XML 25 R14.htm IDEA: XBRL DOCUMENT v3.25.2
RETROCESSION
 6 Months Ended
Jun. 30, 2025
Reinsurance Disclosures [Abstract]  
RETROCESSION RETROCESSION
The following table provides a breakdown of ceded reinsurance:
Three months ended June 30Six months ended June 30
2025202420252024
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, 2025December 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).