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RETROCESSION | 6 Months Ended
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Jun. 30, 2025
Reinsurance Disclosures [Abstract] |
RETROCESSION | RETROCESSION The following table provides a breakdown of ceded reinsurance:
|  | Three months ended June 30 |  | Six months ended June 30
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross ceded premiums |  | $ | 15,101 |  |  | $ | 14,832 |  |  | $ | 43,649 |  |  | $ | 38,013 |
Earned ceded premiums |  | $ | 17,309 |  |  | $ | 11,849 |  |  | $ | 36,601 |  |  | $ | 27,091 |
Loss and loss adjustment expenses ceded |  | $ | 9,006 |  |  | $ | 14,773 |  |  | $ | 15,662 |  |  | $ | 37,849 |
Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. The following table shows a breakdown of losses recoverable on a gross and net of collateral basis:
|  | June 30, 2025 |  | December 31, 2024
|  | Gross |  | Net of Collateral(1) |  | Gross |  | Net of Collateral(1)
A- or better by A.M. Best |  | $ | 91,323 |  |  | $ | 73,941 |  |  | $ | 82,181 |  |  | $ | 63,979 |
Not rated |  | 3,148 |  |  | 556 |  |  | 4,109 |  |  | 2,027 |
Total before provision |  | $ | 94,471 |  |  | $ | 74,497 |  |  | $ | 86,290 |  |  | $ | 66,006 |
Provision for credit losses |  | (500) |  |  |  |  | (500) |  |  |
Total loss and loss adjustment expenses recoverable, net |  | $ | 93,971 |  |  |  |  | $ | 85,790 |  |  |
(1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire. At June 30, 2025, we had 3 reinsurers (December 31, 2024: 3) that accounted for 10% or more of the total loss and loss adjustment expenses recoverable, net of the credit loss provision, for an aggregate gross amount of $53.3 million (December 31, 2024: $49.5 million).

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- Definition The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-15 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-12 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-4 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-3 + Details
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