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.