Reinsurance (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Reinsurance recoverable

Amounts recoverable from reinsurers are recognized in a manner consistent with the claims liabilities associated with the reinsurance placement and presented on the balance sheet as reinsurance recoverable. Such balance as of December 31, 2021 and 2020 are presented in the table below ($ in millions).

	December 31,
	2021		2020
Reinsurance recoverable on paid losses	$	17.1	$	12.7
Ceded unpaid loss and LAE	72.7		36.3
Total reinsurance recoverable	$	89.8	$	49.0

The Company has the following unsecured reinsurance recoverable balances from reinsurers at December 31, 2021 and 2020 with all but one having an A.M. Best rating of A (Excellent) or better ($ in millions):

AM Best Rating		December 31,
	Reinsurer	2021		2020
A+	Hannover Rueck SE	$	60.2	$	22.2
A	MAPFRE Re, Compania De Reaseguros S.A.	14.4		6.8
A+	Swiss Reinsurance America Corporation	12.4		5.8
NR	Lloyd’s Underwriter Syndicate no. 1084 CSL	4.4		3.0
A+	Arch Reinsurance Limited	2.4		2.7
A	Lloyd's Underwriter Syndicate no. 0033 HIS	0.8		1.6
NR	Lloyd's Underwriter Syndicate no. 2001 AML	0.7		1.2
A+	Munich Reinsurance America Inc	0.6		1.6
A	Lloyd's Underwriter Syndicate no. 2357 NCL	0.6		1.6
A	Hiscox Insurance Company (Bermuda) Ltd	0.5		1.2
A++	Tokio Marine & Nichido Fire Insurance Company Limited	—		3.9
		$	97.0	$	51.6
	Other reinsurers	3.3		5.1
		$	100.3	$	56.7

Impact of reinsurance

The impact of reinsurance treaties on the Company's consolidated financial statements is as follows ($ in millions):

	December 31,
	2021		2020		2019
Premium written:
Direct	$	375.7	$	214.4	$	115.8
Ceded	(273.4)		(171.7)		(11.2)
Net premium written	$	102.3	$	42.7	$	104.6
Premium earned:
Direct	$	292.0	$	158.7	$	75.5
Ceded	(215.0)		(81.4)		(11.7)
Net premium earned	$	77.0	$	77.3	$	63.8
Loss and LAE incurred:
Direct	$	264.1	$	113.4	$	59.7
Ceded	(192.2)		(58.7)		(13.9)
Net loss and LAE incurred	$	71.9	$	54.7	$	45.8