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Reinsurance | 12 Months Ended
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Dec. 31, 2024
Reinsurance Disclosures [Abstract] |
Reinsurance | Premiums and Reinsurance Related Information The Company reinsures a portion of its insurance exposures in order to reduce its net liability on individual risks and catastrophe losses. Reinsurance coverage and retentions vary depending on the line of business, location of the risk and nature of loss. The Company’s reinsurance purchases include the following: property reinsurance treaties that reduce exposure to large individual property losses and catastrophe events; casualty reinsurance treaties that reduce its exposure to large individual casualty losses, workers’ compensation catastrophe losses and casualty losses involving multiple claimants or insureds; and facultative reinsurance that reduces exposure on individual policies or risks for losses that exceed treaty reinsurance capacity. Depending on the business, the Company purchases specific additional reinsurance to supplement the above programs. The following is a summary of reinsurance financial information:
(In thousands) | 2024 |  | 2023 |  | 2022
Written premiums: |  |  |  |  |
Direct | $ | 12,904,893 |  |  | $ | 11,676,743 |  |  | $ | 10,695,138 |
Assumed | 1,306,198 |  |  | 1,295,263 |  |  | 1,213,914 |
Ceded | (2,238,995) |  |  | (2,017,539) |  |  | (1,904,982) |
Total net written premiums | $ | 11,972,096 |  |  | $ | 10,954,467 |  |  | $ | 10,004,070 |
Earned premiums: |  |  |  |  |
Direct | $ | 12,346,924 |  |  | $ | 11,112,980 |  |  | $ | 10,217,891 |
Assumed | 1,364,774 |  |  | 1,246,288 |  |  | 1,226,801 |
Ceded | (2,163,213) |  |  | (1,958,581) |  |  | (1,883,263) |
Total net earned premiums | $ | 11,548,485 |  |  | $ | 10,400,687 |  |  | $ | 9,561,429 |
Ceded losses and loss expenses incurred | $ | 1,368,279 |  |  | $ | 1,376,144 |  |  | $ | 1,269,338 |
Ceded commission earned | $ | 505,753 |  |  | $ | 471,841 |  |  | $ | 477,437 |
The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the years ended December 31, 2024 and 2023:
(In thousands) | 2024 |  | 2023
Allowance for expected credit losses, beginning of period | $ | 35,110 |  |  | $ | 30,660 |
Change in allowance for expected credit losses | 4,774 |  |  | 4,450 |
Allowance for expected credit losses, end of period | $ | 39,884 |  |  | $ | 35,110 |
The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the years ended December 31, 2024 and 2023:
(In thousands) | 2024 |  | 2023
Allowance for expected credit losses, beginning of period | $ | 8,404 |  |  | $ | 8,064 |
Change in allowance for expected credit losses | (54) |  |  | 340 |
Allowance for expected credit losses, end of period | $ | 8,350 |  |  | $ | 8,404 |
The following table presents the amounts due from reinsurers as of December 31, 2024:
(In thousands) |
Lifson Re | $ | 416,509 |
Lloyd’s of London | 356,338 |
Partner Re | 314,891 |
Munich Re | 287,864 |
Berkshire Hathaway | 274,182 |
Hannover Re Group | 222,719 |
Renaissance Re | 215,300 |
Swiss Re | 159,462 |
Liberty Mutual | 120,381 |
Everest Re | 93,223 |
Axis Capital | 83,756 |
Arch Capital Group | 67,357 |
Sompo Holdings Group | 59,074 |
Fairfax Financial | 58,585 |
Nationwide Group | 52,111 |
Korean Re | 51,233 |
Axa Insurance | 50,002 |
TOA RE | 47,501 |
Markel Corp Group | 42,982 |
MS & AD Insurance Group | 34,680 |
Helvetia Holdings Group | 29,490 |
Chubb Group | 26,708 |
Other reinsurers less than $20,000 | 380,775 |
Subtotal | 3,445,123 |
Residual market pools (1) | 120,922 |
Allowance for expected credit losses | (8,350) |
Total | $ | 3,557,695 |
(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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- Definition The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-4 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-12 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-15 + Details
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