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Reinsurance (Tables)

9 Months Ended

Sep. 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 September 30, 2023

Due from as of

Reinsurer

AM Best Company

Standard and Poor’s Rating Services, Inc.

Moody’s Investors Service, Inc.

September 30, 2023

December 31, 2022

Florida Hurricane Catastrophe Fund “FHCF” (1)

n/a

n/a

n/a

$

62,095

$

134,411

Various Lloyd’s of London Syndicates (2)

A

A+

n/a

34,367

101,482

DaVinci Reinsurance Ltd.

A

A+

A3

28,586

48,115

Renaissance Reinsurance Ltd.

A+

A+

A1

20,935

38,768

Chubb Tempest Reinsurance, Ltd.

A++

AA

Aa3

18,194

51,319

Ada Re, Ltd (3)

n/a

n/a

n/a

12,251

—

Everest Reinsurance Co

A+

A+

A1

11,668

11,536

Upsilon RFO RE Ltd. (3)

n/a

n/a

n/a

10,930

11,201

Aeolus Re Ltd. (3)

n/a

n/a

n/a

10,493

—

Allianz Risk Transfer (Bermuda) Ltd.

n/a

n/a

n/a

—

285,323

Markel Bermuda Ltd.

n/a

n/a

n/a

—

50,981

D E Shaw Re (Bermuda) Ltd. (3)

n/a

n/a

n/a

—

16,680

Munich Reinsurance America Inc.

n/a

n/a

n/a

—

14,616

Lumen Re Ltd.

n/a

n/a

n/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.

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 September 30,
			2023																		2022
			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
Ceded			2,717						(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,
			2023																		2022
			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

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):

			September 30,						December 31,
			2023						2022
Prepaid reinsurance premiums			$	379,501					$	282,427
Reinsurance recoverable on paid losses and LAE			$	66,299					$	10,170
Reinsurance recoverable on unpaid losses and LAE			256,687						798,680
Reinsurance recoverable			$	322,986					$	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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