10-K Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Deferred Policy Acquisition Costs

Deferred Policy Acquisition Costs

Acquisition costs deferred and amortized to net income for the years ended December 31, 2023 and 2022 are summarized as follows:

As of December 31,	2023		2022
	($ in thousands)
Deferred policy acquisition costs, beginning of year	$	13,672	$	7,909
Additions to deferred balance:
Broker commission	67,243		47,731
Ceding fee	7,546		5,191
Others	2,167		1,738
Ceding commission	(50,286)		(33,703)
Total net additions	26,670		20,957
Amortization of net policy acquisition costs	(20,935)		(15,194)
Deferred policy acquisition costs, end of year	$	19,407	$	13,672

Years Ended December 31,	2023		2022
	($ in thousands)
Net policy acquisition costs
Broker commission	$	51,580	$	34,721
Ceding fee	5,847		3,952
Others	1,938		1,475
Ceding commission	(38,430)		(24,954)
Amortization of net policy acquisition costs	$	20,935	$	15,194