Reinsurance (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Components of Reinsurance Balances

The Company had the following reinsurance balances as of December 31, 2021 and 2020:

(Dollars in thousands)	December 31, 2021			December 31, 2020
Reinsurance receivables, net	$	99,864		$	88,708
Collateral securing reinsurance receivables		(9,855	)		(4,984	)
Reinsurance receivables, net of collateral	$	90,009		$	83,724
Allowance for expected credit losses	$	8,992		$	8,992
Prepaid reinsurance premiums		53,494			12,881

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, 2021)
Munich Re America Corporation	$	51,873	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, 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
For the year ended December 31, 2019:
Direct business	$	548,618		$	527,018
Reinsurance assumed		88,243			76,893
Reinsurance ceded		(74,772	)		(78,649	)
Net premiums	$	562,089		$	525,262