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Reinsurance | 3 Months Ended
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Mar. 31, 2025
Reinsurance Disclosures [Abstract] |
Reinsurance | Reinsurance The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned.
| Three Months Ended March 31,
| 2025 |  | 2024
(dollars in thousands) | Direct |  | Assumed |  | Ceded |  | Net Premiums |  | Direct |  | Assumed |  | Ceded |  | Net Premiums
Underwriting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 2,135,972 |  |  | $ | 729,042 |  |  | $ | (554,725) |  |  | $ | 2,310,289 |  |  | $ | 2,107,467 |  |  | $ | 668,699 |  |  | $ | (543,956) |  |  | $ | 2,232,210 |
Earned | $ | 2,195,483 |  |  | $ | 438,045 |  |  | $ | (544,156) |  |  | $ | 2,089,372 |  |  | $ | 2,198,238 |  |  | $ | 392,942 |  |  | $ | (463,380) |  |  | $ | 2,127,800 |
Fronting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | 773,685 |  |  | 579,531 |  |  | (1,353,214) |  |  | 2 |  |  | 744,958 |  |  | 419,275 |  |  | (1,164,406) |  |  | (173) |
Earned | 739,245 |  |  | 244,306 |  |  | (983,549) |  |  | 2 |  |  | 703,682 |  |  | 123,271 |  |  | (827,126) |  |  | (173) |
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 2,909,657 |  |  | $ | 1,308,573 |  |  | $ | (1,907,939) |  |  | $ | 2,310,291 |  |  | $ | 2,852,425 |  |  | $ | 1,087,974 |  |  | $ | (1,708,362) |  |  | $ | 2,232,037 |
Earned | $ | 2,934,728 |  |  | $ | 682,351 |  |  | $ | (1,527,705) |  |  | $ | 2,089,374 |  |  | $ | 2,901,920 |  |  | $ | 516,213 |  |  | $ | (1,290,506) |  |  | $ | 2,127,627 |
Substantially all of the premiums written and earned in the Company's program services and insurance-linked securities fronting operations for the three months ended March 31, 2025 and 2024 were ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 42% and 38% for the three months ended March 31, 2025 and 2024, respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 33% and 24% for the three months ended March 31, 2025 and 2024, respectively. Substantially all of the incurred losses and loss adjustment expenses in the Company's program services and insurance-linked securities fronting operations were ceded. These gross losses totaled $957.5 million and $603.7 million for the three months ended March 31, 2025 and 2024, respectively. The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations.
|  |  | Three Months Ended March 31,
(dollars in thousands) |  |  |  |  | 2025 |  | 2024
Gross losses and loss adjustment expenses |  |  |  |  | $ | 1,673,509 |  |  | $ | 1,693,847 |
Ceded losses and loss adjustment expenses |  |  |  |  | (418,927) |  |  | (406,167) |
Net losses and loss adjustment expenses |  |  |  |  | $ | 1,254,582 |  |  | $ | 1,287,680 |

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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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