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Premiums and Reinsurance Related Information | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Premiums and Reinsurance Related Information | Premiums and Reinsurance Related Information The following table summarizes the effects of reinsurance on the Company’s written and earned premiums and losses and loss adjustment expenses:
Three Months Ended September 30, 2024 |  | Written Premiums |  | Earned Premiums |  | Losses and Loss Adjustment Expenses
|  | ($ in thousands)
Assumed |  | $ | 196,976 |  |  | $ | 161,683 |  |  | $ | 102,805 |
Ceded |  | (68,643) |  |  | (56,503) |  |  | (34,981) |
Net |  | $ | 128,333 |  |  | $ | 105,180 |  |  | $ | 67,824 |
Three Months Ended September 30, 2023 |  | Written Premiums |  | Earned Premiums |  | Losses and Loss Adjustment Expenses
|  | ($ in thousands)
Assumed |  | $ | 148,919 |  |  | $ | 106,262 |  |  | $ | 63,631 |
Ceded |  | (49,581) |  |  | (35,388) |  |  | (20,835) |
Net |  | $ | 99,338 |  |  | $ | 70,874 |  |  | $ | 42,796 |
Nine Months Ended September 30, 2024 |  | Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses
|  | ($ in thousands)
Assumed |  | $ | 510,948 |  |  | $ | 428,556 |  |  | $ | 272,011 |
Ceded |  | (179,710) |  |  | (150,309) |  |  | (90,849) |
Net |  | $ | 331,238 |  |  | $ | 278,247 |  |  | $ | 181,162 |
Nine Months Ended September 30, 2023 |  | Premiums Written |  | Premiums Earned |  | Losses and Loss Adjustment Expenses
|  | ($ in thousands)
Assumed |  | $ | 361,367 |  |  | $ | 278,811 |  |  | $ | 166,021 |
Ceded |  | (121,639) |  |  | (90,901) |  |  | (52,357) |
Net |  | $ | 239,728 |  |  | $ | 187,910 |  |  | $ | 113,664 |
All assumed amounts are assumed through the AmFam Quota Share Agreement as described in Note 11. For the three months ended September 30, 2024 and 2023, Bowhead ceded $8.3 million and $5.2 million of written premium, $6.0 million and $2.7 million of earned premium and $3.6 million and $1.5 million of losses and loss adjustment expenses to a subsidiary of AmFam, respectively. For the nine months ended September 30, 2024 and 2023, Bowhead ceded $20.2 million and $12.5 million of written premium, $15.4 million and $5.3 million of earned premium and $9.3 million and $3.0 million of losses and loss adjustment expenses to a subsidiary of AmFam, respectively. The following table summarizes reinsurance recoverable on paid and unpaid losses and loss adjustment expenses:
As of |  | September 30, 2024 |  | December 31, 2023
|  | ($ in thousands)
Reinsurance recoverable on unpaid losses and loss adjustment expenses |  | $ | 222,671 |  |  | $ | 136,273 |
Reinsurance recoverable on paid losses and loss adjustment expenses |  | 2,340 |  |  | 3,116 |
Reinsurance recoverable |  | $ | 225,011 |  |  | $ | 139,389 |
The following table summarizes the Company’s top five reinsurers, their A.M. Best financial strength rating and percent of total reinsurance recoverable as of September 30, 2024 and December 31, 2023:
Reinsurer |  | A.M. Best Rating |  | September 30, 2024 |  | December 31, 2023
Renaissance Reinsurance U.S. Inc |  | A+ |  | 29.7% |  | 29.8%
Endurance Assurance Corporation |  | A+ |  | 23.8% |  | 24.4%
Markel Global Reinsurance Company |  | A |  | 21.7% |  | 24.5%
Ascot Bermuda Limited |  | A |  | 9.3% |  | 7.3%
American Family Connect Property and Casualty Insurance Company |  | A |  | 6.7% |  | 4.2%
Partner Reinsurance Company of the U.S. |  | A+ |  | 5.2% |  | 8.5%
All other reinsurers |  | At least A |  | 3.6% |  | 1.3%
Total |  |  |  | 100.0% |  | 100.0%
As of September 30, 2024 and December 31, 2023, $15.1 million and $5.9 million, respectively, of the Company’s reinsurance recoverable balance is with a subsidiary of AmFam.

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