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Reinsurance | 9 Months Ended
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Sep. 30, 2023
Reinsurance Disclosures [Abstract] |
Reinsurance | Reinsurance The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned.
| Quarter Ended September 30,
| 2023 |  | 2022
(dollars in thousands) | Direct |  | Assumed |  | Ceded |  | Net Premiums |  | Direct |  | Assumed |  | Ceded |  | Net Premiums
Underwriting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 2,223,988 |  |  | $ | 282,070 |  |  | $ | (478,035) |  |  | $ | 2,028,023 |  |  | $ | 2,133,822 |  |  | $ | 349,650 |  |  | $ | (473,885) |  |  | $ | 2,009,587 |
Earned | $ | 2,127,244 |  |  | $ | 424,620 |  |  | $ | (429,901) |  |  | $ | 2,121,963 |  |  | $ | 1,899,816 |  |  | $ | 408,561 |  |  | $ | (351,118) |  |  | $ | 1,957,259 |
Program services and other fronting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | 615,424 |  |  | 557,324 |  |  | (1,172,966) |  |  | (218) |  |  | 663,631 |  |  | 327,668 |  |  | (991,719) |  |  | (420) |
Earned | 669,544 |  |  | 313,079 |  |  | (982,841) |  |  | (218) |  |  | 729,312 |  |  | 218,439 |  |  | (948,180) |  |  | (429) |
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 2,839,412 |  |  | $ | 839,394 |  |  | $ | (1,651,001) |  |  | $ | 2,027,805 |  |  | $ | 2,797,453 |  |  | $ | 677,318 |  |  | $ | (1,465,604) |  |  | $ | 2,009,167 |
Earned | $ | 2,796,788 |  |  | $ | 737,699 |  |  | $ | (1,412,742) |  |  | $ | 2,121,745 |  |  | $ | 2,629,128 |  |  | $ | 627,000 |  |  | $ | (1,299,298) |  |  | $ | 1,956,830 |
| Nine Months Ended September 30,
| 2023 |  | 2022
(dollars in thousands) | Direct |  | Assumed |  | Ceded |  | Net Premiums |  | Direct |  | Assumed |  | Ceded |  | Net Premiums
Underwriting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 6,479,090 |  |  | $ | 1,419,802 |  |  | $ | (1,444,626) |  |  | $ | 6,454,266 |  |  | $ | 6,065,936 |  |  | $ | 1,466,036 |  |  | $ | (1,255,226) |  |  | $ | 6,276,746 |
Earned | $ | 6,124,444 |  |  | $ | 1,247,743 |  |  | $ | (1,250,605) |  |  | $ | 6,121,582 |  |  | $ | 5,370,481 |  |  | $ | 1,194,504 |  |  | $ | (1,012,485) |  |  | $ | 5,552,500 |
Program services and other fronting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | 2,012,806 |  |  | 991,305 |  |  | (3,005,101) |  |  | (990) |  |  | 2,025,195 |  |  | 595,940 |  |  | (2,624,185) |  |  | (3,050) |
Earned | 1,960,219 |  |  | 546,871 |  |  | (2,508,080) |  |  | (990) |  |  | 2,036,016 |  |  | 332,415 |  |  | (2,371,227) |  |  | (2,796) |
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 8,491,896 |  |  | $ | 2,411,107 |  |  | $ | (4,449,727) |  |  | $ | 6,453,276 |  |  | $ | 8,091,131 |  |  | $ | 2,061,976 |  |  | $ | (3,879,411) |  |  | $ | 6,273,696 |
Earned | $ | 8,084,663 |  |  | $ | 1,794,614 |  |  | $ | (3,758,685) |  |  | $ | 6,120,592 |  |  | $ | 7,406,497 |  |  | $ | 1,526,919 |  |  | $ | (3,383,712) |  |  | $ | 5,549,704 |
Substantially all of the premiums written and earned in the Company's program services and other fronting operations for the nine months ended September 30, 2023 and 2022 were ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 40% and 38% for the quarter and nine months ended September 30, 2023, respectively, and 40% and 38% for the quarter and nine months ended September 30, 2022, respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 35% and 29% for the quarter and nine months ended September 30, 2023, respectively, and 32% and 28% for the quarter and nine months ended September 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 $743.8 million and $1.8 billion for the quarter and nine months ended September 30, 2023, respectively, and $1.3 billion and $2.3 billion for the quarter and nine months ended September 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 September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Gross losses and loss adjustment expenses | $ | 1,684,389 |  |  | $ | 1,423,526 |  |  | $ | 4,552,926 |  |  | $ | 3,760,566 |
Ceded losses and loss adjustment expenses | (278,945) |  |  | (238,220) |  |  | (786,876) |  |  | (544,109) |
Net losses and loss adjustment expenses | $ | 1,405,444 |  |  | $ | 1,185,306 |  |  | $ | 3,766,050 |  |  | $ | 3,216,457 |

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