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Reinsurance
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance Premiums and Reinsurance Related Information
The Company reinsures a portion of its insurance exposures in order to reduce its net liability on individual risks and catastrophe losses. Reinsurance coverage and retentions vary depending on the line of business, location of the risk and nature of loss. The Company’s reinsurance purchases include the following: property reinsurance treaties that reduce exposure to large individual property losses and catastrophe events; casualty reinsurance treaties that reduce its exposure to large individual casualty losses, workers’ compensation catastrophe losses and casualty losses involving multiple claimants or insureds; and facultative reinsurance that reduces exposure on individual policies or risks for losses that exceed treaty reinsurance capacity. Depending on the business, the Company purchases specific additional reinsurance to supplement the above programs.
The following is a summary of reinsurance financial information:
(In thousands)202420232022
Written premiums:   
Direct$12,904,893 $11,676,743 $10,695,138 
Assumed1,306,198 1,295,263 1,213,914 
Ceded(2,238,995)(2,017,539)(1,904,982)
Total net written premiums$11,972,096 $10,954,467 $10,004,070 
Earned premiums:  
Direct$12,346,924 $11,112,980 $10,217,891 
Assumed1,364,774 1,246,288 1,226,801 
Ceded(2,163,213)(1,958,581)(1,883,263)
Total net earned premiums$11,548,485 $10,400,687 $9,561,429 
Ceded losses and loss expenses incurred$1,368,279 $1,376,144 $1,269,338 
Ceded commission earned$505,753 $471,841 $477,437 

The following table presents the rollforward of the allowance for expected credit losses for premiums and fees receivable for the years ended December 31, 2024 and 2023:
(In thousands)20242023
Allowance for expected credit losses, beginning of period$35,110 $30,660 
Change in allowance for expected credit losses4,774 4,450 
Allowance for expected credit losses, end of period$39,884 $35,110 
The following table presents the rollforward of the allowance for expected credit losses associated with due from reinsurers for the years ended December 31, 2024 and 2023:
(In thousands)20242023
Allowance for expected credit losses, beginning of period$8,404 $8,064 
Change in allowance for expected credit losses(54)340 
Allowance for expected credit losses, end of period$8,350 $8,404 
The following table presents the amounts due from reinsurers as of December 31, 2024:
(In thousands)
Lifson Re$416,509 
Lloyd’s of London356,338 
Partner Re 314,891 
Munich Re287,864 
Berkshire Hathaway274,182 
Hannover Re Group222,719 
Renaissance Re215,300 
Swiss Re 159,462 
Liberty Mutual120,381 
Everest Re93,223 
Axis Capital83,756 
Arch Capital Group67,357 
Sompo Holdings Group59,074 
Fairfax Financial58,585 
Nationwide Group52,111 
Korean Re51,233 
Axa Insurance 50,002 
TOA RE47,501 
Markel Corp Group42,982 
MS & AD Insurance Group34,680 
Helvetia Holdings Group29,490 
Chubb Group 26,708 
Other reinsurers less than $20,000380,775 
Subtotal3,445,123 
Residual market pools (1)120,922 
Allowance for expected credit losses(8,350)
Total$3,557,695 
(1)Many states require licensed insurers that provide workers' compensation insurance to participate in programs that provide workers' compensation to employers that cannot procure coverage from an insurer on a voluntary basis. Insurers can fulfill this residual market obligation by participating in pools where results are shared by the participating companies. The Company acts as a servicing carrier for workers' compensation pools in certain states. As a servicing carrier, the Company writes residual market business directly and then cedes 100% of this business to the respective pool. As a servicing carrier, the Company receives fee income for its services. The Company does not retain underwriting risk, and credit risk is limited as ceded balances are jointly shared by all the pool members.