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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Schedule of the Effect of Reinsurance on Premiums Written and Earned | The effect of reinsurance on premiums written and earned in 2023, 2022 and 2021 was as follows:
|  | 2023 Premiums |  |  | 2022 Premiums |  |  | 2021 Premiums |
|  | Written |  |  | Earned |  |  | Written |  |  | Earned |  |  | Written |  |  | Earned |
|  | (in thousands) |
Gross |  | $ | 285,355 |  |  | $ | 283,746 |  |  | $ | 276,110 |  |  | $ | 282,225 |  |  | $ | 278,294 |  |  | $ | 286,462 |
Ceded |  |  | (16,621 | ) |  |  | (16,621 | ) |  |  | (10,527 | ) |  |  | (10,527 | ) |  |  | (10,469 | ) |  |  | (10,469 | )
Net premiums |  | $ | 268,734 |  |  | $ | 267,125 |  |  | $ | 265,583 |  |  | $ | 271,698 |  |  | $ | 267,825 |  |  | $ | 275,993 |
Schedule of the Amounts Recoverable from Reinsurers | The amounts recoverable from reinsurers consist of the following:
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Unpaid losses recoverable: |  |  |  |  |  |
Case basis |  | $ | 80,211 |  |  | $ | 81,273 |
Incurred but not reported |  |  | 39,535 |  |  |  | 31,282 |
Paid losses recoverable |  |  | 7,796 |  |  |  | 12,440 |
Experience-rated commissions recoverable |  |  | 2,781 |  |  |  | 1,054 |
Allowance for credit losses |  |  | (360 | ) |  |  | (372 | )
Total |  | $ | 129,963 |  |  | $ | 125,677 |
Schedule of Unsecured Reinsurance Recoverables from Reinsurers |
Reinsurer |  |  | A.M. Best Rating |  | Amounts Recoverable as of December 31, 2023 |
|  |  |  |  | (in thousands) |
Hannover Reinsurance Ireland Limited | (1) |  | A+ |  | $ | 65,045 |
Arch Reinsurance Company | (1) |  | A+ |  |  | 19,694 |
Allianz Risk Transfer AG (Bermuda) |  |  | A+ |  |  | 9,084 |
Minnesota Workers' Compensation Reinsurance Association | (1) |  | NR |  |  | 8,950 |
Munich Reinsurance America, Inc | (1) |  | A+ |  |  | 5,542 |
Odyssey America Reinsurance Corporation |  |  | A+ |  |  | 4,961 |
Other reinsurers |  |  |  |  |  | 17,047 |
Total amounts recoverable from reinsurers |  |  |  |  |  | 130,323 |
Allowance for credit losses |  |  |  |  |  | (360 | )
Total amounts recoverable from reinsurers net of allowance for credit losses |  |  |  |  |  | 129,963 |
Funds withheld and letters of credit related to the above recoverables |  |  |  |  |  | (81,520 | )
Total unsecured amounts recoverable from reinsurers |  |  |  |  | $ | 48,443 |
(1) Current participant in our 2024 reinsurance program.
Change in Allowance for Credit Losses on Amounts Recoverable from Reinsurers | The table below presents the change in the allowance for credit losses on amounts recoverable from reinsurers for the years ended December 31, 2023 and 2022.
|  | Year Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Balance, beginning of period |  | $ | 372 |  |  | $ | 440 |
Provision for credit loss expense (benefit) |  |  | (12 | ) |  |  | (68 | )
Balance, end of period |  | $ | 360 |  |  | $ | 372 |

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