XML 56 R41.htm IDEA: XBRL DOCUMENT v3.25.0.1
REINSURANCE (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [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 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.
Schedule of Effects of Reinsurance Arrangements
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 
Schedule of Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable
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