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Reinsurance (Tables) | 9 Months Ended
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Sep. 30, 2024
Reinsurance Disclosures [Abstract] |
Schedule of Reinsurance Recoverable, Credit Quality Indicator | The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating, and (ii) an aging analysis of our past due reinsurance recoverable balances as of September 30, 2024, and December 31, 2023:
|  | September 30, 2024
($ in thousands) |  | Current |  | Past Due |  | Total Reinsurance Recoverables
Financial strength rating of rated reinsurers |  |  |  |  |  |
A++ |  | $ | 109,343 |  |  | 579 |  |  | 109,922 |
A+ |  | 475,190 |  |  | 997 |  |  | 476,187 |
A |  | 137,194 |  |  | 413 |  |  | 137,607 |
A- |  | 5,592 |  |  | 89 |  |  | 5,681 |
Total rated reinsurers |  | 727,319 |  |  | 2,078 |  |  | 729,397 |
Non-rated reinsurers |  |  |  |  |  |
Federal and state pools |  | 325,080 |  |  | — |  |  | 325,080 |
Other than federal and state pools |  | 4,679 |  |  | 95 |  |  | 4,774 |
Total non-rated reinsurers |  | 329,759 |  |  | 95 |  |  | 329,854 |
Total reinsurance recoverable, gross |  | $ | 1,057,078 |  |  | 2,173 |  |  | 1,059,251 |
Less: allowance for credit losses |  |  |  |  |  | (2,000) |
Total reinsurance recoverable, net |  |  |  |  |  | 1,057,251 |
|  | 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: allowance for credit losses |  |  |  |  |  | (1,700) |
Total reinsurance recoverable, net |  |  |  |  |  | 656,825 |
Schedule of Reinsurance Recoverable, Allowance for Credit Loss | The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:
|  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of period |  | $ | 1,700 |  |  | 1,800 |  |  | $ | 1,700 |  |  | 1,600 |
Current period change for expected credit losses |  | 300 |  |  | — |  |  | 300 |  |  | 200 |
Write-offs charged against the allowance for credit losses |  | — |  |  | — |  |  | — |  |  | — |
Recoveries |  | — |  |  | — |  |  | — |  |  | — |
Allowance for credit losses, end of period |  | $ | 2,000 |  |  | 1,800 |  |  | $ | 2,000 |  |  | 1,800 |
Schedule of Direct, Assumed, and Ceded Reinsurance Amounts | The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. "Reinsurance" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report.
|  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Premiums written: |  |  |  |  |  |  |  |
Direct |  | $ | 1,335,475 |  |  | 1,214,444 |  |  | $ | 4,051,124 |  |  | 3,579,700 |
Assumed |  | 7,611 |  |  | 9,087 |  |  | 20,009 |  |  | 20,058 |
Ceded |  | (185,446) |  |  | (165,206) |  |  | (530,771) |  |  | (456,758) |
Net |  | 1,157,640 |  |  | 1,058,325 |  |  | 3,540,362 |  |  | 3,143,000 |
Premiums earned: |  |  |  |  |  |  |  |
Direct |  | 1,279,783 |  |  | 1,123,444 |  |  | 3,727,847 |  |  | 3,229,170 |
Assumed |  | 6,972 |  |  | 8,916 |  |  | 18,942 |  |  | 21,174 |
Ceded |  | (174,527) |  |  | (150,443) |  |  | (503,386) |  |  | (423,941) |
Net |  | 1,112,228 |  |  | 981,917 |  |  | 3,243,403 |  |  | 2,826,403 |
Loss and loss expense incurred: |  |  |  |  |  |  |  |
Direct |  | 1,194,224 |  |  | 741,288 |  |  | 2,957,610 |  |  | 2,053,511 |
Assumed |  | 6,104 |  |  | 8,182 |  |  | 17,143 |  |  | 19,115 |
Ceded |  | (434,670) |  |  | (103,573) |  |  | (579,255) |  |  | (213,161) |
Net |  | $ | 765,658 |  |  | 645,897 |  |  | $ | 2,395,498 |  |  | 1,859,465 |

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