Deferred Policy Acquisition Costs

3 Months Ended

Mar. 31, 2022

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

Deferred Policy Acquisition Costs

The following table presents the amounts of policy acquisition costs deferred and amortized for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
	(in thousands)
Balance, beginning of period	$	41,968	$	31,912
Policy acquisition costs deferred:
Direct commissions	35,860		24,650
Ceding commissions	(8,545)		(6,204)
Other underwriting and policy acquisition costs	1,988		1,368
Policy acquisition costs deferred	29,303		19,814
Amortization of net policy acquisition costs	(23,788)		(16,985)
Balance, end of period	$	47,483	$	34,741

Amortization of net policy acquisition costs is included in the line item "Underwriting, acquisition and insurance expenses" in the accompanying consolidated statements of income and comprehensive income.