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Reinsurance (Tables)

12 Months Ended

Dec. 31, 2022

Insurance [Abstract]

Components of Reinsurance Balances

The Company had the following reinsurance balances as of December 31, 2022 and 2021:


(Dollars in thousands)		December 31, 2022				December 31, 2021
Reinsurance receivables, net		$	85,721			$	99,864
Collateral securing reinsurance receivables			(8,937	)			(9,855	)
Reinsurance receivables, net of collateral		$	76,784			$	90,009
Allowance for expected credit losses		$	8,992			$	8,992
Prepaid reinsurance premiums			17,421				53,494

Unsecured Reinsurance Receivable that Exceeded Three Percent of Shareholders' Equity

Unsecured reinsurance receivables include amounts receivable for paid and unpaid losses and loss adjustment expenses, less amounts secured by collateral.


(Dollars in thousands)		Reinsurance Receivables				AM Best Ratings (As of December 31, 2022)
Munich Re America Corporation		$	45,246			A+

Effect of Reinsurance on Premiums Written and Earned

The effect of reinsurance on premiums written and earned is as follows:


(Dollars in thousands)		Written				Earned
For the year ended December 31, 2022:
Direct business		$	573,412			$	589,131
Reinsurance assumed			154,191				135,896
Reinsurance ceded			(136,272	)			(122,556	)
Net premiums		$	591,331			$	602,471
For the year ended December 31, 2021:
Direct business		$	584,467			$	578,171
Reinsurance assumed			97,655				78,880
Reinsurance ceded			(102,054	)			(61,441	)
Net premiums		$	580,068			$	595,610
For the year ended December 31, 2020:
Direct business		$	554,617			$	560,658
Reinsurance assumed			51,986				69,312
Reinsurance ceded			(58,436	)			(62,271	)
Net premiums		$	548,167			$	567,699