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Reinsurance (Tables)

6 Months Ended

Jun. 30, 2023

Reinsurance Disclosures [Abstract]

Schedule of Ratings from Rating Agencies and Unsecured Amounts Due from Reinsurers Exceeded 3% of Stockholders' Equity

The following table presents ratings from rating agencies and the unsecured amounts due from the reinsurers whose aggregate balance exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands):

Ratings as of June 30, 2023

Due from as of

Reinsurer

AM Best Company

Standard and Poor’s Rating Services, Inc.

Moody’s Investors Service, Inc.

June 30, 2023

December 31, 2022

Allianz Risk Transfer

A+

AA

Aa3

$

188,570

$

285,323

Florida Hurricane Catastrophe Fund “FHCF” (1)

n/a

n/a

n/a

73,116

134,411

Various Lloyd’s of London Syndicates (2)

A

A+

n/a

39,545

101,482

Chubb Tempest Reinsurance, Ltd.

A++

AA

Aa3

33,785

51,319

Markel Bermuda Ltd.

A

A

A2

26,806

50,981

DaVinci Reinsurance Ltd.

A

A+

A3

20,372

48,115

Cosaint Re Pte. Ltd. (3)

n/a

n/a

n/a

17,452

—

Renaissance Reinsurance Ltd.

A+

A+

A1

14,463

38,768

Lumen Re Ltd.

n/a

n/a

n/a

—

8,913

Munich Reinsurance America Inc.

n/a

n/a

n/a

—

14,616

Everest Reinsurance Co

n/a

n/a

n/a

—

11,536

Upsilon RFO RE Ltd.

n/a

n/a

n/a

—

11,201

D E Shaw Re (Bermuda) Ltd.

n/a

n/a

n/a

—

16,680

Total (4)

$

414,109

$

773,345

(1)No rating is available, because the fund is not rated.

(2)No rating available for Moody’s Investors Service, Inc.

(3)No rating is available, because the non-catastrophe bond is not rated.

(4)Amounts represent prepaid reinsurance premiums and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses.

Schedule of Effects of Reinsurance Arrangements

The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands):

			Three Months Ended June 30,
			2023																		2022
			Premiums Written						Premiums Earned						Losses and Loss Adjustment Expenses						Premiums Written						Premiums Earned						Losses and Loss Adjustment Expenses
Direct			$	547,126					$	463,324					$	253,079					$	532,527					$	428,805					$	260,230
Ceded			(561,480)						(160,050)						(29,352)						(632,437)						(151,744)						(59,926)
Net			$	(14,354)					$	303,274					$	223,727					$	(99,910)					$	277,061					$	200,304

			Six Months Ended June 30,
			2023																		2022
			Premiums Written						Premiums Earned						Losses and Loss Adjustment Expenses						Premiums Written						Premiums Earned						Losses and Loss Adjustment Expenses
Direct			$	957,228					$	918,692					$	461,301					$	929,008					$	843,408					$	455,385
Ceded			(576,256)						(333,194)						(31,420)						(646,383)						(297,283)						(69,975)
Net			$	380,972					$	585,498					$	429,881					$	282,625					$	546,125					$	385,410

Schedule of Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable

The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands):

			June 30,						December 31,
			2023						2022
Prepaid reinsurance premiums			$	525,489					$	282,427
Reinsurance recoverable on paid losses and LAE			$	95,159					$	10,170
Reinsurance recoverable on unpaid losses and LAE			495,250						798,680
Reinsurance recoverable			$	590,409					$	808,850

X

- Definition

Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 605
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479655/944-605-50-1

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- Definition

Tabular disclosure of reinsurer or group of reinsurers for whom the entity has a concentration of credit risk.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-SubTopic 825
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479383/944-825-50-1B

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Tabular disclosure of prepaid reinsurance premiums and reinsurance recoverable (payable) and receivable.

+ References

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