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Reinsurance
 9 Months Ended
Sep. 30, 2023
Reinsurance Disclosures [Abstract]  
Reinsurance Reinsurance
The Company seeks to reduce its risk of loss by reinsuring certain levels of risk in various areas of exposure with other insurance enterprises or reinsurers, generally as of the beginning of the hurricane season on June 1st of each year. The Company’s current reinsurance programs consist principally of catastrophe excess of loss reinsurance, subject to the terms and conditions of the applicable agreements. Notwithstanding the purchase of such reinsurance, the Company is responsible for certain retained loss amounts before reinsurance attaches and for insured losses related to catastrophes and other events that exceed coverage provided by or otherwise are not within the scope of the reinsurance programs. The Company remains responsible for the settlement of insured losses irrespective of whether any of the reinsurers fail to make payments otherwise due.
To reduce credit risk for amounts due from reinsurers, the Insurance Entities seek to do business with financially sound reinsurance companies and regularly evaluate the financial strength of all reinsurers used.
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 September 30, 2023Due from as of
ReinsurerAM Best
Company		Standard
and Poor’s
Rating
Services, Inc.		Moody’s
Investors Service, Inc.		September 30, 2023December 31, 2022
Florida Hurricane Catastrophe Fund “FHCF” (1)n/an/an/a$62,095 $134,411 
Various Lloyd’s of London Syndicates (2)AA+n/a34,367 101,482 
DaVinci Reinsurance Ltd.AA+A328,586 48,115 
Renaissance Reinsurance Ltd.A+A+A120,935 38,768 
Chubb Tempest Reinsurance, Ltd.A++AAAa318,194 51,319 
Ada Re, Ltd (3)
n/a
n/an/a12,251 — 
Everest Reinsurance Co
A+
A+
A1
11,668 11,536 
Upsilon RFO RE Ltd. (3)
n/an/an/a10,930 11,201 
Aeolus Re Ltd. (3)
n/an/an/a10,493 — 
Allianz Risk Transfer (Bermuda) Ltd.n/an/an/a— 285,323 
Markel Bermuda Ltd.n/an/an/a— 50,981 
D E Shaw Re (Bermuda) Ltd. (3)n/an/an/a— 16,680 
Munich Reinsurance America Inc.n/an/an/a— 14,616 
Lumen Re Ltd.
n/an/an/a— 8,913 
Total (4)
$209,519 $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 reinsurer is fully collateralized with a trust agreement.
(4)Amounts represent prepaid reinsurance premiums and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses.
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 September 30,
20232022
Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses		Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses
Direct$531,988 $474,311 $308,860 $500,677 $452,450 $1,269,344 
Ceded2,717 (143,271)(20,888)(23,956)(161,819)(938,900)
Net$534,705 $331,040 $287,972 $476,721 $290,631 $330,444 
Nine Months Ended September 30,
20232022
Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses		Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses
Direct$1,489,216 $1,393,003 $770,161 $1,429,685 $1,295,858 $1,724,729 
Ceded(573,539)(476,465)(52,308)(670,339)(459,102)(1,008,875)
Net$915,677 $916,538 $717,853 $759,346 $836,756 $715,854 
The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands):
September 30,December 31,
20232022
Prepaid reinsurance premiums$379,501 $282,427 
Reinsurance recoverable on paid losses and LAE$66,299 $10,170 
Reinsurance recoverable on unpaid losses and LAE256,687 798,680 
Reinsurance recoverable$322,986 $808,850