Reinsurance

9 Months Ended

Sep. 30, 2024

The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned.


	Quarter Ended September 30,
	2024								2023
(dollars in thousands)	Direct		Assumed		Ceded		Net Premiums		Direct		Assumed		Ceded		Net Premiums
Underwriting:
Written	$	2,249,500	$	282,089	$	(549,264)	$	1,982,325	$	2,223,988	$	282,070	$	(478,035)	$	2,028,023
Earned	$	2,206,453	$	404,686	$	(500,842)	$	2,110,297	$	2,127,244	$	424,620	$	(429,901)	$	2,121,963
Program services and other fronting:
Written	763,082		177,038		(940,309)		(189)		615,424		557,324		(1,172,966)		(218)
Earned	721,786		530,688		(1,252,663)		(189)		669,544		313,079		(982,841)		(218)
Consolidated:
Written	$	3,012,582	$	459,127	$	(1,489,573)	$	1,982,136	$	2,839,412	$	839,394	$	(1,651,001)	$	2,027,805
Earned	$	2,928,239	$	935,374	$	(1,753,505)	$	2,110,108	$	2,796,788	$	737,699	$	(1,412,742)	$	2,121,745


	Nine Months Ended September 30,
	2024								2023
(dollars in thousands)	Direct		Assumed		Ceded		Net Premiums		Direct		Assumed		Ceded		Net Premiums
Underwriting:
Written	$	6,713,503	$	1,515,639	$	(1,735,668)	$	6,493,474	$	6,479,090	$	1,419,802	$	(1,444,626)	$	6,454,266
Earned	$	6,554,464	$	1,212,116	$	(1,451,224)	$	6,315,356	$	6,124,444	$	1,247,743	$	(1,250,605)	$	6,121,582
Program services and other fronting:
Written	2,451,180		1,443,916		(3,895,618)		(522)		2,012,806		991,305		(3,005,101)		(990)
Earned	2,236,845		894,803		(3,132,170)		(522)		1,960,219		546,871		(2,508,080)		(990)
Consolidated:
Written	$	9,164,683	$	2,959,555	$	(5,631,286)	$	6,492,952	$	8,491,896	$	2,411,107	$	(4,449,727)	$	6,453,276
Earned	$	8,791,309	$	2,106,919	$	(4,583,394)	$	6,314,834	$	8,084,663	$	1,794,614	$	(3,758,685)	$	6,120,592

Substantially all of the premiums written and earned in the Company's program services and other fronting operations for the quarter and nine months ended September 30, 2024 and 2023 were ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 45% and 42% for the quarter and nine months ended September 30, 2024, respectively, and 40% and 38% for the quarter and nine months ended September 30, 2023, respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 44% and 33% for the quarter and nine months ended September 30, 2024, respectively, and 35% and 29% for the quarter and nine months ended September 30, 2023, respectively.

Substantially all of the incurred losses and loss adjustment expenses in the Company's program services and other fronting operations were ceded. These gross losses totaled $975.0 million and $2.2 billion for the quarter and nine months ended September 30, 2024, respectively, and $743.8 million and $1.8 billion for the quarter and nine months ended September 30, 2023, respectively.

The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations.


	Quarter Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2024		2023		2024		2023
Gross losses and loss adjustment expenses	$	1,710,637	$	1,684,389	$	4,982,304	$	4,552,926
Ceded losses and loss adjustment expenses	(419,194)		(278,945)		(1,170,585)		(786,876)
Net losses and loss adjustment expenses	$	1,291,443	$	1,405,444	$	3,811,719	$	3,766,050