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v3.25.2

Reinsurance | 6 Months Ended
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Jun. 30, 2025
Reinsurance Disclosures [Abstract] |
Reinsurance | Reinsurance The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Fronting premiums are attributable to business written on behalf of third-party capacity providers, substantially all of which are ceded.
| Quarter Ended June 30,
| 2025 |  | 2024
(dollars in thousands) | Direct |  | Assumed |  | Ceded |  | Net Premiums |  | Direct |  | Assumed |  | Ceded |  | Net Premiums
Underwriting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 2,414,799 |  |  | $ | 471,869 |  |  | $ | (643,567) |  |  | $ | 2,243,101 |  |  | $ | 2,356,536 |  |  | $ | 564,851 |  |  | $ | (642,448) |  |  | $ | 2,278,939 |
Earned | $ | 2,210,284 |  |  | $ | 451,071 |  |  | $ | (519,923) |  |  | $ | 2,141,432 |  |  | $ | 2,149,773 |  |  | $ | 414,488 |  |  | $ | (487,002) |  |  | $ | 2,077,259 |
Fronting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | 821,727 |  |  | 1,436,096 |  |  | (2,257,573) |  |  | 250 |  |  | 943,140 |  |  | 847,603 |  |  | (1,790,903) |  |  | (160) |
Earned | 832,497 |  |  | 317,130 |  |  | (1,149,368) |  |  | 259 |  |  | 811,377 |  |  | 240,844 |  |  | (1,052,381) |  |  | (160) |
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 3,236,526 |  |  | $ | 1,907,965 |  |  | $ | (2,901,140) |  |  | $ | 2,243,351 |  |  | $ | 3,299,676 |  |  | $ | 1,412,454 |  |  | $ | (2,433,351) |  |  | $ | 2,278,779 |
Earned | $ | 3,042,781 |  |  | $ | 768,201 |  |  | $ | (1,669,291) |  |  | $ | 2,141,691 |  |  | $ | 2,961,150 |  |  | $ | 655,332 |  |  | $ | (1,539,383) |  |  | $ | 2,077,099 |
| Six Months Ended June 30,
| 2025 |  | 2024
(dollars in thousands) | Direct |  | Assumed |  | Ceded |  | Net Premiums |  | Direct |  | Assumed |  | Ceded |  | Net Premiums
Underwriting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 4,550,772 |  |  | $ | 1,200,912 |  |  | $ | (1,198,292) |  |  | $ | 4,553,392 |  |  | $ | 4,464,003 |  |  | $ | 1,233,550 |  |  | $ | (1,186,404) |  |  | $ | 4,511,149 |
Earned | $ | 4,405,767 |  |  | $ | 889,116 |  |  | $ | (1,064,079) |  |  | $ | 4,230,804 |  |  | $ | 4,348,011 |  |  | $ | 807,430 |  |  | $ | (950,382) |  |  | $ | 4,205,059 |
Fronting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | 1,595,411 |  |  | 2,015,626 |  |  | (3,610,787) |  |  | 250 |  |  | 1,688,098 |  |  | 1,266,878 |  |  | (2,955,309) |  |  | (333) |
Earned | 1,571,742 |  |  | 561,436 |  |  | (2,132,917) |  |  | 261 |  |  | 1,515,059 |  |  | 364,115 |  |  | (1,879,507) |  |  | (333) |
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 6,146,183 |  |  | $ | 3,216,538 |  |  | $ | (4,809,079) |  |  | $ | 4,553,642 |  |  | $ | 6,152,101 |  |  | $ | 2,500,428 |  |  | $ | (4,141,713) |  |  | $ | 4,510,816 |
Earned | $ | 5,977,509 |  |  | $ | 1,450,552 |  |  | $ | (3,196,996) |  |  | $ | 4,231,065 |  |  | $ | 5,863,070 |  |  | $ | 1,171,545 |  |  | $ | (2,829,889) |  |  | $ | 4,204,726 |
| Quarter Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Ceded earned premiums to gross earned premiums | 44 | % |  | 43 | % |  | 43 | % |  | 40 | %
Assumed earned premiums to net earned premiums | 36 | % |  | 32 | % |  | 34 | % |  | 28 | %
Substantially all of the incurred losses and loss adjustment expenses related to the Company's fronted premiums were ceded. These gross losses totaled $1.3 billion and $2.3 billion for the quarter and six months ended June 30, 2025, respectively, and $593.9 million and $1.2 billion for the quarter and six months ended June 30, 2024. 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) | 2025 |  | 2024 |  | 2025 |  | 2024
Gross losses and loss adjustment expenses | $ | 1,659,756 |  |  | $ | 1,577,820 |  |  | $ | 3,333,265 |  |  | $ | 3,271,667 |
Ceded losses and loss adjustment expenses | (371,564) |  |  | (345,224) |  |  | (790,491) |  |  | (751,391) |
Net losses and loss adjustment expenses | $ | 1,288,192 |  |  | $ | 1,232,596 |  |  | $ | 2,542,774 |  |  | $ | 2,520,276 |

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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/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 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-3 Reference 5: 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 + Details
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