Reinsurance

9 Months Ended

Sep. 30, 2023

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