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Reinsurance | 9 Months Ended
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Sep. 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 September 30,
| 2025 |  | 2024
(dollars in thousands) | Direct |  | Assumed |  | Ceded |  | Net Premiums |  | Direct |  | Assumed |  | Ceded |  | Net Premiums
Underwriting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 2,420,107 |  |  | $ | 382,313 |  |  | $ | (563,681) |  |  | $ | 2,238,739 |  |  | $ | 2,249,500 |  |  | $ | 282,089 |  |  | $ | (549,264) |  |  | $ | 1,982,325 |
Earned | $ | 2,275,753 |  |  | $ | 453,405 |  |  | $ | (522,939) |  |  | $ | 2,206,219 |  |  | $ | 2,206,453 |  |  | $ | 404,686 |  |  | $ | (500,842) |  |  | $ | 2,110,297 |
Fronting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | 704,379 |  |  | 352,094 |  |  | (1,057,016) |  |  | (543) |  |  | 763,082 |  |  | 177,038 |  |  | (940,309) |  |  | (189) |
Earned | 843,146 |  |  | 1,112,200 |  |  | (1,955,792) |  |  | (446) |  |  | 721,786 |  |  | 530,688 |  |  | (1,252,663) |  |  | (189) |
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 3,124,486 |  |  | $ | 734,407 |  |  | $ | (1,620,697) |  |  | $ | 2,238,196 |  |  | $ | 3,012,582 |  |  | $ | 459,127 |  |  | $ | (1,489,573) |  |  | $ | 1,982,136 |
Earned | $ | 3,118,899 |  |  | $ | 1,565,605 |  |  | $ | (2,478,731) |  |  | $ | 2,205,773 |  |  | $ | 2,928,239 |  |  | $ | 935,374 |  |  | $ | (1,753,505) |  |  | $ | 2,110,108 |
| Nine Months Ended September 30,
| 2025 |  | 2024
(dollars in thousands) | Direct |  | Assumed |  | Ceded |  | Net Premiums |  | Direct |  | Assumed |  | Ceded |  | Net Premiums
Underwriting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 6,970,879 |  |  | $ | 1,583,225 |  |  | $ | (1,761,973) |  |  | $ | 6,792,131 |  |  | $ | 6,713,503 |  |  | $ | 1,515,639 |  |  | $ | (1,735,668) |  |  | $ | 6,493,474 |
Earned | $ | 6,681,520 |  |  | $ | 1,342,521 |  |  | $ | (1,587,018) |  |  | $ | 6,437,023 |  |  | $ | 6,554,464 |  |  | $ | 1,212,116 |  |  | $ | (1,451,224) |  |  | $ | 6,315,356 |
Fronting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | 2,299,790 |  |  | 2,367,720 |  |  | (4,667,803) |  |  | (293) |  |  | 2,451,180 |  |  | 1,443,916 |  |  | (3,895,618) |  |  | (522) |
Earned | 2,414,888 |  |  | 1,673,636 |  |  | (4,088,709) |  |  | (185) |  |  | 2,236,845 |  |  | 894,803 |  |  | (3,132,170) |  |  | (522) |
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Written | $ | 9,270,669 |  |  | $ | 3,950,945 |  |  | $ | (6,429,776) |  |  | $ | 6,791,838 |  |  | $ | 9,164,683 |  |  | $ | 2,959,555 |  |  | $ | (5,631,286) |  |  | $ | 6,492,952 |
Earned | $ | 9,096,408 |  |  | $ | 3,016,157 |  |  | $ | (5,675,727) |  |  | $ | 6,436,838 |  |  | $ | 8,791,309 |  |  | $ | 2,106,919 |  |  | $ | (4,583,394) |  |  | $ | 6,314,834 |
| Quarter Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Ceded earned premiums to gross earned premiums | 53 | % |  | 45 | % |  | 47 | % |  | 42 | %
Assumed earned premiums to net earned premiums | 71 | % |  | 44 | % |  | 47 | % |  | 33 | %
Substantially all of the incurred losses and loss adjustment expenses related to the Company's fronted premiums were ceded. These gross losses totaled $1.2 billion and $3.4 billion for the quarter and nine months ended September 30, 2025, respectively, and $975.0 million and $2.2 billion for the quarter and nine months ended September 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 September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Gross losses and loss adjustment expenses | $ | 1,566,985 |  |  | $ | 1,710,637 |  |  | $ | 4,900,250 |  |  | $ | 4,982,304 |
Ceded losses and loss adjustment expenses | (313,061) |  |  | (419,194) |  |  | (1,103,552) |  |  | (1,170,585) |
Net losses and loss adjustment expenses | $ | 1,253,924 |  |  | $ | 1,291,443 |  |  | $ | 3,796,698 |  |  | $ | 3,811,719 |

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