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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2023
Reinsurance Disclosures [Abstract] |
Reinsurance Recoverable, Credit Quality Indicator |
|  | December 31, 2023
($ in thousands) |  | Current |  | Past Due |  | Total Reinsurance Recoverables
Financial strength rating of rated reinsurers |  |  |  |  |  |
A++ |  | $ | 82,466 |  |  | $ | 21 |  |  | $ | 82,487 |
A+ |  | 371,132 |  |  | 2,887 |  |  | 374,019 |
A |  | 111,883 |  |  | 1,380 |  |  | 113,263 |
A- |  | 3,596 |  |  | 89 |  |  | 3,685 |
Total rated reinsurers |  | $ | 569,077 |  |  | $ | 4,377 |  |  | $ | 573,454 |
Non-rated reinsurers |  |  |  |  |  |
Federal and state pools |  | $ | 80,506 |  |  | $ | — |  |  | $ | 80,506 |
Other than federal and state pools |  | 4,488 |  |  | 77 |  |  | 4,565 |
Total non-rated reinsurers |  | $ | 84,994 |  |  | $ | 77 |  |  | $ | 85,071 |
Total reinsurance recoverable, gross |  | $ | 654,071 |  |  | $ | 4,454 |  |  | $ | 658,525 |
Less: ACL |  |  |  |  |  | (1,700) |
Total reinsurance recoverable, net |  |  |  |  |  | $ | 656,825 |
|  | December 31, 2022
($ in thousands) |  | Current |  | Past Due |  | Total Reinsurance Recoverables
Financial strength rating of rated reinsurers |  |  |  |  |  |
A++ |  | $ | 46,282 |  |  | $ | 1 |  |  | $ | 46,283 |
A+ |  | 425,395 |  |  | 3,191 |  |  | 428,586 |
A |  | 106,102 |  |  | 1,315 |  |  | 107,417 |
A- |  | 7,148 |  |  | 89 |  |  | 7,237 |
Total rated reinsurers |  | $ | 584,927 |  |  | $ | 4,596 |  |  | $ | 589,523 |
Non-rated reinsurers |  |  |  |  |  |
Federal and state pools |  | $ | 180,794 |  |  | $ | — |  |  | $ | 180,794 |
Other than federal and state pools |  | 13,678 |  |  | 415 |  |  | 14,093 |
Total non-rated reinsurers |  | $ | 194,472 |  |  | $ | 415 |  |  | $ | 194,887 |
Total reinsurance recoverable, gross |  | $ | 779,399 |  |  | $ | 5,011 |  |  | $ | 784,410 |
Less: ACL |  |  |  |  |  | (1,600) |
Total reinsurance recoverable, net |  |  |  |  |  | $ | 782,810 |
Reinsurance Recoverable, Allowance for Credit Loss |
($ in thousands) |  |  |  | December 31, 2023 |  | December 31, 2022
Balance at beginning of year |  |  |  | $ | 1,600 |  |  | $ | 1,600 |
Current period change for expected credit losses |  |  |  | 100 |  |  | — |
Write-offs charged against the allowance for credit losses |  |  |  | — |  |  | — |
Recoveries |  |  |  | — |  |  | — |
ACL, end of year |  |  |  | $ | 1,700 |  |  | $ | 1,600 |
For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies."
Schedule of Total Reinsurance Balances Segregated By Reinsurer |
|  | December 31, 2023 |  | As of December 31, 2022
($ in thousands) |  | Reinsurance Balances |  | % of Reinsurance Balance |  | Reinsurance Balances |  | % of Reinsurance Balance
Total reinsurance recoverables, net of allowance for credit losses |  | $ | 656,825 |  |  |  |  | $ | 782,810 |  |  |
Total prepaid reinsurance premiums |  | 203,320 |  |  |  |  | 172,371 |  |  |
Total reinsurance balance |  | 860,145 |  |  |  |  | 955,181 |  |  |
Federal and state pools 1: |  |  |  |  |  |  |  |
NFIP |  | 203,273 |  |  | 24 | % |  | 276,541 |  |  | 29 | %
New Jersey Unsatisfied Claim Judgment Fund |  | 46,715 |  |  | 5 |  |  | 45,496 |  |  | 5 |
Other |  | 1,779 |  |  | — |  |  | 3,488 |  |  | — |
Total federal and state pools |  | 251,767 |  |  | 29 |  |  | 325,525 |  |  | 34 |
Remaining reinsurance balance |  | $ | 608,378 |  |  | 71 |  |  | $ | 629,656 |  |  | 66 |
Hannover Ruckversicherungs AG (AM Best rated "A+") |  | $ | 135,564 |  |  | 16 |  |  | $ | 124,706 |  |  | 13 |
Munich Re Group (AM Best rated "A+") |  | 132,831 |  |  | 15 |  |  | 127,106 |  |  | 13 |
AXIS Reinsurance Company (AM Best rated "A") |  | 76,286 |  |  | 9 |  |  | 70,957 |  |  | 8 |
Swiss Re Group (AM Best rated "A+") |  | 30,222 |  |  | 4 |  |  | 36,525 |  |  | 4 |
Transatlantic Reinsurance Company (AM Best rated “A++”) |  | 27,475 |  |  | 3 |  |  | 32,730 |  |  | 3 |
All other reinsurers |  | 207,700 |  |  | 24 |  |  | 239,232 |  |  | 25 |
Total reinsurers |  | 610,078 |  |  | 71 | % |  | 631,256 |  |  | 66 | %
Less: ACL |  | (1,700) |  |  |  |  | (1,600) |  |  |
Reinsurers, net of ACL |  | 608,378 |  |  |  |  | 629,656 |  |  |
Less: collateral 2 |  | (126,418) |  |  |  |  | (126,167) |  |  |
Reinsurers, net of collateral |  | $ | 481,960 |  |  |  |  | $ | 503,489 |  |  |
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) |  | 2023 |  | 2022 |  | 2021
Premiums written: |  |  |  |  |  |
Direct |  | $ | 4,725,459 |  |  | 4,068,518 |  |  | 3,656,537 |
Assumed |  | 23,999 |  |  | 32,320 |  |  | 22,664 |
Ceded |  | (614,926) |  |  | (527,248) |  |  | (489,488) |
Net |  | $ | 4,134,532 |  |  | 3,573,590 |  |  | 3,189,713 |
Premiums earned: |  |  |  |  |  |
Direct |  | $ | 4,386,556 |  |  | 3,880,522 |  |  | 3,472,715 |
Assumed |  | 25,027 |  |  | 30,742 |  |  | 21,550 |
Ceded |  | (583,977) |  |  | (537,884) |  |  | (477,012) |
Net |  | $ | 3,827,606 |  |  | 3,373,380 |  |  | 3,017,253 |
Loss and loss expense incurred: |  |  |  |  |  |
Direct |  | $ | 2,738,301 |  |  | 2,537,638 |  |  | 2,096,512 |
Assumed |  | 19,581 |  |  | 23,160 |  |  | 13,813 |
Ceded |  | (273,597) |  |  | (449,020) |  |  | (296,341) |
Net |  | $ | 2,484,285 |  |  | 2,111,778 |  |  | 1,813,984 |
Schedule of Ceded Premiums and Losses Related to Flood Operations |
Ceded to NFIP ($ in thousands) |  | 2023 |  | 2022 |  | 2021
Ceded premiums written |  | $ | (305,609) |  |  | (259,246) |  |  | (284,311) |
Ceded premiums earned |  | (279,087) |  |  | (274,100) |  |  | (274,384) |
Ceded loss and loss expense incurred |  | (75,549) |  |  | (200,467) |  |  | (215,224) |

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