Reinsurance (Tables)

3 Months Ended

Mar. 31, 2024

The following table sets forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
	2024				2023
($ in thousands)	Written		Earned		Written		Earned
Direct premiums	$	366,796	$	327,172	$	308,213	$	262,658
Assumed premiums	91,824		62,186		52,285		39,131
Ceded premiums	(171,520)		(153,016)		(158,357)		(118,958)
Net premiums	$	287,100	$	236,342	$	202,141	$	182,831
Ceded losses and LAE incurred			$	85,619			$	64,794

Ceded Credit Risk

The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of March 31, 2024 and December 31, 2023:


($ in thousands)	March 31, 2024		December 31, 2023
Ceded unpaid losses and LAE	$	466,095	$	455,484
Ceded paid losses and LAE	127,385		122,287
Loss portfolio transfer	20,858		20,858
Allowance for credit losses	(2,295)		(2,295)
Reinsurance recoverables	$	612,043	$	596,334
Ceded unearned premium	$	204,625	$	186,121