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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2025
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,
202520242023
Premiums Written
Direct$10,250 $10,056 $9,652 
Assumed12,628 11,455 8,751 
Ceded(6,402)(5,779)(4,935)
Net$16,476 $15,732 $13,468 
Premiums Earned
Direct$10,200 $9,721 $9,131 
Assumed13,089 10,880 7,890 
Ceded(6,224)(5,501)(4,581)
Net$17,065 $15,100 $12,440 
Losses and Loss Adjustment Expenses
Direct$5,975 $5,676 $4,739 
Assumed7,260 6,137 3,975 
Ceded(3,865)(3,471)(2,468)
Net$9,370 $8,342 $6,246 
Coverage and retention
The following table summarizes the respective coverages and retentions at December 31, 2025:
Bellemeade Entities
(Issue Date)		Initial Coverage at IssuanceCurrent
Coverage		Remaining Retention, Net
2021-3 Ltd. (1)$639 $35 $130 
2022-1 Ltd. (2)317 54 135 
2022-2 Ltd. (3)327 134 187 
2023-1 Ltd. (4)233 186 164 
2024-1 Ltd. (5)204 163 170 
2025-1 Ltd. (6)249 239 166 
Total$1,969 $811 $952 

(1)    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.
(2)    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.
(3)    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.
(4)    Issued in October 2023, covering in-force policies issued between January 1, 2023 and September 30, 2023. $186 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.
(5)    Issued in August 2024, covering in-force policies issued between September 1, 2023 and July 31, 2024. $163 million was directly funded by Bellemeade Re 2024-1 Ltd. via insurance-linked notes, with an additional $41 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.
(6)    Issued in November 2025, covering in-force policies issued between July 1, 2024 and September 30, 2025. $199 million was directly funded by Bellemeade Re 2025-1 Ltd. via insurance-linked notes, with an additional $50 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.