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Reinsurance (Tables) | 9 Months Ended
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Sep. 30, 2024
Reinsurance Disclosures [Abstract] |
Summary of Assumed and Ceded Reinsurance on Premiums Written, Premiums Earned and Insurance Losses and Loss Adjustment Expenses | The effect of assumed and ceded reinsurance on premiums written, premiums earned and losses and loss adjustment expenses for the twelve months ended December 31, 2023, 2022 and 2021 was as follows:
| Twelve Months Ended December 31,
| 2023 |  | 2022 |  | 2021
| ($ in millions)
Premiums written: |  |  |  |  |
Insurance | $ | 2,446.6 |  |  | $ | 2,531.7 |  |  | $ | 2,341.4 |
Reinsurance | 1,521.0 |  |  | 1,807.0 |  |  | 1,597.0 |
Ceded | (1,385.7) |  |  | (1,442.7) |  |  | (1,350.7) |
Net written premiums | $ | 2,581.9 |  |  | $ | 2,896.0 |  |  | $ | 2,587.7 |
Premiums earned: |  |  |  |  |
Insurance | $ | 2,444.8 |  |  | $ | 2,370.8 |  |  | $ | 2,139.1 |
Reinsurance | 1,562.0 |  |  | 1,617.2 |  |  | 1,479.2 |
Ceded | (1,392.3) |  |  | (1,299.3) |  |  | (1,207.8) |
Net earned premiums | $ | 2,614.5 |  |  | $ | 2,688.7 |  |  | $ | 2,410.5 |
Losses and loss adjustment expenses: |  |  |  |  |
Insurance | $ | 1,644.5 |  |  | $ | 1,574.2 |  |  | $ | 1,499.8 |
Reinsurance | 707.2 |  |  | 939.5 |  |  | 1,000.6 |
Ceded | (798.7) |  |  | (833.7) |  |  | (807.1) |
Losses and loss adjustment expenses | $ | 1,553.0 |  |  | $ | 1,680.0 |  |  | $ | 1,693.3 |
The effect of ceded reinsurance on premiums written, premiums earned and losses and loss adjustment expenses for the three and nine months ended September 30, 2024 and 2023 was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| ($ in millions) |  | ($ in millions)
Premiums written: |  |  |  |  |  |  |
Insurance | $ | 700.6 |  |  | $ | 615.2 |  |  | $ | 2,001.8 |  |  | $ | 1,864.7 |
Reinsurance | 416.2 |  |  | 367.5 |  |  | 1,596.8 |  |  | 1,243.2 |
Ceded | (443.2) |  |  | (354.1) |  |  | (1,373.0) |  |  | (1,128.8) |
Net written premiums | $ | 673.6 |  |  | $ | 628.6 |  |  | $ | 2,225.6 |  |  | $ | 1,979.1 |
Premiums earned: |  |  |  |  |  |  |
Insurance | $ | 652.5 |  |  | $ | 618.1 |  |  | $ | 1,876.2 |  |  | $ | 1,821.7 |
Reinsurance | 449.7 |  |  | 403.1 |  |  | 1,298.2 |  |  | 1,158.8 |
Ceded | (403.9) |  |  | (361.2) |  |  | (1,105.0) |  |  | (1,033.1) |
Net earned premiums | $ | 698.3 |  |  | $ | 660.0 |  |  | $ | 2,069.4 |  |  | $ | 1,947.4 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |
Insurance | $ | 490.9 |  |  | $ | 542.8 |  |  | $ | 1,259.1 |  |  | $ | 1,234.5 |
Reinsurance | 291.6 |  |  | 181.1 |  |  | 692.7 |  |  | 534.5 |
Ceded | (308.3) |  |  | (293.4) |  |  | (672.9) |  |  | (621.4) |
Losses and loss adjustment expenses | $ | 474.2 |  |  | $ | 430.5 |  |  | $ | 1,278.9 |  |  | $ | 1,147.6 |

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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//1943274/2147479655/944-605-50-1 + Details
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- References No definition available. + Details
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