Reinsurance (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 are presented in the table below ($ in millions).


	December 31,
	2022		2021
Reinsurance recoverable on paid losses	$	32.2	$	17.1
Ceded unpaid loss and LAE	124.6		72.7
Total reinsurance recoverable	$	156.8	$	89.8

The Company has the following unsecured reinsurance recoverable balances from reinsurers at December 31, 2022 and 2021 with all but one having an A.M. Best rating of A (Excellent) or better ($ in millions):


AM Best Rating		December 31,
	Reinsurer	2022		2021
A+	Hannover Rueck SE	$	100.1	$	60.2
A+	Swiss Reinsurance America Corporation	27.6		12.4
A	MAPFRE Re, Compania De Reaseguros S.A.	23.8		14.4
NR	Lloyd's Underwriter Syndicate No. 1084 CSL	4.3		4.4
NR	Lloyd's Underwriter Syndicate no. 2791 MAP	1.0		—
NR	Lloyd's Underwriter Syndicate no. 2001 AML	0.5		0.7
A	Lloyd's Underwriter Syndicate no. 0033 HIS	0.4		0.8
A+	Munich Reinsurance America Inc	0.4		0.6
A	Lloyd's Underwriter Syndicate no. 2357 NCL	0.4		0.6
A++	General Reinsurance Corporation	0.4		—



		$	158.9	$	94.1
	Other reinsurers	0.7		6.2
		$	159.6	$	100.3

Impact of reinsurance

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


	December 31,
	2022		2021		2020
Premium written:
Direct	$	555.6	$	375.7	$	214.4
Assumed	0.1		—		—
Ceded	(333.1)		(273.4)		(171.7)
Net premium written	$	222.6	$	102.3	$	42.7

Premium earned:
Direct	$	490.5	$	292.0	$	158.7
Assumed	—		—		—
Ceded	(318.1)		(215.0)		(81.4)
Net premium earned	$	172.4	$	77.0	$	77.3

Loss and LAE incurred:
Direct	$	441.0	$	264.1	$	113.4
Assumed	—		—		—
Ceded	(273.7)		(192.2)		(58.7)
Net loss and LAE incurred	$	167.3	$	71.9	$	54.7