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REINSURANCE
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
REINSURANCE REINSURANCE
The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive income (loss) for reinsurance for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(dollars in millions)
Premiums written:
Direct$270.9 $192.7 $793.9 $444.6 
Assumed60.8 31.5 176.7 59.3 
Ceded(27.1)(22.3)(118.4)(159.4)
Net premiums written$304.6 $201.9 $852.2 $344.5 
Premiums earned:
Direct$258.6 $141.6 $739.7 $381.9 
Assumed58.4 18.2 160.3 39.5 
Ceded(37.7)(59.8)(128.8)(197.5)
Net premiums earned$279.3 $100.0 $771.2 $223.9 
Losses and LAE incurred:
Direct$168.2 $106.8 $504.0 $297.1 
Assumed39.1 13.4 115.7 29.8 
Ceded(22.8)(34.4)(78.5)(118.3)
Net losses and LAE incurred$184.5 $85.8 $541.2 $208.6 
In the event that all or any of the reinsuring companies might be unable to meet their obligations under existing reinsurance agreements, we would be liable to the policyholder for such defaulted amounts.
GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN
Gross premiums written by state is as follows for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Amount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
(dollars in millions)
State:
Texas$63.6 19.2 %$36.8 16.4 %$186.9 19.3 %$80.1 15.9 %
Georgia38.611.6 26.311.7 119.112.3 56.011.1 
Florida27.68.3 2.91.3 71.67.4 6.71.3 
Colorado19.35.8 15.36.8 54.85.6 37.87.5 
Pennsylvania19.15.8 12.15.4 54.45.6 29.05.8 
South Carolina14.54.4 11.85.3 46.14.7 28.65.7 
Arizona12.13.6 11.04.9 38.74.0 21.74.3 
California15.74.7 2.10.9 29.83.1 5.41.1 
Ohio9.02.7 8.43.7 29.13.0 16.93.4 
Maryland8.42.5 6.73.0 26.32.7 13.02.6 
All others states103.831.4 90.840.6 313.832.3 208.741.3 
Total $331.7 100.0 %$224.2 100.0 %$970.6 100.0 %$503.9 100.0 %