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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2023
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,
202320222021
Premiums Written
Direct$9,652 $8,542 $7,707 
Assumed8,751 6,785 5,045 
Ceded(4,935)(4,249)(3,735)
Net$13,468 $11,078 $9,017 
Premiums Earned
Direct$9,131 $8,058 $7,150 
Assumed7,890 5,768 4,334 
Ceded(4,581)(4,147)(3,402)
Net$12,440 $9,679 $8,082 
Losses and Loss Adjustment Expenses
Direct$4,739 $3,991 $4,267 
Assumed3,975 3,558 2,826 
Ceded(2,468)(2,521)(2,508)
Net$6,246 $5,028 $4,585 
Coverage and retention
The following table summarizes the respective coverages and retentions at December 31, 2023:
Bellemeade Entities
(Issue Date)		Initial Coverage at IssuanceCurrent
Coverage		Remaining Retention, Net
2019-1 Ltd. (1)342 71 134 
2019-3 Ltd. (2)701 99 218 
2021-3 Ltd. (3)639 541 134 
2022-1 Ltd. (4)317 282 141 
2022-2 Ltd. (5)327 327 205 
2023-1 Ltd. (6)233 233 185 
Total$2,559 $1,553 $1,017 
(1)    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.
(2)    Issued in July 2019, covering in-force policies issued in 2016.
(3)    Issued in September 2021, covering in-force policies issued between April 1, 2021 and June 30, 2021. $508 million was directly funded by Bellemeade Re 2021-3 Ltd. via insurance-linked notes, with an additional $131 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(4)    Issued in January 2022, covering in-force policies issued between July 1, 2021 and November 30, 2021. $284 million was directly funded by Bellemeade Re 2022-1 Ltd. via insurance-linked notes, with an additional $33 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(5)    Issued in September 2022, covering in-force policies issued between November 1, 2021 and June 30, 2022. $201 million was directly funded by Bellemeade Re 2022-2 Ltd. via insurance-linked notes, with an additional $126 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(6)    Issued in October 2023, covering in-force policies issued between January 1, 2023 and September 30, 2023. $187 million was directly funded by Bellemeade Re 2023-1 Ltd. via insurance-linked notes, with an additional $47 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.