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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Components of Reinsurance Balances

The Company had the following reinsurance balances as of December 31, 2024 and 2023:

 

(Dollars in thousands)

 

December 31, 2024

 

 

December 31, 2023

 

Reinsurance receivables, net

 

$

66,855

 

 

$

80,439

 

Collateral securing reinsurance receivables

 

 

(6,461

)

 

 

(8,752

)

Reinsurance receivables, net of collateral

 

$

60,394

 

 

$

71,687

 

Allowance for expected credit losses

 

$

8,992

 

 

$

8,992

 

Prepaid reinsurance premiums

 

 

3,320

 

 

 

4,958

 
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, 2024)

Munich Re America Corporation

 

$

35,826

 

 

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, 2024:

 

 

 

 

 

 

Direct

 

$

369,818

 

 

$

354,747

 

Assumed

 

 

19,940

 

 

 

34,451

 

Ceded

 

 

(10,568

)

 

 

(12,206

)

Net premiums

 

$

379,190

 

 

$

376,992

 

For the year ended December 31, 2023:

 

 

 

 

 

 

Direct

 

$

350,748

 

 

$

376,288

 

Assumed

 

 

65,649

 

 

 

126,611

 

Ceded

 

 

(17,078

)

 

 

(29,542

)

Net premiums

 

$

399,319

 

 

$

473,357

 

For the year ended December 31, 2022:

 

 

 

 

 

 

Direct

 

$

573,412

 

 

$

589,131

 

Assumed

 

 

154,191

 

 

 

135,896

 

Ceded

 

 

(136,272

)

 

 

(122,556

)

Net premiums

 

$

591,331

 

 

$

602,471