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GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN | REINSURANCE The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive income (loss) for reinsurance for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (dollars in millions)
Premiums written: |  |  |  |  |  |  |
Direct | $ | 277.3 |  |  | $ | 250.1 |  |  | $ | 615.0 |  |  | $ | 523.0 |
Assumed | 68.9 |  |  | 58.1 |  |  | 142.0 |  |  | 115.9 |
Ceded | (12.2) |  |  | (44.6) |  |  | (31.0) |  |  | (91.3) |
Net premiums written | $ | 334.0 |  |  | $ | 263.6 |  |  | $ | 726.0 |  |  | $ | 547.6 |
Premiums earned: |  |  |  |  |  |  |
Direct | $ | 302.1 |  |  | $ | 252.7 |  |  | $ | 584.1 |  |  | $ | 481.1 |
Assumed | 69.2 |  |  | 55.3 |  |  | 131.6 |  |  | 101.9 |
Ceded | (18.3) |  |  | (46.4) |  |  | (41.4) |  |  | (91.1) |
Net premiums earned | $ | 353.0 |  |  | $ | 261.6 |  |  | $ | 674.3 |  |  | $ | 491.9 |
Losses and LAE incurred: |  |  |  |  |  |  |
Direct | $ | 186.7 |  |  | $ | 173.6 |  |  | $ | 357.2 |  |  | $ | 335.8 |
Assumed | 55.8 |  |  | 45.1 |  |  | 101.3 |  |  | 76.6 |
Ceded | (9.2) |  |  | (28.4) |  |  | (19.6) |  |  | (55.7) |
Net losses and LAE incurred | $ | 233.3 |  |  | $ | 190.3 |  |  | $ | 438.9 |  |  | $ | 356.7 |
In the event that all or any of the reinsuring companies might be unable to meet their obligations under existing reinsurance agreements, we would be liable to the policyholder for such defaulted amounts. GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN Gross premiums written by state is as follows for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | % of Total
| (dollars in millions)
State: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Texas | $ | 70.8 |  |  | 20.5 | % |  | $ | 61.7 |  |  | 20.0 | % |  | $ | 145.9 |  |  | 19.3 | % |  | $ | 123.3 |  |  | 19.3 | %
Georgia | 41.0 |  | 11.8 |  |  | 41.1 |  | 13.3 |  |  | 87.5 |  | 11.6 |  |  | 80.5 |  | 12.6 |
Florida | 26.8 |  | 7.7 |  |  | 28.4 |  | 9.2 |  |  | 57.9 |  | 7.6 |  |  | 44.0 |  | 6.9 |
California | 24.3 |  | 7.0 |  |  | 9.4 |  | 3.0 |  |  | 50.0 |  | 6.6 |  |  | 14.1 |  | 2.2 |
Pennsylvania | 20.5 |  | 5.9 |  |  | 17.8 |  | 5.8 |  |  | 44.2 |  | 5.8 |  |  | 35.3 |  | 5.5 |
Colorado | 18.6 |  | 5.4 |  |  | 17.3 |  | 5.6 |  |  | 40.5 |  | 5.4 |  |  | 35.5 |  | 5.6 |
South Carolina | 10.2 |  | 3.0 |  |  | 9.6 |  | 3.1 |  |  | 28.0 |  | 3.7 |  |  | 31.6 |  | 4.9 |
Arizona | 11.5 |  | 3.3 |  |  | 12.7 |  | 4.1 |  |  | 25.1 |  | 3.3 |  |  | 26.6 |  | 4.2 |
Nevada | 8.1 |  | 2.3 |  |  | 4.5 |  | 1.5 |  |  | 20.3 |  | 2.7 |  |  | 8.9 |  | 1.4 |
Oklahoma | 8.0 |  | 2.3 |  |  | 6.5 |  | 2.1 |  |  | 18.0 |  | 2.4 |  |  | 15.1 |  | 2.4 |
All others states | 106.4 |  | 30.8 |  |  | 99.2 |  | 32.3 |  |  | 239.6 |  | 31.6 |  |  | 224.0 |  | 35.0 |
Total | $ | 346.2 |  |  | 100.0 | % |  | $ | 308.2 |  |  | 100.0 | % |  | $ | 757.0 |  |  | 100.0 | % |  | $ | 638.9 |  |  | 100.0 | %

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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 -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-15 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-12 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-4 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-3 + Details
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