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Reinsurance
 12 Months Ended
Dec. 31, 2023
Reinsurance Disclosures [Abstract]  
Reinsurance Premiums and Reinsurance Related Information
The Company reinsures a portion of its insurance exposures in order to reduce its net liability on individual risks and catastrophe losses. Reinsurance coverage and retentions vary depending on the line of business, location of the risk and nature of loss. The Company’s reinsurance purchases include the following: property reinsurance treaties that reduce exposure to large individual property losses and catastrophe events; casualty reinsurance treaties that reduce its exposure to large individual casualty losses, workers’ compensation catastrophe losses and casualty losses involving multiple claimants or insureds; and facultative reinsurance that reduces exposure on individual policies or risks for losses that exceed treaty reinsurance capacity. Depending on the business, the Company purchases specific additional reinsurance to supplement the above programs.
The following is a summary of reinsurance financial information:
(In thousands)202320222021
Written premiums:   
Direct$11,676,743 $10,695,138 $9,531,050 
Assumed1,295,263 1,213,914 1,169,084 
Ceded(2,017,539)(1,904,982)(1,837,267)
Total net written premiums$10,954,467 $10,004,070 $8,862,867 
Earned premiums:  
Direct$11,112,980 $10,217,891 $8,825,568 
Assumed1,246,288 1,226,801 1,085,804 
Ceded(1,958,581)(1,883,263)(1,805,341)
Total net earned premiums$10,400,687 $9,561,429 $8,106,031 
Ceded losses and loss expenses incurred$1,376,144 $1,269,338 $1,236,960 
Ceded commission earned$471,841 $477,437 $449,739 

The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the years ended December 31, 2023 and 2022:
(In thousands)20232022
Allowance for expected credit losses, beginning of period$30,660 $25,218 
Change in allowance for expected credit losses4,450 5,442 
Allowance for expected credit losses, end of period$35,110 $30,660 
Estimated amounts due from reinsurers are reported net of an allowance for expected credit losses of $8.4 million, $8.1 million and $7.7 million as of December 31, 2023, 2022 and 2021, respectively. The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the years ended December 31, 2023 and 2022:
(In thousands)20232022
Allowance for expected credit losses, beginning of period$8,064 $7,713 
Change in allowance for expected credit losses340 351 
Allowance for expected credit losses, end of period$8,404 $8,064 
The following table presents the amounts due from reinsurers as of December 31, 2023:
(In thousands)
Lloyd’s of London$402,210 
Lifson Re335,382 
Partner Re 314,471 
Munich Re310,985 
Berkshire Hathaway307,878 
Hannover Re Group231,172 
Renaissance Re217,008 
Swiss Re 176,377 
Everest Re145,155 
Liberty Mutual117,556 
Axis Capital86,680 
Fairfax Financial64,300 
Korean Re57,530 
Arch Capital Group54,175 
Sompo Holdings Group47,520 
Axa Insurance 45,680 
TOA RE37,140 
Nationwide Group32,411 
Markel Corp Group31,827 
Helvetia Holdings Group31,429 
Chubb Group 24,459 
MS & AD Insurance Group 20,144 
Other reinsurers less than $20,000316,649 
Subtotal3,408,138 
Residual market pools (1)134,793 
Allowance for expected credit losses(8,404)
Total$3,534,527 
(1)Many states require licensed insurers that provide workers' compensation insurance to participate in programs that provide workers' compensation to employers that cannot procure coverage from an insurer on a voluntary basis. Insurers can fulfill this residual market obligation by participating in pools where results are shared by the participating companies. The Company acts as a servicing carrier for workers' compensation pools in certain states. As a servicing carrier, the Company writes residual market business directly and then cedes 100% of this business to the respective pool. As a servicing carrier, the Company receives fee income for its services. The Company does not retain underwriting risk, and credit risk is limited as ceded balances are jointly shared by all the pool members.