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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2023
Reinsurance Disclosures [Abstract] |
Reinsurance Financial Information | The following is a summary of reinsurance financial information:
(In thousands) | 2023 |  | 2022 |  | 2021
Written premiums: |  |  |  |  |
Direct | $ | 11,676,743 |  |  | $ | 10,695,138 |  |  | $ | 9,531,050 |
Assumed | 1,295,263 |  |  | 1,213,914 |  |  | 1,169,084 |
Ceded | (2,017,539) |  |  | (1,904,982) |  |  | (1,837,267) |
Total net written premiums | $ | 10,954,467 |  |  | $ | 10,004,070 |  |  | $ | 8,862,867 |
Earned premiums: |  |  |  |  |
Direct | $ | 11,112,980 |  |  | $ | 10,217,891 |  |  | $ | 8,825,568 |
Assumed | 1,246,288 |  |  | 1,226,801 |  |  | 1,085,804 |
Ceded | (1,958,581) |  |  | (1,883,263) |  |  | (1,805,341) |
Total net earned premiums | $ | 10,400,687 |  |  | $ | 9,561,429 |  |  | $ | 8,106,031 |
Ceded losses and loss expenses incurred | $ | 1,376,144 |  |  | $ | 1,269,338 |  |  | $ | 1,236,960 |
Ceded commission earned | $ | 471,841 |  |  | $ | 477,437 |  |  | $ | 449,739 |
Schedule of Premium Receivable Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the years ended December 31, 2023 and 2022:
(In thousands) | 2023 |  | 2022
Allowance for expected credit losses, beginning of period | $ | 30,660 |  |  | $ | 25,218 |
Change in allowance for expected credit losses | 4,450 |  |  | 5,442 |
Allowance for expected credit losses, end of period | $ | 35,110 |  |  | $ | 30,660 |
Schedule of Reinsurance Recoverable Allowance for Credit Loss | The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the years ended December 31, 2023 and 2022:
(In thousands) | 2023 |  | 2022
Allowance for expected credit losses, beginning of period | $ | 8,064 |  |  | $ | 7,713 |
Change in allowance for expected credit losses | 340 |  |  | 351 |
Allowance for expected credit losses, end of period | $ | 8,404 |  |  | $ | 8,064 |
Schedule of Ceded Credit Risk by Reinsurer | The following table presents the amounts due from reinsurers as of December 31, 2023:
(In thousands) |
Lloyd’s of London | $ | 402,210 |
Lifson Re | 335,382 |
Partner Re | 314,471 |
Munich Re | 310,985 |
Berkshire Hathaway | 307,878 |
Hannover Re Group | 231,172 |
Renaissance Re | 217,008 |
Swiss Re | 176,377 |
Everest Re | 145,155 |
Liberty Mutual | 117,556 |
Axis Capital | 86,680 |
Fairfax Financial | 64,300 |
Korean Re | 57,530 |
Arch Capital Group | 54,175 |
Sompo Holdings Group | 47,520 |
Axa Insurance | 45,680 |
TOA RE | 37,140 |
Nationwide Group | 32,411 |
Markel Corp Group | 31,827 |
Helvetia Holdings Group | 31,429 |
Chubb Group | 24,459 |
MS & AD Insurance Group | 20,144 |
Other reinsurers less than $20,000 | 316,649 |
Subtotal | 3,408,138 |
Residual market pools (1) | 134,793 |
Allowance for expected credit losses | (8,404) |
Total | $ | 3,534,527 |
(1)Many states require licensed insurers that provide workers' compensation insurance to participate in programs that provide workers' compensation to employers that cannot procure coverage from an insurer on a voluntary basis. Insurers can fulfill this residual market obligation by participating in pools where results are shared by the participating companies. The Company acts as a servicing carrier for workers' compensation pools in certain states. As a servicing carrier, the Company writes residual market business directly and then cedes 100% of this business to the respective pool. As a servicing carrier, the Company receives fee income for its services. The Company does not retain underwriting risk, and credit risk is limited as ceded balances are jointly shared by all the pool members.

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