
	Three months ended September 30				Nine months ended September 30
	2025		2024		2025		2024
Gross ceded premiums	$	21,695	$	26,598	$	65,344	$	64,611
Earned ceded premiums	$	22,181	$	19,512	$	58,782	$	46,603
Loss and loss adjustment expenses ceded (1)	$	(2,546)	$	10,070	$	13,116	$	47,919

(1) For the three months ended September 30, 2025, the negative balance reflects the reversal of previously recognized estimated loss recoverable due to the decrease in loss ratio for certain inward quota share reinsurance.

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 reinsurance recoverable on unpaid losses and loss adjustment expenses, on a gross and net of collateral basis:


	September 30, 2025				December 31, 2024
	Gross		Net of Collateral(1)		Gross		Net of Collateral(1)
A- or better by A.M. Best	$	79,843	$	71,695	$	82,181	$	63,979
Not rated	3,440		326		4,109		2,027
Total before provision	$	83,283	$	72,021	$	86,290	$	66,006
Provision for credit losses	(500)				(500)
Total reinsurance recoverable, net	$	82,783			$	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 September 30, 2025, we had 4 reinsurers (December 31, 2024: 3) that accounted for 10% or more of the total reinsurance recoverable, net of the credit loss provision, for an aggregate gross amount of $62.1 million (December 31, 2024: $49.5 million).