Reinsurance (Tables)

12 Months Ended

Dec. 31, 2022

Reinsurance Disclosures [Abstract]

Schedule of Premiums Written and Earned Along with Losses and Settlement Expenses Incurred

Premiums written and earned along with losses and settlement expenses incurred for the years ended December 31 are summarized as follows:

(in thousands)	2022		2021		2020
WRITTEN
Direct	$	1,531,656	$	1,313,093	$	1,107,303
Reinsurance assumed		33,830		34,261		29,129
Reinsurance ceded		(323,950)		(289,821)		(244,344)
Net	$	1,241,536	$	1,057,533	$	892,088
EARNED
Direct	$	1,425,165	$	1,222,346	$	1,062,608
Reinsurance assumed		35,680		30,950		27,651
Reinsurance ceded		(316,409)		(272,393)		(224,512)
Net	$	1,144,436	$	980,903	$	865,747
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	776,448	$	703,903	$	608,638
Reinsurance assumed		22,813		18,087		18,783
Reinsurance ceded		(284,885)		(265,388)		(184,537)
Net	$	514,376	$	456,602	$	442,884

Schedule of Net Reinsurance Balances Recoverable, After Consideration of Collateral, from Top Reinsurers

The following table displays net reinsurance balances recoverable, after consideration of collateral, from our top reinsurers as of December 31, 2022. These reinsurers all have financial strength ratings of A or better by AM Best and S&P’s ratings services. Also shown are the amounts of written premium ceded to these reinsurers during the calendar year 2022.

			Net Reinsurer				Ceded
	AM Best	S&P	Exposure as of		Percent of		Premiums		Percent of
(dollars in thousands)	Rating	Rating	12/31/2022		Total		Written		Total
Munich Re / HSB	A+, Superior	AA-, Very Strong	$	110,142	13.6	%	$	35,040	10.8	%
Renaissance Re	A+, Superior	A+, Strong		82,929	10.3	%		22,865	7.1	%
Nationwide Mutual	A+, Superior	A+, Strong		45,492	5.6	%		21,493	6.6	%
Aspen UK Ltd.	A, Excellent	A-, Strong		43,632	5.4	%		11,021	3.4	%
Safety National	A++, Superior	A+, Strong		42,218	5.2	%		14,971	4.6	%
Endurance Re	A+, Superior	A+, Strong		40,979	5.1	%		5,570	1.7	%
Berkley Insurance Co.	A+, Superior	A+, Strong		36,105	4.5	%		8,931	2.8	%
Lloyds of London	A, Excellent	A+, Strong		34,737	4.3	%		26,677	8.2	%
Partner Re	A+, Superior	A+, Strong		34,322	4.3	%		15,363	4.7	%
Hannover Ruckversicherung	A+, Superior	AA-, Very Strong		33,507	4.2	%		16,746	5.2	%
Scor Re	A+, Superior	A+, Strong		32,153	4.0	%		6,048	1.9	%
Toa Re	A, Excellent	A+, Strong		27,278	3.4	%		13,092	4.0	%
Liberty Mutual	A, Excellent	A, Strong		24,665	3.1	%		6,140	1.9	%
Odyssey America Re	A, Excellent	A, Strong		23,945	3.0	%		9,049	2.8	%
All other reinsurers*				194,683	24.0	%		110,944	34.3	%
Total ceded exposure			$	806,787	100.0	%	$	323,950	100.0	%

* All other reinsurance balances recoverable, when considered by individual reinsurer, are less than 2 percent of shareholders’ equity.