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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2021
Reinsurance Disclosures [Abstract] |
Reinsurance Recoverable, Credit Quality Indicator |
|  | December 31, 2021
($ in thousands) |  | Current |  | Past Due |  | Total Reinsurance Recoverables
Financial strength rating of rated reinsurers |  |  |  |  |  |
A++ |  | $ | 38,601 |  |  | $ | 9 |  |  | $ | 38,610 |
A+ |  | 339,857 |  |  | 1,520 |  |  | 341,377 |
A |  | 95,675 |  |  | 1,227 |  |  | 96,902 |
A- |  | 3,209 |  |  | 145 |  |  | 3,354 |
B++ |  | — |  |  | — |  |  | — |
B+ |  | — |  |  | — |  |  | — |
Total rated reinsurers |  | $ | 477,342 |  |  | $ | 2,901 |  |  | $ | 480,243 |
Non-rated reinsurers |  |  |  |  |  |
Federal and state pools |  | $ | 116,378 |  |  | $ | — |  |  | $ | 116,378 |
Other than federal and state pools |  | 4,597 |  |  | 450 |  |  | 5,047 |
Total non-rated reinsurers |  | $ | 120,975 |  |  | $ | 450 |  |  | $ | 121,425 |
Total reinsurance recoverable, gross |  | $ | 598,317 |  |  | $ | 3,351 |  |  | $ | 601,668 |
Less: ACL |  |  |  |  |  | (1,600) |
Total reinsurance recoverable, net |  |  |  |  |  | $ | 600,068 |
|  | December 31, 2020
($ in thousands) |  | Current |  | Past Due |  | Total Reinsurance Recoverables
Financial strength rating of rated reinsurers |  |  |  |  |  |
A++ |  | $ | 37,464 |  |  | $ | 102 |  |  | $ | 37,566 |
A+ |  | 354,846 |  |  | 2,452 |  |  | 357,298 |
A |  | 105,652 |  |  | 415 |  |  | 106,067 |
A- |  | 2,139 |  |  | — |  |  | 2,139 |
B++ |  | 56 |  |  | 324 |  |  | 380 |
B+ |  | — |  |  | — |  |  | — |
Total rated reinsurers |  | $ | 500,157 |  |  | $ | 3,293 |  |  | $ | 503,450 |
Non-rated reinsurers |  |  |  |  |  |
Federal and state pools |  | $ | 82,575 |  |  | $ | — |  |  | $ | 82,575 |
Other than federal and state pools |  | 2,676 |  |  | 568 |  |  | 3,244 |
Total non-rated reinsurers |  | $ | 85,251 |  |  | $ | 568 |  |  | $ | 85,819 |
Total reinsurance recoverable, gross |  | $ | 585,408 |  |  | $ | 3,861 |  |  | $ | 589,269 |
Less: ACL |  |  |  |  |  | (1,777) |
Total reinsurance recoverable, net |  |  |  |  |  | $ | 587,492 |
Reinsurance Recoverable, Allowance for Credit Loss |
($ in thousands) |  |  |  | December 31, 2021 |  | December 31, 2020
Balance at beginning of year |  |  |  | $ | 1,777 |  |  | $ | 4,400 |
Cumulative effect adjustment |  |  |  | — |  |  | (2,903) |
Balance at beginning of year, as adjusted |  |  |  | $ | 1,777 |  |  | $ | 1,497 |
Current period change for expected credit losses |  |  |  | (177) |  |  | 280 |
Write-offs charged against the allowance for credit losses |  |  |  | — |  |  | — |
Recoveries |  |  |  | — |  |  | — |
ACL, end of year |  |  |  | $ | 1,600 |  |  | $ | 1,777 |
Schedule of Total Reinsurance Balances Segregated By Reinsurer |
|  | As of December 31, 2021 |  | As of December 31, 2020
($ in thousands) |  | Reinsurance Balances |  | % of Reinsurance Balance |  | Reinsurance Balances |  | % of Reinsurance Balance
Total reinsurance recoverables, net of allowance for credit losses |  | $ | 600,068 |  |  |  |  | $ | 587,492 |  |  |
Total prepaid reinsurance premiums |  | 183,007 |  |  |  |  | 170,531 |  |  |
Total reinsurance balance |  | 783,075 |  |  |  |  | 758,023 |  |  |
Federal and state pools 1: |  |  |  |  |  |  |  |
NFIP |  | 223,845 |  |  | 29 | % |  | 178,532 |  |  | 25 | %
New Jersey Unsatisfied Claim Judgment Fund |  | 49,738 |  |  | 6 |  |  | 52,053 |  |  | 6 |
Other |  | 2,385 |  |  | — |  |  | 1,625 |  |  | — |
Total federal and state pools |  | 275,968 |  |  | 35 |  |  | 232,210 |  |  | 31 |
Remaining reinsurance balance |  | $ | 507,107 |  |  | 65 |  |  | $ | 525,813 |  |  | 69 |
Munich Re Group (AM Best rated "A+") |  | $ | 108,381 |  |  | 14 |  |  | $ | 117,028 |  |  | 15 |
Hannover Ruckversicherungs AG (AM Best rated "A+") |  | 107,110 |  |  | 14 |  |  | 115,251 |  |  | 15 |
AXIS Reinsurance Company (AM Best rated "A") |  | 70,814 |  |  | 9 |  |  | 78,617 |  |  | 10 |
Swiss Re Group (AM Best rated "A+") |  | 29,186 |  |  | 4 |  |  | 33,249 |  |  | 4 |
Transatlantic Reinsurance Company (AM Best rated “A+”) |  | 26,490 |  |  | 3 |  |  | 24,374 |  |  | 3 |
All other reinsurers |  | 166,726 |  |  | 21 |  |  | 159,071 |  |  | 21 |
Total reinsurers |  | 508,707 |  |  | 65 | % |  | 527,590 |  |  | 69 | %
Less: ACL |  | (1,600) |  |  |  |  | (1,777) |  |  |
Reinsurers, net of ACL |  | 507,107 |  |  |  |  | 525,813 |  |  |
Less: collateral 2 |  | (128,699) |  |  |  |  | (130,169) |  |  |
Reinsurers, net of collateral |  | $ | 378,408 |  |  |  |  | $ | 395,644 |  |  |
1 Considered to have minimal risk of default. 2 Includes letters of credit, trust funds, and funds held against reinsurance recoverables.
Schedule of List Of Direct, Assumed, And Ceded Reinsurance Amounts |
($ in thousands) |  | 2021 |  | 2020 |  | 2019
Premiums written: |  |  |  |  |  |
Direct |  | $ | 3,656,537 |  |  | 3,204,512 |  |  | 3,084,451 |
Assumed |  | 22,664 |  |  | 24,288 |  |  | 24,339 |
Ceded |  | (489,488) |  |  | (455,708) |  |  | (429,366) |
Net |  | $ | 3,189,713 |  |  | 2,773,092 |  |  | 2,679,424 |
Premiums earned: |  |  |  |  |  |
Direct |  | $ | 3,472,715 |  |  | 3,108,687 |  |  | 2,993,157 |
Assumed |  | 21,550 |  |  | 25,010 |  |  | 24,399 |
Ceded |  | (477,012) |  |  | (451,883) |  |  | (420,385) |
Net |  | $ | 3,017,253 |  |  | 2,681,814 |  |  | 2,597,171 |
Loss and loss expense incurred: |  |  |  |  |  |
Direct |  | $ | 2,096,512 |  |  | 1,822,034 |  |  | 1,714,880 |
Assumed |  | 13,813 |  |  | 17,201 |  |  | 22,879 |
Ceded |  | (296,341) |  |  | (203,412) |  |  | (186,268) |
Net |  | $ | 1,813,984 |  |  | 1,635,823 |  |  | 1,551,491 |
Schedule of Ceded Premiums and Losses Related to Flood Operations |
Ceded to NFIP ($ in thousands) |  | 2021 |  | 2020 |  | 2019
Ceded premiums written |  | $ | (284,311) |  |  | (274,042) |  |  | (266,925) |
Ceded premiums earned |  | (274,384) |  |  | (271,598) |  |  | (259,119) |
Ceded loss and loss expense incurred |  | (215,224) |  |  | (78,993) |  |  | (71,676) |

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