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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2024 and 2023:
|  | December 31, 2024
($ in thousands) |  | Current |  | Past Due |  | Total Reinsurance Recoverables
Financial strength rating of rated reinsurers |  |  |  |  |  |
A++ |  | $ | 111,481 |  |  | $ | 225 |  |  | $ | 111,706 |
A+ |  | 483,317 |  |  | 5,205 |  |  | 488,522 |
A |  | 131,087 |  |  | 819 |  |  | 131,906 |
A- |  | 5,421 |  |  | 149 |  |  | 5,570 |
Total rated reinsurers |  | $ | 731,306 |  |  | $ | 6,398 |  |  | $ | 737,704 |
Non-rated reinsurers |  |  |  |  |  |
Federal and state pools |  | $ | 318,785 |  |  | $ | — |  |  | $ | 318,785 |
Other than federal and state pools |  | 6,647 |  |  | 9 |  |  | 6,656 |
Total non-rated reinsurers |  | $ | 325,432 |  |  | $ | 9 |  |  | $ | 325,441 |
Total reinsurance recoverable, gross |  | $ | 1,056,738 |  |  | $ | 6,407 |  |  | $ | 1,063,145 |
Less: ACL |  |  |  |  |  | (2,000) |
Total reinsurance recoverable, net |  |  |  |  |  | $ | 1,061,145 |
|  | 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 |
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 indicated periods:
($ in thousands) |  |  |  | December 31, 2024 |  | December 31, 2023
Balance at beginning of year |  |  |  | $ | 1,700 |  |  | $ | 1,600 |
Current period change for expected credit losses |  |  |  | 300 |  |  | 100 |
Write-offs charged against the allowance for credit losses |  |  |  | — |  |  | — |
Recoveries |  |  |  | — |  |  | — |
ACL, end of year |  |  |  | $ | 2,000 |  |  | $ | 1,700 |
Schedule of Total Reinsurance Balances Segregated By Reinsurer | The following table represents our total reinsurance balances segregated by reinsurer to illustrate our concentration of risk throughout our reinsurance portfolio:
|  | December 31, 2024 |  | As of December 31, 2023
($ in thousands) |  | Reinsurance Balances |  | % of Reinsurance Balance |  | Reinsurance Balances |  | % of Reinsurance Balance
Total reinsurance recoverables, net of allowance for credit losses |  | $ | 1,061,145 |  |  |  |  | $ | 656,825 |  |  |
Total prepaid reinsurance premiums |  | 235,378 |  |  |  |  | 203,320 |  |  |
Total reinsurance balance |  | 1,296,523 |  |  |  |  | 860,145 |  |  |
Federal and state pools 1: |  |  |  |  |  |  |  |
NFIP |  | 471,696 |  |  | 36 | % |  | 203,273 |  |  | 24 | %
New Jersey Unsatisfied Claim Judgment Fund |  | 44,089 |  |  | 3 |  |  | 46,715 |  |  | 5 |
Other |  | 2,418 |  |  | — |  |  | 1,779 |  |  | — |
Total federal and state pools |  | 518,203 |  |  | 39 |  |  | 251,767 |  |  | 29 |
Remaining reinsurance balance |  | $ | 778,320 |  |  | 61 |  |  | $ | 608,378 |  |  | 71 |
Hannover Ruck SE (AM Best rated "A+") |  | $ | 198,966 |  |  | 15 |  |  | $ | 135,564 |  |  | 16 |
Munich Reinsurance America Inc. (AM Best rated "A+") |  | 151,516 |  |  | 12 |  |  | 132,831 |  |  | 15 |
AXIS Reinsurance Company (AM Best rated "A") |  | 91,862 |  |  | 7 |  |  | 76,286 |  |  | 9 |
Endurance Assurance Corporation (AM Best rated “A+”) |  | 40,717 |  |  | 3 |  |  | 27,246 |  |  | 3 |
Ace Property & Casualty Insurance Company (AM Best rated “A++”) |  | 30,166 |  |  | 2 |  |  | 13,602 |  |  | 2 |
All other reinsurers |  | 267,093 |  |  | 22 |  |  | 224,549 |  |  | 26 |
Total reinsurers |  | 780,320 |  |  | 61 | % |  | 610,078 |  |  | 71 | %
Less: ACL |  | (2,000) |  |  |  |  | (1,700) |  |  |
Reinsurers, net of ACL |  | 778,320 |  |  |  |  | 608,378 |  |  |
Less: collateral 2 |  | (93,842) |  |  |  |  | (126,418) |  |  |
Reinsurers, net of collateral |  | $ | 684,478 |  |  |  |  | $ | 481,960 |  |  |
1 Considered to have minimal risk of default. 2 Includes letters of credit, trust funds, and funds held against reinsurance recoverables.
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:
($ in thousands) |  | 2024 |  | 2023 |  | 2022
Premiums written: |  |  |  |  |  |
Direct |  | $ | 5,319,457 |  |  | 4,725,459 |  |  | 4,068,518 |
Assumed |  | 27,557 |  |  | 23,999 |  |  | 32,320 |
Ceded |  | (717,013) |  |  | (614,926) |  |  | (527,248) |
Net |  | $ | 4,630,001 |  |  | 4,134,532 |  |  | 3,573,590 |
Premiums earned: |  |  |  |  |  |
Direct |  | $ | 5,034,952 |  |  | 4,386,556 |  |  | 3,880,522 |
Assumed |  | 26,450 |  |  | 25,027 |  |  | 30,742 |
Ceded |  | (684,955) |  |  | (583,977) |  |  | (537,884) |
Net |  | $ | 4,376,447 |  |  | 3,827,606 |  |  | 3,373,380 |
Loss and loss expense incurred: |  |  |  |  |  |
Direct |  | $ | 3,909,463 |  |  | 2,738,301 |  |  | 2,537,638 |
Assumed |  | 21,540 |  |  | 19,581 |  |  | 23,160 |
Ceded |  | (766,519) |  |  | (273,597) |  |  | (449,020) |
Net |  | $ | 3,164,484 |  |  | 2,484,285 |  |  | 2,111,778 |
Schedule of Ceded Premiums and Losses Related to Flood Operations | Ceded premiums written, ceded premiums earned, and ceded loss and loss expense incurred related to our participation in the NFIP, to which we cede 100% of our NFIP flood premiums, losses, and loss expenses, were as follows:
Ceded to NFIP ($ in thousands) |  | 2024 |  | 2023 |  | 2022
Ceded premiums written |  | $ | (356,957) |  |  | (305,609) |  |  | (259,246) |
Ceded premiums earned |  | (328,811) |  |  | (279,087) |  |  | (274,100) |
Ceded loss and loss expense incurred |  | (429,347) |  |  | (75,549) |  |  | (200,467) |

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