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Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2025
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
Effects of Reinsurance
The following table sets forth the effects of reinsurance on premiums written and earned for the periods indicated:
Three months ended
March 31,
(Amounts in thousands)
20252024
Net premiums written:
Direct$263,081 $255,160 
Assumed7,305 1,571 
Ceded(32,761)(26,428)
Net premiums written$237,625 $230,303 
Net premiums earned:
Direct$270,242 $265,604 
Assumed7,305 1,571 
Ceded(32,761)(26,428)
Net premiums earned$244,786 $240,747 
Schedule of Retained Aggregate Loss and Reinsurance Coverage
The following table presents the issue date, policy dates, initial and current first layer retained aggregate loss and initial and current reinsurance coverage amount under each reinsurance transaction. Current amounts are presented as of March 31, 2025:
Mortgage insurance-linked notes
(Amounts in millions)Issue datePolicy datesInitial first layer retained lossCurrent first layer retained lossInitial reinsurance coverageCurrent reinsurance coverage
Triangle Re 2021-2 Ltd.4/16/20219/01/2020 - 12/31/2020$189$187$303$107
Triangle Re 2021-3 Ltd.9/02/20211/01/2021 - 6/30/2021$304$300$372$161
Triangle Re 2023-1 Ltd.11/15/20237/01/2022 - 6/30/2023$244$243$248$220
Total$488
Traditional excess-of-loss reinsurance
(Amounts in millions)Issue datePolicy datesInitial first layer retained lossCurrent first layer retained lossInitial reinsurance coverageCurrent reinsurance coverage
2021 XOL2/04/20211/01/2021 - 12/31/2021$671$663$206$82
2022-1 XOL1/27/20221/01/2022 - 12/31/2022$462$451$196$160
2022-2 XOL1/27/20221/01/2022 - 12/31/2022$385$374$25$25
2022-3 XOL3/24/20227/01/2021 - 12/31/2021$317$312$289$154
2022-4 XOL3/24/20227/01/2021 - 12/31/2021$264$260$36$36
2022-5 XOL 9/15/20221/01/2022 - 6/30/2022$256$249$201$157
2023-1 XOL3/08/20231/01/2023 - 12/31/2023$360$358$180$180
2024-1 XOL1/30/20241/01/2024 - 12/31/2024$362$362$270$270
2024-2 XOL6/25/20247/01/2023 - 12/31/2023$134$134$90$90
2025-1 XOL1/27/20251/01/2025 - 12/31/2025$68$68$32$32
2025-2 XOL1/27/20251/01/2025 - 12/31/2025$57$57$5$5
Total$1,191
On January 27, 2025, we entered into an excess-of-loss reinsurance transaction that covers a portion of expected new insurance written from January 1, 2026, through December 31, 2026, and provides reinsurance coverage of approximately $260 million.
Quota Share Reinsurance Ceding Percentage, Ceding Commission, And Profit Commission EMICO has rights to terminate the reinsurance agreements upon the occurrence of certain events. Reinsurance recoverables are recorded in Other assets on the consolidated balance sheets.
AgreementIssue datePolicy datesCeding percentageCeding commissionProfit commission
QS 2023-16/30/20231/01/2023 - 12/31/202316.125%20%
up to 55%
QS 2024-11/03/20241/01/2024 - 12/31/202421.225%20%
up to 55%
QS 2025-111/26/20241/01/2025 - 12/31/202527.150%20%
up to 62%
QS 2026-111/26/20241/01/2026 - 12/31/202627.000%20%
up to 61%