Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
WRITTEN
Direct	$	1,783,862	$	1,531,656	$	1,313,093
Reinsurance assumed		22,798		33,830		34,261
Reinsurance ceded		(378,913)		(323,950)		(289,821)
Net	$	1,427,747	$	1,241,536	$	1,057,533
EARNED
Direct	$	1,671,044	$	1,425,165	$	1,222,346
Reinsurance assumed		28,375		35,680		30,950
Reinsurance ceded		(405,113)		(316,409)		(272,393)
Net	$	1,294,306	$	1,144,436	$	980,903
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	840,255	$	776,448	$	703,903
Reinsurance assumed		10,228		22,813		18,087
Reinsurance ceded		(246,070)		(284,885)		(265,388)
Net	$	604,413	$	514,376	$	456,602

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, 2023. 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 2023.

			Net Reinsurer				Ceded
	AM Best	S&P	Exposure as of		Percent of		Premiums		Percent of
(dollars in thousands)	Rating	Rating	12/31/2023		Total		Written		Total
Munich Re / HSB	A+, Superior	AA-, Very Strong	$	105,823	13.1	%	$	35,989	9.5	%
Renaissance Re	A+, Superior	A+, Strong		77,488	9.6	%		21,868	5.8	%
Nationwide Mutual	A, Excellent	A+, Strong		50,172	6.2	%		20,412	5.4	%
Partner Re	A+, Superior	A+, Strong		43,389	5.4	%		27,746	7.3	%
Safety National	A++, Superior	A+, Strong		38,897	4.8	%		6,734	1.8	%
Lloyds of London	A, Excellent	AA-, Very Strong		33,622	4.2	%		37,927	10.0	%
Berkley Insurance Co.	A+, Superior	A+, Strong		33,575	4.2	%		7,610	2.0	%
Aspen UK Ltd.	A, Excellent	A-, Strong		33,327	4.1	%		350	0.1	%
Endurance Re	A+, Superior	A+, Strong		33,220	4.1	%		4,142	1.1	%
Hannover Ruckversicherung	A+, Superior	AA-, Very Strong		30,340	3.7	%		17,856	4.7	%
Toa Re	A, Excellent	A, Strong		29,585	3.7	%		11,232	3.0	%
All other reinsurers*				298,579	36.9	%		187,047	49.3	%
Total ceded exposure			$	808,017	100.0	%	$	378,913	100.0	%

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