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Reinsurance (Tables) | 9 Months Ended
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Sep. 30, 2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] |
Schedule of Premiums Assumed and the Change in Unearned Premiums | The following table presents Hagerty Re's total premiums assumed and ceded on a written and earned basis for the three and nine months ended September 30, 2024 and 2023:
| Three months ended September 30, |  | Nine months ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| in thousands
Premiums: |  |  |  |  |  |  |  |  |
Assumed | $ | 199,721 |  |  | $ | 178,319 |  |  | $ | 574,742 |  |  | $ | 498,962 |  |  |
Ceded | (9,906) |  |  | (5,838) |  |  | (42,875) |  |  | (28,107) |  |  |
Net | $ | 189,815 |  |  | $ | 172,481 |  |  | $ | 531,867 |  |  | $ | 470,855 |  |  |
Premiums earned: |  |  |  |  |  |  |  |  |
Assumed | $ | 176,611 |  |  | $ | 146,004 |  |  | $ | 506,398 |  |  | $ | 398,524 |  |  |
Ceded | (10,925) |  |  | (6,219) |  |  | (31,481) |  |  | (14,026) |  |  |
Net | $ | 165,686 |  |  | $ | 139,785 |  |  | $ | 474,917 |  |  | $ | 384,498 |  |  |
Schedule of Effects of Reinsurance on Losses and Loss Adjustment Expenses | The following table presents gross, ceded, and net losses and loss adjustment expenses incurred for the three and nine months ended September 30, 2024 and 2023:
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| in thousands
Gross losses and loss adjustment expenses | $ | 101,254 |  |  | $ | 58,014 |  |  | $ | 235,390 |  |  | $ | 159,791 |
Ceded losses and loss adjustment expenses | (1,824) |  |  | (529) |  |  | (8,875) |  |  | (330) |
Net losses and loss adjustment expenses | $ | 99,430 |  |  | $ | 57,485 |  |  | $ | 226,515 |  |  | $ | 159,461 |

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- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 605 -Topic 944 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-1 + Details
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