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Reinsurance (Tables)

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

Schedule of the Effect of Reinsurance on Premiums Written and Earned

The effect of reinsurance on premiums written and earned in 2024, 2023 and 2022 was as follows:


		2024 Premiums								2023 Premiums								2022 Premiums
		Written				Earned				Written				Earned				Written				Earned
		(in thousands)
Gross		$	294,144			$	288,803			$	285,355			$	283,746			$	276,110			$	282,225
Ceded			(18,164	)			(18,164	)			(16,621	)			(16,621	)			(10,527	)			(10,527	)
Net premiums		$	275,980			$	270,639			$	268,734			$	267,125			$	265,583			$	271,698

Schedule of the Amounts Recoverable from Reinsurers

The amounts recoverable from reinsurers consist of the following:


		December 31,
		2024				2023
		(in thousands)
Unpaid losses recoverable:
Case basis		$	73,421			$	80,211
Incurred but not reported			39,321				39,535
Paid losses recoverable			3,664				7,796
Experience-rated commissions recoverable			913				2,781
Allowance for credit losses			(300	)			(360	)
Total		$	117,019			$	129,963

Schedule of Unsecured Reinsurance Recoverables from Reinsurers


Reinsurer			A.M. Best Rating		Amounts Recoverable as of December 31, 2024
					(in thousands)
Hannover Reinsurance Ireland Limited	(1)		A+		$	51,330
Arch Reinsurance Company	(1)		A+			25,502
Minnesota Workers' Compensation Reinsurance Association	(1)		NR			8,576
Munich Reinsurance America, Inc	(1)		A+			8,512
Allianz Risk Transfer AG (Bermuda)			A+			5,963
Odyssey America Reinsurance Corporation			A+			4,048
Other reinsurers						13,388
Total amounts recoverable from reinsurers						117,319
Allowance for credit losses						(300	)
Total amounts recoverable from reinsurers net of allowance for credit losses						117,019
Funds withheld and letters of credit related to the above recoverables						(69,556	)
Total unsecured amounts recoverable from reinsurers					$	47,463

(1)

Current participant in our 2025 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, 2024 and 2023.


		Year Ended
		December 31,
		2024				2023
		(in thousands)
Balance, beginning of period		$	360			$	372
Provision for credit loss expense (benefit)			(60	)			(12	)
Balance, end of period		$	300			$	360