Reinsurance (Tables)

6 Months Ended

Jun. 30, 2023

Reinsurance

Schedule of effects of reinsurance on premiums written, earned, incurred losses and LAE

The effects of reinsurance on premiums written and earned for the three and six months ended June 30, 2023 and 2022, were as follows:

	Three Months Ended June 30,
	2023				2022
	Written		Earned		Written		Earned
Direct premiums	$	121,540	$	116,397	$	124,914	$	93,082
Ceded premiums		(67,387)		(72,166)		(117,926)		(83,095)
Net premiums	$	54,153	$	44,231	$	6,988	$	9,987

	Six Months Ended June 30,
	2023				2022
	Written		Earned		Written		Earned
Direct premiums	$	218,413	$	231,221	$	212,037	$	177,400
Ceded premiums		(65,121)		(146,840)		(178,562)		(154,822)
Net premiums	$	153,292	$	84,381	$	33,475	$	22,578

Our 2023 third-party quota share program was placed at a reduced ceding percentage as compared to the 2022 program, which resulted in a portfolio transfer and lower ceded written premiums in the six months ended June 30, 2023.

The effects of reinsurance on incurred losses and loss adjustment expense (“LAE”) for the three and six months ended June 30, 2023 and 2022, were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Direct losses and LAE	$	137,591	$	74,617	$	227,606	$	142,838
Ceded losses and LAE		(66,442)		(60,133)		(113,598)		(119,106)
Net losses and LAE	$	71,149	$	14,484	$	114,008	$	23,732

Schedule of reinsurance balances due

	June 30, 2023		December 31, 2022
Ceded unearned premium	$	147,297	$	203,157
Losses and LAE reserve		89,296		76,999
Reinsurance recoverable		29,260		18,765
Other		6,614		139
Reinsurance balance due	$	272,467	$	299,060