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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2020
Reinsurance Disclosures [Abstract] |
Effects of reinsurance | The effects of reinsurance on the Company’s written and earned premiums and losses and loss adjustment expenses with unaffiliated reinsurers were as follows:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Premiums Written |  |  |  |  |
Direct | $ | 6,553,910 |  |  | $ | 5,681,523 |  |  | $ | 4,838,902 |
Assumed | 3,534,158 |  |  | 2,457,437 |  |  | 2,122,102 |
Ceded | (2,650,352) |  |  | (2,099,893) |  |  | (1,614,257) |
Net | $ | 7,437,716 |  |  | $ | 6,039,067 |  |  | $ | 5,346,747 |
Premiums Earned |  |  |  |  |
Direct | $ | 6,361,451 |  |  | $ | 5,447,829 |  |  | $ | 4,799,842 |
Assumed | 3,213,873 |  |  | 2,337,950 |  |  | 1,988,038 |
Ceded | (2,583,389) |  |  | (1,999,281) |  |  | (1,555,905) |
Net | $ | 6,991,935 |  |  | $ | 5,786,498 |  |  | $ | 5,231,975 |
Losses and Loss Adjustment Expenses |  |  |  |  |
Direct | $ | 4,392,392 |  |  | $ | 2,953,072 |  |  | $ | 2,472,133 |
Assumed | 2,204,323 |  |  | 1,602,528 |  |  | 1,307,317 |
Ceded | (1,907,116) |  |  | (1,422,148) |  |  | (889,344) |
Net | $ | 4,689,599 |  |  | $ | 3,133,452 |  |  | $ | 2,890,106 |
Coverage and retention | The following table summarizes the respective coverages and retentions at December 31, 2020:
|  |  | December 31, 2020
| Initial Coverage at Issuance |  | Current Coverage |  | Remaining Retention, Net
Bellemeade 2017-1 Ltd. (1) | 368,114 |  |  | 145,573 |  |  | 125,953 |
Bellemeade 2018-1 Ltd. (2) | 374,460 |  |  | 250,095 |  |  | 123,690 |
Bellemeade 2018-2 Ltd. (3) | 653,278 |  |  | 108,395 |  |  | 305,606 |
Bellemeade 2018-3 Ltd. (4) | 506,110 |  |  | 302,563 |  |  | 129,874 |
Bellemeade 2019-1 Ltd. (5) | 341,790 |  |  | 219,256 |  |  | 116,530 |
Bellemeade 2019-2 Ltd. (6) | 621,022 |  |  | 398,316 |  |  | 162,457 |
Bellemeade 2019-3 Ltd. (7) | 700,920 |  |  | 528,084 |  |  | 181,036 |
Bellemeade 2019-4 Ltd. (8) | 577,267 |  |  | 468,737 |  |  | 118,102 |
Bellemeade 2020-1 Ltd. (9) | 528,540 |  |  | 308,458 |  |  | 754,782 |
Bellemeade 2020-2 Ltd. (10) | 449,167 |  |  | 449,167 |  |  | 239,278 |
Bellemeade 2020-3 Ltd. (11) | 451,816 |  |  | 451,816 |  |  | 171,580 |
Bellemeade 2020-4 Ltd. (12) | 337,013 |  |  | 337,013 |  |  | 147,466 |
Total | $ | 5,909,497 |  |  | $ | 3,967,473 |  |  | $ | 2,576,354 |
(1) Issued in October 2017, covering in-force policies issued between January 1, 2017 and June 30, 2017. (2) Issued in April 2018, covering in-force policies issued between July 1, 2017 and December 31, 2017. (3) Issued in August 2018, covering in-force policies issued between April 1, 2013 and December 31, 2015. (4) Issued in October 2018, covering in-force policies issued between January 1, 2018 and June 30, 2018. (5) Issued in March 2019, covering in-force policies primarily issued between 2005 to 2008 under United Guaranty Residential Insurance Company (“UGRIC”); as well as policies issued through 2015 under both UGRIC and Arch Mortgage Insurance Company. (6) Issued in April 2019, covering in-force policies issued between July 1, 2018 and December 31, 2018. (7) Issued in July 2019, covering in-force policies issued in 2016. (8) Issued in October 2019, covering in-force policies issued between January 1, 2019 and June 30, 2019. (9) Issued in June 2020, covering in-force policies issued between July 1, 2019 and December 31, 2019. $450 million was directly funded by Bellemeade 2020-1 Ltd. with an additional $79 million of capacity provided directly to Arch MI U.S. by a separate panel of reinsurers. (10) Issued in September 2020, covering in-force policies issued between January 1, 2020 and May 31, 2020. $423 million was directly funded by Bellemeade 2020-2 Ltd. with an additional $26 million of capacity provided directly to Arch MI U.S. by a separate panel of reinsurers. (11) Issued in November 2020, covering in-force policies issued between June 1, 2020 and August 31, 2020. $418 million was directly funded by Bellemeade 2020-3 Ltd. with an additional $34 million of capacity provided directly to Arch MI U.S. by a separate panel of reinsurers. (12) Issued in December 2020, covering in-force policies issued between July 1, 2019 and December 31, 2019. $321 million was directly funded by Bellemeade 2020-4 Ltd. with an additional $16 million of capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.

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- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6486672&loc=d3e27261-158547 + Details
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