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Reinsurance (Tables) | 6 Months Ended
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Jun. 30, 2020
Reinsurance Disclosures [Abstract] |
Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned | The following table summarizes the effect of reinsurance and retrocessional reinsurance on premiums written and earned.
| Quarter Ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2020 |  |  |  |  |  |  |  | 2019 |  |  |  |  |  |
(dollars in thousands) | Direct |  | Assumed |  | Ceded |  | Net Premiums |  | Direct |  | Assumed |  | Ceded |  | Net Premiums
Underwriting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 1,460,090 |  |  | $ | 316,905 |  |  | $ | (319,772) |  |  | $ | 1,457,223 |  |  | $ | 1,323,128 |  |  | $ | 268,837 |  |  | $ | (286,978) |  |  | $ | 1,304,987 |
Earned | 1,287,268 |  |  | 346,262 |  |  | (272,600) |  |  | 1,360,930 |  |  | 1,159,544 |  |  | 331,842 |  |  | (292,374) |  |  | 1,199,012 |
Program services and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | 567,864 |  |  | 28,333 |  |  | (597,025) |  |  | (828) |  |  | 652,716 |  |  | 2,466 |  |  | (654,531) |  |  | 651 |
Earned | 498,381 |  |  | 26,588 |  |  | (525,725) |  |  | (756) |  |  | 538,131 |  |  | 12,878 |  |  | (550,560) |  |  | 449 |
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | 2,027,954 |  |  | 345,238 |  |  | (916,797) |  |  | 1,456,395 |  |  | 1,975,844 |  |  | 271,303 |  |  | (941,509) |  |  | 1,305,638 |
Earned | $ | 1,785,649 |  |  | $ | 372,850 |  |  | $ | (798,325) |  |  | $ | 1,360,174 |  |  | $ | 1,697,675 |  |  | $ | 344,720 |  |  | $ | (842,934) |  |  | $ | 1,199,461 |
| Six Months Ended June 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2020 |  |  |  |  |  |  |  | 2019 |  |  |  |  |  |
(dollars in thousands) | Direct |  | Assumed |  | Ceded |  | Net Premiums |  | Direct |  | Assumed |  | Ceded |  | Net Premiums
Underwriting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 2,809,331 |  |  | $ | 895,561 |  |  | $ | (599,161) |  |  | $ | 3,105,731 |  |  | $ | 2,450,516 |  |  | $ | 846,934 |  |  | $ | (515,610) |  |  | $ | 2,781,840 |
Earned | 2,562,939 |  |  | 672,962 |  |  | (542,138) |  |  | 2,693,763 |  |  | 2,291,100 |  |  | 619,217 |  |  | (507,540) |  |  | 2,402,777 |
Program services and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | 956,788 |  |  | 34,336 |  |  | (993,982) |  |  | (2,858) |  |  | 1,170,417 |  |  | 34,322 |  |  | (1,203,848) |  |  | 891 |
Earned | 1,043,724 |  |  | 40,311 |  |  | (1,086,915) |  |  | (2,880) |  |  | 1,053,083 |  |  | 29,273 |  |  | (1,081,695) |  |  | 661 |
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | 3,766,119 |  |  | 929,897 |  |  | (1,593,143) |  |  | 3,102,873 |  |  | 3,620,933 |  |  | 881,256 |  |  | (1,719,458) |  |  | 2,782,731 |
Earned | $ | 3,606,663 |  |  | $ | 713,273 |  |  | $ | (1,629,053) |  |  | $ | 2,690,883 |  |  | $ | 3,344,183 |  |  | $ | 648,490 |  |  | $ | (1,589,235) |  |  | $ | 2,403,438 |
Effect Of Reinsurance And Retrocessional Reinsurance On Losses | The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations.
| Quarter Ended June 30, |  |  |  | Six Months Ended June 30, |  |
(dollars in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Gross | $ | 868,069 |  |  | $ | 893,276 |  |  | $ | 2,111,626 |  |  | $ | 1,715,030 |
Ceded | (154,307) |  |  | (215,389) |  |  | (321,487) |  |  | (349,412) |
Net losses and loss adjustment expenses | $ | 713,762 |  |  | $ | 677,887 |  |  | $ | 1,790,139 |  |  | $ | 1,365,618 |
Reinsurance Recoverables | The following table presents the Company's reinsurance recoverables and the related allowance for credit losses.
(dollars in thousands) | June 30, 2020 |  | December 31, 2019
Reinsurance recoverables, gross | $ | 5,505,162 |  |  | $ | 5,459,561 |
Allowance for credit losses | (32,813) |  |  | (26,849) |
Reinsurance recoverables | $ | 5,472,349 |  |  | $ | 5,432,712 |
Following the adoption of ASC 326, as described in note 1, beginning January 1, 2020 the Company considers reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions to determine the allowance for credit losses. The increase in the allowance for credit losses on reinsurance recoverables from December 31, 2019 to June 30, 2020 reflects the impact of adopting this standard effective January 1, 2020 as well as a decline in short-term economic conditions as forecasted during the first six months of 2020 as a result of expected impacts from the COVID-19 pandemic.

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