Premiums and Reinsurance Related Information

6 Months Ended

Jun. 30, 2020

Premiums and Reinsurance Related Information

The following is a summary of insurance and reinsurance financial information:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,

(In thousands)	2020		2019		2020		2019
Written premiums:
Direct	$	1,892,359	$	1,883,032	$	3,856,848	$	3,712,847
Assumed	239,887		206,828		506,769		423,243
Ceded	(392,428)		(346,396)		(777,953)		(683,025)
Total net premiums written	$	1,739,818	$	1,743,464	$	3,585,664	$	3,453,065

Earned premiums:
Direct	$	1,804,844	$	1,773,437	$	3,634,558	$	3,497,047
Assumed	232,996		198,661		461,210		386,852
Ceded	(360,925)		(325,257)		(727,435)		(644,202)
Total net premiums earned	$	1,676,915	$	1,646,841	$	3,368,333	$	3,239,697

Ceded losses and loss expenses incurred	$	232,873	$	239,267	$	468,055	$	412,314
Ceded commissions earned	$	85,593	$	73,092	$	166,638	$	144,109

The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the six months ended June 30, 2020:


(In thousands)
Allowance for expected credit losses at January 1, 2020	$	19,823
Cumulative effect adjustment resulting from changes in accounting principles	1,270
Provision for expected credit losses	1,013
Allowance for expected credit losses at June 30, 2020	$	22,106

The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the three months ended June 30, 2020:


(In thousands)
Allowance for expected credit losses at April 1, 2020	$	21,524
Provision for expected credit losses	582
Allowance for expected credit losses at June 30, 2020	$	22,106

The Company reinsures a portion of its insurance exposures in order to reduce its net liability on individual risks and catastrophe losses. The Company also cedes premiums to state assigned risk plans and captive insurance companies. Estimated amounts due from reinsurers are reported net of an allowance for expected credit losses. The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the six months ended June 30, 2020:


(In thousands)
Allowance for expected credit losses at January 1, 2020	$	690
Cumulative effect adjustment resulting from changes in accounting principles	5,927
Provision for expected credit losses	558
Allowance for expected credit losses at June 30, 2020	$	7,175

The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the three months ended June 30, 2020:


(In thousands)
Allowance for expected credit losses at April 1, 2020	$	6,800
Provision for expected credit losses	375
Allowance for expected credit losses at June 30, 2020	$	7,175