Reinsurance (Tables)

6 Months Ended

Jun. 30, 2023

The following table sets forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the three and six months ended June 30, 2023 and 2022:


	Three months ended June 30,
	2023				2022
($ in thousands)	Written		Earned		Written		Earned
Direct premiums	$	332,062	$	283,762	$	276,694	$	230,203
Assumed premiums	89,932		48,213		49,533		25,933
Ceded premiums	(208,257)		(137,628)		(137,496)		(110,060)
Net premiums	$	213,737	$	194,347	$	188,731	$	146,076
Ceded losses and LAE incurred			$	99,981			$	68,060


	Six months ended June 30,
	2023				2022
($ in thousands)	Written		Earned		Written		Earned
Direct premiums	$	640,275	$	546,419	$	525,329	$	452,840
Assumed premiums	142,217		87,345		83,540		52,529
Ceded premiums	(366,614)		(256,586)		(284,737)		(217,566)
Net premiums	$	415,878	$	377,178	$	324,132	$	287,803
Ceded losses and LAE incurred			$	164,775			$	129,587

Ceded Credit Risk

The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of June 30, 2023 and December 31, 2022:


($ in thousands)	June 30, 2023		December 31, 2022
Ceded unpaid losses and LAE	$	441,227	$	435,986
Ceded paid losses and LAE	115,672		107,228
Loss portfolio transfer	28,318		38,145
Allowance for credit losses	(2,295)		—
Reinsurance recoverables	$	582,922	$	581,359
Ceded unearned premium	$	267,672	$	157,645