Third-Party Reinsurance (Tables)

6 Months Ended

Jun. 30, 2022

The following table summarizes the effects of reinsurance on written and earned premiums and on losses and LAE for Ark for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
Millions	2022		2021		2022		2021
Written premiums:
Gross	$	403.9	$	328.1	$	1,037.0	$	732.6


Ceded	(133.7)		(65.9)		(223.0)		(128.0)
Net written premiums	$	270.2	$	262.2	$	814.0	$	604.6
Earned premiums:
Gross	$	266.4	$	174.9	$	511.7	$	337.5


Ceded	(49.1)		(57.1)		(100.0)		(115.1)
Net earned premiums	$	217.3	$	117.8	$	411.7	$	222.4
Losses and loss adjustment expenses:
Gross	$	138.4	$	63.6	$	321.5	$	179.2


Ceded	(17.9)		(11.0)		(79.0)		(60.6)
Net losses and loss adjustment expenses	$	120.5	$	52.6	$	242.5	$	118.6

The following table provides a listing of Ark’s remaining gross and net reinsurance recoverables, excluding amounts attributable to TPC Providers, by the reinsurer’s A.M. Best Company, Inc (“A.M. Best”) rating and the percentage of total recoverables as of June 30, 2022:


$ in Millions	As of June 30, 2022
A.M. Best Rating(1)	Gross		Collateral		Net		% of Total
A+ or better	$	126.8	$	.7	$	126.1	60.2	%
A- to A	51.9		$	—	51.9		24.7
B++ or lower and not rated	37.6		5.9		31.7		15.1
Total	$	216.3	$	6.6	$	209.7	100.0	%

(1) A.M. Best ratings as detailed above are: “A+ or better” (Superior) “A- to A” (Excellent), “B++” (Good).