XML 24 R14.htm IDEA: XBRL DOCUMENT v3.25.3
Reinsurance
 9 Months Ended
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,
20252024
(dollars in thousands)DirectAssumedCededNet PremiumsDirectAssumedCededNet 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:
Written704,379 352,094 (1,057,016)(543)763,082 177,038 (940,309)(189)
Earned843,146 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,
20252024
(dollars in thousands)DirectAssumedCededNet PremiumsDirectAssumedCededNet 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:
Written2,299,790 2,367,720 (4,667,803)(293)2,451,180 1,443,916 (3,895,618)(522)
Earned2,414,888 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,
2025202420252024
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)2025202420252024
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