the Client. Agency bill revenue increased by $48.0 million for the year ended December 31, 2020 as compared to the same period of 2019. The Partnership Contribution accounted for $34.7 million of the increase to agency bill revenue and organic growth for agency bill revenue was $13.3 million.
Our total assets and total liabilities increased $1.1 billion and $598.5 million, respectively, at December 31, 2020 as compared to December 31, 2019. The most significant changes in assets and liabilities are described below.
Commissions, employee compensation and benefits expenses increased across all Operating Groups for the year ended December 31, 2020 as compared to the same period of 2019. The Partnership Contribution accounted for $25.7 million, $20.0 million, $1.8 million and $5.5 million to the Middle Market, Specialty, MainStreet and Medicare Operating Groups, respectively. Commissions, employee compensation and benefits expenses also increased in the Middle Market, Specialty and MainStreet Operating Groups as a result of continued investments in Growth Services to support our growth, which costs are primarily allocated among the Operating Groups, and continued investment in sales and service talent.
Other operating expenses increased across all Operating Groups for the year ended December 31, 2020 as compared to the same period of 2019. Middle Market increases were driven by higher costs for professional fees of $3.6 million, rent expense of $1.4 million, and dues and subscriptions of $1.1 million. Specialty increases were driven by higher costs for bank charges of $1.0 million, licensing and miscellaneous taxes of $296,000, consulting of $295,000, rent expense of $289,000, and dues and subscriptions of $197,000. MainStreet increases were driven by higher costs for dues and subscriptions of $351,000 and rent expense of $213,000. Medicare increases were driven by higher costs for rent expense of $420,000, professional fees of $320,000, advertising and marketing of $268,000 and licensing and miscellaneous taxes of $133,000.
As of December 31, 2020, our cash and cash equivalents were $108.5 million. We believe that our cash and cash equivalents, cash flow from operations and available borrowings under the New JPM Credit Agreement will be sufficient to fund our working capital and meet our commitments for the foreseeable future. However, we expect that we will require additional funding to continue to execute on our Partnership strategy. Such funding could include the incurrence of additional debt or the issuance of equity. Additional funds may not be available on a timely basis, on favorable terms, or at all, and such funds, if raised, may not be sufficient to enable us to continue to implement our long-term Partnership strategy. If we are not able to raise funds when needed, we could be forced to delay or reduce the number of Partnerships that we complete.
On October 14, 2020, we entered into the New JPM Credit Agreement with JPMorgan Chase Bank, N.A., to provide new senior secured credit facilities in an aggregate principal amount of $800.0 million. The amount consists of (i) a new term loan facility in the principal amount of $400.0 million maturing in 2027 (the “Term Loan B”) and (ii) a new revolving credit facility with commitments in an aggregate principal amount of $400.0 million maturing in 2025 (the “Revolving Facility”). We utilized a portion of the proceeds from the Term Loan B to repay in full our obligations under the Old JPMorgan Credit Agreement and concurrently terminated the existing agreement. The Revolving Facility and the remaining proceeds of the Term Loan B are available to finance working capital needs and for other general corporate purposes of BRP and certain of its subsidiaries (including acquisitions and other investments permitted under the New JPM Credit Agreement.
Costs to obtain contracts includes compensation in the form of producer commissions paid on new business. These incremental costs are capitalized as deferred commission expense and amortized over five years, which represents management’s estimate of the average period over which a Client maintains its initial coverage relationship with the original Insurance Company Partner. Given a hypothetical one-year increase in the amortization period for deferred commission expense, our annual expense related to deferred commissions would have decreased by $171,000 for the year ended December 31, 2020.
In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 840, Leases. ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The FASB has subsequently issued several additional ASUs related to leases, which improved upon, provided interpretation of and transition relief for, the guidance issued in ASU 2016-02 and extended the adoption date for nonpublic business entities. This guidance is effective for the fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the full effect that the adoption of this standard will have on its consolidated financial statements.
We review our definite-lived intangible assets and other long-lived assets for impairment at least annually or whenever an event occurs that indicates the carrying amount of an asset may not be recoverable. No impairment was recorded for the years ended December 31, 2020 and 2019.
•BRP amended and restated its amended and restated limited liability company agreement (the “Amended LLC Agreement”) to, among other things, appoint BRP Group as the sole managing member of BRP and to modify BRP’s capital structure to reclassify all the equity interests into a single class of LLC units (the “LLC Units”);
Acquisition-related costs incurred in connection with these business combinations are recorded in operating expenses in the consolidated statements of comprehensive loss. The Company incurred acquisition-related costs from its business combinations of $7.5 million for the year ended December 31, 2020.
Due to the complexity of valuing the consideration paid and the purchase price allocation and the timing of these activities, certain amounts included in the consolidated financial statements may be provisional and subject to additional adjustments within the measurement period as permitted by Topic 805. Specifically, the Company's valuations of premiums, commissions and fees receivable in accordance with Topic 606 are estimates subject to change based on relevant factors over the policy period. The valuations of intangible assets are also estimates based on assumptions of factors such as discount rates and growth rates. Accordingly, these assets are subject to measurement period adjustments as determined after the passage of time. Any measurement period adjustments related to prior period business combinations are reflected as current period adjustments in accordance with Topic 805.
The Company recorded debt issuance costs related to the Fourth Amendment of $541,000 during the year ended December 31, 2019. The Fourth Amendment was accounted for as a partial extinguishment and partial modification at the individual tranche and syndicated lender level. Most of the previously unamortized deferred financing costs continued to be amortized over the term of the new agreement. The Company recorded a loss on extinguishment of debt related to the Fourth Amendment of $167,000 during the year ended December 31, 2019. At December 31, 2019, the applicable interest rate on the Revolving Credit Commitment was 3.81%.
The Company serves as a broker for Villages. Commission revenue recorded as a result of these transactions was $1.1 million and $1.3 million for the years ended December 31, 2020 and 2019, respectively.
The Company leases its facilities and certain equipment under non-cancelable operating leases expiring though May 2030. Approximate future minimum payments under the operating lease agreements are as follows (in thousands):