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REINSURANCE (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025Due from as of
ReinsurerAM Best
Company		Standard
and Poor’s
Rating
Services, Inc.		Moody’s
Investors Service, Inc.		March 31, 2025December 31, 2024
Various Lloyd’s of London Syndicates (1)
A+
AA-
n/a
$138,982 $282,826 
Markel Bermuda Ltd.
A
A
A
109,335 94,173 
Florida Hurricane Catastrophe Fund “FHCF” (2)
n/an/an/a54,153 81,375 
Renaissance Reinsurance Ltd.
A+
A+
A
45,771 35,808 
Everest Reinsurance Co
A+
A+
A
34,728 47,807 
DaVinci Reinsurance Ltd.
A
A+
A
33,137 73,645 
Aeolus Re Ltd. (3)
n/a
n/a
n/a
12,885 — 
Total (4)
$428,991 $615,634 
(1)Moody’s does not provide a rating for Lloyd’s; the reinsurer is fully collateralized with a trust agreement.
(2)No rating is available, because the fund is not rated.
(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 March 31,
20252024
Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses		Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses
Direct$467,078 $513,257 $249,707 $446,179 $482,072 $240,319 
Ceded(301)(157,536)848 (291)(148,047)(132)
Net$466,777 $355,721 $250,555 $445,888 $334,025 $240,187 
Schedule of Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable
The following prepaid reinsurance premiums and reinsurance recoverables are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands):
March 31,December 31,
20252024
Prepaid reinsurance premiums$105,480 $262,716 
Reinsurance recoverables on paid losses and LAE$37,519 $65,681 
Reinsurance recoverables on unpaid losses and LAE433,670 561,936 
Reinsurance recoverables$471,189 $627,617