Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 are presented in the table below ($ in millions).


	December 31,
	2023		2022
Reinsurance recoverable on paid losses	$	18.2	$	32.2
Ceded unpaid loss and LAE	120.2		124.6
Total reinsurance recoverable	$	138.4	$	156.8

The Company has the following unsecured reinsurance recoverable balances from reinsurers at December 31, 2023 and 2022 with a majority of the reinsurers having A.M. Best rating of A (Excellent) or better ($ in millions):


AM Best Rating		December 31,
	Reinsurer	2023		2022
A+	Hannover Rueck SE	$	126.6	$	100.1
A	MAPFRE Re, Compania De Reaseguros S.A.	27.2		23.8
A+	Swiss Reinsurance America Corporation	20.1		27.6
NR	Lloyd's Underwriter Syndicate no. 2791 MAP	1.7		1.0
NR	Lloyd's Underwriter Syndicate No. 1084 CSL	1.6		4.3
A+	Aviva Insurance Limited	0.9		—
NR	Lloyd's Underwriter Syndicate no. 2001 AML	0.4		0.5
A++	The Travellers Indemnity Company	0.4		—
A+	Munich Reinsurance America Inc	0.2		0.4
NR	Lloyd's Underwriter Syndicate No. 2987 BRT	0.2		—



		$	179.3	$	157.7
	Other reinsurers	1.1		1.9
		$	180.4	$	159.6

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,
	2023		2022		2021
Premium written:
Direct	$	730.9	$	555.6	$	375.7
Assumed	7.5		0.1		—
Ceded	(389.1)		(333.1)		(273.4)
Net premium written	$	349.3	$	222.6	$	102.3

Premium earned:
Direct	$	667.2	$	490.5	$	292.0
Assumed	5.1		—		—
Ceded	(357.1)		(318.1)		(215.0)
Net premium earned	$	315.2	$	172.4	$	77.0

Loss and LAE incurred:
Direct	$	563.4	$	441.0	$	264.1
Assumed	6.0		—		—
Ceded	(289.0)		(273.7)		(192.2)
Net loss and LAE incurred	$	280.4	$	167.3	$	71.9