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Reinsurance (Tables)
 12 Months Ended
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)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$111,481 $225 $111,706 
A+483,317 5,205 488,522 
A131,087 819 131,906 
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 pools6,647 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)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$82,466 $21 $82,487 
A+371,132 2,887 374,019 
A111,883 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 pools4,488 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, 2024December 31, 2023
Balance at beginning of year$1,700 $1,600 
Current period change for expected credit losses300 100 
Write-offs charged against the allowance for credit losses— — 
Recoveries— — 
ACL, end of year$2,000 $1,700 
Schedule of Total Reinsurance Balances Segregated By Reinsurer
The following table represents our total reinsurance balances segregated by reinsurer to illustrate our concentration of risk throughout our reinsurance portfolio:
 December 31, 2024As of December 31, 2023
($ in thousands)Reinsurance Balances% of Reinsurance BalanceReinsurance Balances% of Reinsurance Balance
Total reinsurance recoverables, net of allowance for credit losses$1,061,145  $656,825  
Total prepaid reinsurance premiums235,378  203,320  
Total reinsurance balance1,296,523  860,145  
Federal and state pools1:
    
NFIP471,696 36 %203,273 24 %
New Jersey Unsatisfied Claim Judgment Fund44,089 3 46,715 5 
Other2,418 — 1,779 — 
Total federal and state pools518,203 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 reinsurers267,093 22 224,549 26 
   Total reinsurers780,320 61 %610,078 71 %
Less: ACL(2,000)(1,700)
Reinsurers, net of ACL778,320 608,378 
Less: collateral2
(93,842)(126,418)
   Reinsurers, net of collateral$684,478 $481,960 
 1Considered to have minimal risk of default.
2Includes 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)202420232022
Premiums written:   
Direct$5,319,457 4,725,459 4,068,518 
Assumed27,557 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 
Assumed26,450 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 
Assumed21,540 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)202420232022
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)