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Reinsurance | 6 Months Ended
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Jun. 30, 2023
Reinsurance Disclosures [Abstract] |
Reinsurance | Reinsurance The Company purchases retrocession and reinsurance to limit the Company’s risk exposure and to increase its own insurance and reinsurance underwriting capacity. These agreements provide for recovery of losses and loss adjustment expenses from reinsurers. The Company remains liable to the extent that reinsurers do not meet their obligations under these agreements. In line with its risk management objectives, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. Balances pertaining to reinsurance transactions are reported “gross” on the consolidated balance sheet, meaning that reinsurance recoverable on unpaid losses and ceded unearned premiums are not deducted from insurance reserves but are recorded as assets. For more information on reinsurance recoverables, refer to Note 13, “Concentrations of Credit Risk —Reinsurance recoverables” and Note 8, “Reserves for Losses and Loss Adjustment Expenses” of these unaudited condensed consolidated financial statements. The effect of ceded reinsurance on premiums written, premiums earned and insurance losses and loss adjustment expenses for the six months ended June 30, 2023 and 2022 was as follows:
|  | Six Months Ended June 30,
|  | 2023 |  | 2022
|  | ($ in millions)
Premiums written: |  |  |  |
Insurance |  | $ | 1,249.5 |  |  | $ | 1,305.7 |
Reinsurance |  | 875.7 |  |  | 1,045.6 |
Ceded |  | (774.7) |  |  | (845.2) |
Net premiums written |  | $ | 1,350.5 |  |  | $ | 1,506.1 |
Premiums earned: |  |  |  |
Insurance |  | $ | 1,203.6 |  |  | $ | 1,171.5 |
Reinsurance |  | 755.7 |  |  | 776.9 |
Ceded |  | (671.9) |  |  | (621.2) |
Net premiums earned |  | $ | 1,287.4 |  |  | $ | 1,327.2 |
Insurance losses and loss adjustment expenses: |  |  |  |
Insurance |  | $ | 691.7 |  |  | $ | 719.2 |
Reinsurance |  | 353.4 |  |  | 402.4 |
Ceded |  | (328.0) |  |  | (353.9) |
Net insurance losses and loss adjustment expenses |  | $ | 717.1 |  |  | $ | 767.7 |

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- Definition The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 55 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=99379264&loc=d3e27830-158548 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=99397103&loc=d3e6811-158387 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI https://asc.fasb.org/topic&trid=2303980 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=99397103&loc=d3e6816-158387 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 55 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=99379264&loc=d3e27758-158548 + Details
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