GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUM WRITTEN

12 Months Ended

Dec. 31, 2022

Insurance [Abstract]

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN

REINSURANCE

The following table reflects amounts affecting the consolidated balance sheets and statements of operations and comprehensive loss for reinsurance as of and for the years ended December 31:

	2022		2021		2020
	(dollars in millions)
Loss and LAE reserves:
Direct	$	269.3	$	313.2	$	237.2
Assumed	18.1		7.0		—
Ceded	(76.4)		(79.5)		(79.6)
Net loss and LAE reserves	$	211.0	$	240.7	$	157.6
Unearned premiums:
Direct	$	125.8	$	170.6	$	157.1
Assumed	10.7		9.5		—
Ceded	(74.2)		(100.8)		(112.8)
Net unearned premiums	$	62.3	$	79.3	$	44.3
Premiums written:
Direct	$	556.8	$	725.9	$	616.8
Assumed	43.2		16.7		—
Ceded	(331.2)		(397.3)		(378.0)
Net premiums written	$	268.8	$	345.3	$	238.8
Premiums earned:
Direct	$	601.6	$	712.3	$	605.2
Assumed	42.0		7.3		—
Ceded	(357.7)		(409.3)		(282.7)
Net premiums earned	$	285.9	$	310.3	$	322.5
Losses and LAE incurred:
Direct	$	549.8	$	683.9	$	557.6
Assumed	44.9		10.9		—
Ceded	(243.7)		(302.5)		(194.8)
Net losses and LAE incurred	$	351.0	$	392.3	$	362.8

If our reinsurance was cancelled at December 31, 2022 and 2021, the maximum amount of return ceded commissions due with the return of unearned premiums would have been $19.0 million and $26.5 million, respectively. Our reinsurance recoverable on unpaid losses gross of the provision for loss corridor, loss ratio caps and allowance for credit losses was $143.3 million and $160.7 million as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, a provision for loss corridor of $66.2 million and $80.4 million, respectively, was recorded as a contra-asset in reinsurance recoverable on the consolidated balance sheets.

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTENGross premiums written by state is as follows for the years ended December 31, 2022, 2021 and 2020:

	For the Years Ended December 31,
	2022				2021				2020
	Amount		% of Total		Amount		% of Total		Amount		% of Total
State	(dollars in millions)
Texas	$	109.3	18.2	%	$	152.3	20.5	%	$	132.5	21.5	%
Georgia	62.3		10.4		79.2		10.7		72.4		11.7
Colorado	40.6		6.8		33.5		4.5		20.2		3.3
Pennsylvania	34.9		5.8		39.8		5.4		30.2		4.9
Louisiana	33.1		5.5		42.2		5.7		28.0		4.5
Utah	30.9		5.2		33.8		4.6		26.0		4.2
Nevada	28.4		4.7		33.6		4.5		19.1		3.1
South Carolina	20.1		3.4		26.3		3.5		9.6		1.6
Oklahoma	19.8		3.3		22.5		3.0		18.6		3.0
Indiana	17.8		3.0		21.7		2.9		18.1		2.9
All others states	202.8		33.7		257.7		34.7		242.1		39.3
Total	$	600.0	100.0	%	$	742.6	100.0	%	$	616.8	100.0	%