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Allowance for Expected Credit Losses | 9 Months Ended
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Sep. 30, 2025
Credit Loss [Abstract] |
Allowance for expected credit losses | Premiums Receivable The following table provides a roll forward of the allowance for expected credit losses of the Company’s premium receivables:
| Premium Receivables, Net of Allowance | Allowance for Expected Credit Losses |
Three Months Ended September 30, 2025 |  |
Balance at beginning of period | $ | 7,067 |  | $ | 46 |  |
Change for provision of expected credit losses (1) | 8 |  |
Balance at end of period | $ | 6,450 |  | $ | 54 |  |
Three Months Ended September 30, 2024 |  |
Balance at beginning of period | $ | 6,268 |  | $ | 36 |  |
Provision on business acquired (2) |  | 16 |  |
Change for provision of expected credit losses (1) | — |  |
Balance at end of period | $ | 6,364 |  | $ | 52 |  |
Nine Months Ended September 30, 2025 |  |  |
Balance at beginning of year | $ | 5,634 |  | $ | 45 |  |
Change for provision of expected credit losses (1) | 9 |  |
Balance at end of period | $ | 6,450 |  | $ | 54 |  |
Nine Months Ended September 30, 2024 |  |  |
Balance at beginning of year | $ | 4,644 |  | $ | 34 |  |
Provision on business acquired (2) |  | 16 |  |
Change for provision of expected credit losses (1) | 2 |  |
Balance at end of period | $ | 6,364 |  | $ | 52 |  |
(1) Amounts deemed uncollectible are written-off in operating expenses. For the 2025 third quarter and 2024 third quarter, amounts written off were nil and $1 million, respectively. For the nine months ended September 30, 2025 and 2024 period, amounts written off were $1 million and $1 million, respectively. (2) Represents MCE’s provision for current expected credit losses on premiums receivable. See note 2. Reinsurance Recoverables The following table provides a roll forward of the allowance for expected credit losses of the Company’s reinsurance recoverables:
| Reinsurance Recoverables, Net of Allowance |  | Allowance for Expected Credit Losses |
Three Months Ended September 30, 2025 |  |
Balance at beginning of period | $ | 9,044 |  |  | $ | 19 |  |
Change for provision of expected credit losses |  | — |  |
Balance at end of period | $ | 9,070 |  |  | $ | 19 |  |
Three Months Ended September 30, 2024 |  |
Balance at beginning of period | $ | 7,473 |  |  | $ | 20 |  |
Change for provision of expected credit losses |  | (3) |  |
Balance at end of period | $ | 7,948 |  |  | $ | 17 |  |
Nine Months Ended September 30, 2025 |  |  |  |
Balance at beginning of year | $ | 8,260 |  |  | $ | 17 |  |
Change for provision of expected credit losses |  | 2 |  |
Balance at end of period | $ | 9,070 |  |  | $ | 19 |  |
Nine Months Ended September 30, 2024 |  |  |  |
Balance at beginning of year | $ | 7,064 |  |  | $ | 21 |  |
Change for provision of expected credit losses |  | (4) |  |
Balance at end of period | $ | 7,948 |  |  | $ | 17 |  |
The following table summarizes the Company’s reinsurance recoverables on paid and unpaid losses (not including ceded unearned premiums):
| September 30, |  | December 31,
| 2025 |  | 2024
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses | $ | 9,070 |  | $ | 8,260
% due from carriers with A.M. Best rating of “A-” or better | 63.8 | % |  | 63.8 | %
% due from all other rated carriers | 0.1 | % |  | — | %
% due from all other carriers with no A.M. Best rating (1) | 36.1 | % |  | 36.2 | %
Largest balance due from any one carrier as % of total shareholders’ equity | 7.8 | % |  | 7.8 | %
(1) At September 30, 2025 and December 31, 2024 over 95% of such amount were collateralized through reinsurance trusts, funds withheld arrangements, letters of credit or other. Contractholder Receivables The following table provides a roll forward of the allowance for expected credit losses of the Company’s contractholder receivables:
| Contract-holder Receivables, Net of Allowance |  | Allowance for Expected Credit Losses |
Three Months Ended September 30, 2025 |  |
Balance at beginning of period | $ | 2,280 |  |  | $ | 6 |  |
Change for provision of expected credit losses |  | — |  |
Balance at end of period | $ | 2,287 |  |  | $ | 6 |  |
Three Months Ended September 30, 2024 |  |
Balance at beginning of period | $ | 2,016 |  |  | $ | 4 |  |
Change for provision of expected credit losses |  | — |  |
Balance at end of period | 2,078 |  |  | $ | 4 |  |
Nine Months Ended September 30, 2025 |  |  |  |
Balance at beginning of year | $ | 2,161 |  |  | $ | 5 |  |
Change for provision of expected credit losses |  | 1 |  |
Balance at end of period | $ | 2,287 |  |  | $ | 6 |  |
Nine Months Ended September 30, 2024 |  |  |  |
Balance at beginning of year | $ | 1,814 |  |  | $ | 3 |  |
Change for provision of expected credit losses |  | 1 |  |
Balance at end of period | 2,078 |  |  | $ | 4 |  |

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