Reinsurance (Tables)

6 Months Ended

Jun. 30, 2023

Reinsurance Disclosures [Abstract]

Effects of Reinsurance

The following table summarizes the effect of reinsurance on premiums written and earned for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Premiums written:
Direct	$	438,222	$	277,001	$	795,810	$	522,514
Ceded	(73,181)		(34,658)		(131,739)		(63,673)
Net written	$	365,041	$	242,343	$	664,071	$	458,841
Premiums earned:
Direct	$	326,697	$	222,136	$	620,233	$	427,764
Ceded	(69,651)		(31,978)		(126,029)		(59,044)
Net earned	$	257,046	$	190,158	$	494,204	$	368,720

Effects of Reinsurance on Losses

The following table summarizes ceded losses and loss adjustment expenses for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Ceded incurred losses and loss adjustment expenses	$	25,981	$	13,380	$	61,990	$	23,016

Reinsurance Recoverables

The following table presents reinsurance recoverables on paid and unpaid losses as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022
	(in thousands)
Reinsurance recoverables on paid losses	$	21,495	$	43,415
Reinsurance recoverables on unpaid losses, net	208,408		177,039
Reinsurance recoverables, net	$	229,903	$	220,454