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REINSURANCE
 12 Months Ended
Dec. 31, 2024
Insurance [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 December 31, 2024 
  Standard   
AM Bestand Poor’s
Rating		Moody’s
Investors		Due from as of
December 31,
ReinsurerCompanyServices, Inc.Service, Inc.20242023
Various Lloyd’s of London Syndicates (1)A+AA-n/a$282,826 $22,832 
Markel Bermuda Ltd.AAA94,173 — 
Florida Hurricane Catastrophe Fund “FHCF” (2)n/an/an/a81,375 91,275 
DaVinci Reinsurance Ltd.AA+A73,645 — 
Everest Reinsurance CoA+A+A47,807 — 
Renaissance Reinsurance Ltd.A+A+A35,808 — 
Total (3)
$615,634 $114,107 
(1)No rating available for Moody’s Investors Service, Inc.
(2)No rating is available, because the fund is not rated.
(3)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 Consolidated Statements of Income for the periods presented (in thousands):
For the Year Ended December 31, 2024
Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses
Direct$2,069,692 $1,999,805 $1,785,133 
Ceded(653,193)(626,732)(697,767)
Net$1,416,499 $1,373,073 $1,087,366 
 
For the Year Ended December 31, 2023
Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses
Direct$1,921,833 $1,875,129 $1,046,854 
Ceded(577,020)(623,193)(54,218)
Net$1,344,813 $1,251,936 $992,636 

 
For the Year Ended December 31, 2022
Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses
Direct$1,845,786 $1,759,701 $1,972,541 
Ceded(672,508)(631,075)(1,034,142)
Net$1,173,278 $1,128,626 $938,399 
The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Consolidated Balance Sheets as of the dates presented (in thousands):
As of December 31,
20242023
Prepaid reinsurance premiums$262,716 $236,254 
Reinsurance recoverable on paid losses and LAE$65,681 $35,667 
Reinsurance recoverable on unpaid losses and LAE561,936 183,435 
Reinsurance recoverable $627,617 $219,102