Reinsurance (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023 are presented in the table below ($ in millions).


	December 31,
	2024		2023
Reinsurance recoverable on paid losses	$	20.9	$	18.2
Ceded unpaid loss and LAE	149.5		120.2
Total reinsurance recoverable	$	170.4	$	138.4

The Company has the following unsecured reinsurance recoverable balances from reinsurers at December 31, 2024 and 2023 with a majority of the reinsurers having A.M. Best rating of A (Excellent) or better ($ in millions):


AM Best Rating		December 31,
	Reinsurer	2024		2023
A+	Hannover Rueck SE	$	104.0	$	126.6
A	MAPFRE Re, Compania De Reaseguros S.A.	34.0		27.2
A+	Swiss Reinsurance America Corporation	26.3		20.1
NR	Lloyd's Underwriter Syndicate no. 2791 MAP	2.7		1.7
A+	Aviva Insurance Limited	2.1		0.9
A++	Tokio Marine & Nichido Fire Insurance Company Limited	1.9		0.1
NR	Lloyd's Underwriter Syndicate no. 1084 CSL	1.1		1.6
A++	The Travellers Indemnity Company	0.4		0.4
A+	Odyssey Reinsurance Company	0.2		0.1
A+	Lloyd's Underwriter Syndicate No. 2001 AML	0.2		0.4



		$	172.9	$	179.1
	Other reinsurers	0.4		1.3
		$	173.3	$	180.4

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,
	2024		2023		2022
Premium written:
Direct	$	916.4	$	730.9	$	555.6
Assumed	12.6		7.5		0.1
Ceded	(513.9)		(389.1)		(333.1)
Net premium written	$	415.1	$	349.3	$	222.6

Premium earned:
Direct	$	815.9	$	667.2	$	490.5
Assumed	11.4		5.1		—
Ceded	(456.7)		(357.1)		(318.1)
Net premium earned	$	370.6	$	315.2	$	172.4

Loss and LAE incurred:
Direct	$	593.3	$	563.4	$	441.0
Assumed	11.7		6.0		—
Ceded	(328.0)		(289.0)		(273.7)
Net loss and LAE incurred	$	277.0	$	280.4	$	167.3