Reinsurance (Tables)

12 Months Ended

Dec. 31, 2024

Reinsurance recoverable at the balance sheet dates consists of the following:


	December 31,
	2024		2023
Reinsurance recoverable on unpaid losses and LAE	$	249,276	$	271,736
Reinsurance recoverable on paid losses and LAE	14,143		69,084
Reinsurance recoverable(1)	$	263,419	$	340,820

Reinsurance, Effect on Operations

The following table depicts written premiums, earned premiums and losses, showing the effects that our reinsurance transactions have on these components of our Consolidated Statements of Comprehensive Income (Loss):


	Year ended December 31,
	2024		2023		2022
Premium written:
Direct	$	642,727	$	635,593	$	507,716
Assumed	5,078		116		20,444
Ceded	(370,210)		(413,462)		(229,352)
Net premium written	$	277,595	$	222,247	$	298,808
Change in unearned premiums:
Direct	$	(5,730)	$	(41,227)	$	(44,646)
Assumed	(3,467)		10,201		(9,326)
Ceded	5,592		70,839		(21,907)
Net decrease (increase)	$	(3,605)	$	39,813	$	(75,879)
Premiums earned:
Direct	$	636,997	$	594,366	$	463,070
Assumed	1,611		10,317		11,118
Ceded	(364,618)		(342,623)		(251,259)
Net premiums earned	$	273,990	$	262,060	$	222,929
Losses and LAE incurred:
Direct	$	231,537	$	120,114	$	746,186
Assumed	(4,077)		3,767		16,887
Ceded	(158,141)		(77,203)		(666,964)
Net losses and LAE incurred	$	69,319	$	46,678	$	96,109

Reinsurance Effects On Unpaid Lossses, LAE and Unearned Premiums

The following table highlights the effects that our reinsurance transactions have on unpaid losses and loss adjustment expenses and unearned premiums in our Consolidated Balance Sheets:


	December 31,
	2024		2023		2022
Unpaid losses and LAE:
Direct	$	315,412	$	332,396	$	818,166
Assumed	6,675		15,342		(1,677)
Gross unpaid losses and LAE	322,087		347,738		816,489
Ceded	(249,276)		(271,736)		(731,666)
Net unpaid losses and LAE	$	72,811	$	76,002	$	84,823
Unearned premiums:
Direct	$	281,887	$	276,157	$	234,930
Assumed	3,467		—		10,201
Gross unearned premiums	285,354		276,157		245,131
Ceded	(160,893)		(155,301)		(84,461)
Net unearned premiums	$	124,461	$	120,856	$	160,670