Reinsurance

6 Months Ended

Jun. 30, 2023

The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned.


	Quarter Ended June 30,
	2023								2022
(dollars in thousands)	Direct		Assumed		Ceded		Net Premiums		Direct		Assumed		Ceded		Net Premiums
Underwriting:
Written	$	2,285,739	$	448,837	$	(526,562)	$	2,208,014	$	2,108,859	$	420,026	$	(427,959)	$	2,100,926
Earned	2,025,324		424,404		(418,264)		2,031,464		1,772,695		382,876		(321,438)		1,834,133
Program services and other fronting:
Written	824,171		229,438		(1,053,930)		(321)		664,590		86,574		(752,295)		(1,131)
Earned	649,562		159,075		(808,958)		(321)		607,099		65,116		(673,244)		(1,029)
Consolidated:
Written	3,109,910		678,275		(1,580,492)		2,207,693		2,773,449		506,600		(1,180,254)		2,099,795
Earned	$	2,674,886	$	583,479	$	(1,227,222)	$	2,031,143	$	2,379,794	$	447,992	$	(994,682)	$	1,833,104


	Six Months Ended June 30,
	2023								2022
(dollars in thousands)	Direct		Assumed		Ceded		Net Premiums		Direct		Assumed		Ceded		Net Premiums
Underwriting:
Written	$	4,255,102	$	1,137,732	$	(966,591)	$	4,426,243	$	3,932,114	$	1,116,386	$	(781,341)	$	4,267,159
Earned	3,997,200		823,123		(820,704)		3,999,619		3,470,665		785,943		(661,367)		3,595,241
Program services and other fronting:
Written	1,397,382		433,981		(1,832,135)		(772)		1,361,564		268,272		(1,632,466)		(2,630)
Earned	1,290,675		233,792		(1,525,239)		(772)		1,306,704		113,976		(1,423,047)		(2,367)
Consolidated:
Written	5,652,484		1,571,713		(2,798,726)		4,425,471		5,293,678		1,384,658		(2,413,807)		4,264,529
Earned	$	5,287,875	$	1,056,915	$	(2,345,943)	$	3,998,847	$	4,777,369	$	899,919	$	(2,084,414)	$	3,592,874

Substantially all of the premiums written and earned in the Company's program services and other fronting operations for the six months ended June 30, 2023 and 2022 were ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 38% and 37% and for the quarter and six months ended June 30, 2023, respectively, and 35% and 37% for the quarter and six months ended June 30, 2022, respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 29% and 26% for the quarter and six months ended June 30, 2023 and 2022, respectively, 24% and 25% for the quarter and six months ended June 30, 2022, respectively.

Substantially all of the incurred losses and loss adjustment expenses in the Company's program services and other fronting operations were ceded. These gross losses totaled $594.7 million and $1.1 billion for the quarter and six months ended June 30, 2023, respectively, and $574.8 million and $990.5 million for the quarter and six months ended June 30, 2022, respectively.

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)	2023		2022		2023		2022
Gross losses and loss adjustment expenses	$	1,476,189	$	1,186,691	$	2,868,537	$	2,337,040
Ceded losses and loss adjustment expenses	(288,676)		(127,895)		(507,931)		(305,889)
Net losses and loss adjustment expenses	$	1,187,513	$	1,058,796	$	2,360,606	$	2,031,151