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Financial Guarantee Insurance Contracts (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Line Items]  
Effect of Reinsurance on Premiums Written and Earned
The effect of reinsurance on premiums written and earned was as follows:
Year Ended
December 31,		DirectAssumed
Ceded
Net
Premiums
2024:
Written$334,311 $48,459 $294,088 $88,682 
Earned298,121 57,081 256,197 99,005 
2023:
Written$233,702 $39,585 $193,462 $79,825 
Earned185,470 18,354 151,913 51,911 
2022:
Written$146,379 $— $117,826 $28,553 
Earned70,577 — 56,708 13,869 
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]
Premium Receivables, including Credit Impairments
Premium receivables at December 31, 2024 and 2023 were $57,222 and $45,893, respectively. Management evaluates premium receivables for expected credit losses ("credit impairment") in accordance with the CECL standard, which is further described in Note 2. Basis of Presentation and Significant Accounting Policies.
Summary of Loss Reserve Roll-Forward, Net of Subrogation Recoverable and Reinsurance
Below is the loss and loss reserve expense roll-forward, recoverable and reinsurance, for the affected periods.
Year Ended December 31,202420232022
Beginning gross loss and loss adjustment expense reserves$197,089 $89,907 $32,169 
Reinsurance recoverable156,301 80,155 31,695 
Beginning balance of net loss and loss adjustment expense reserves40,788 9,752 474 
Losses and loss expenses incurred:
Current year67,937 36,569 9,049 
Prior years4,689 143 23 
Total (1)
72,626 36,712 9,072 
Loss and loss adjustment expenses (recovered) paid:
Current year16,202 3,798 (206)
Prior years18,231 1,878 — 
Total34,433 5,676 (206)
Ending net loss and loss adjustment expense reserves78,981 40,788 9,752 
Reinsurance recoverable (2)
270,081 156,301 80,155 
Ending gross loss and loss adjustment expense reserves$349,062 $197,089 $89,907 
(1)Total losses and loss expenses (benefit) is net of $(191,151), $(113,622) and $(52,960) for the years ended December 31, 2024, 2023 and 2022, respectively, related to ceded reinsurance.
(2)Represents reinsurance recoverable on future loss and loss adjustment expenses. Additionally, the Balance Sheet line "Reinsurance recoverable on paid and unpaid losses" includes reinsurance recoverables of $36,210, $8,765 and $1,397 as of December 31, 2024, 2023 and 2022, respectively, related to previously paid loss and loss adjustment expenses.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Intangible asset and accumulated amortization are included in the Consolidated Balance Sheets, as shown below.
CostAccumulated AmortizationNet Carrying Amount
December 31, 2024
Finite-lived Intangible Assets:
Customer relationships$348,350 $24,630 $323,720 
Non-compete agreements1,350 1,080 270 
Trade names10,767 1,195 9,572 
Total finite-lived intangible assets360,467 26,905 333,562 
Indefinite-lived Intangible Assets:
Insurance licenses11,213 — 11,213 
Total intangible assets$371,680 $26,905 $344,775 
December 31, 2023
Finite-lived Intangible Assets:
Customer relationships$52,878 $8,293 $44,585 
Non-compete agreements1,350 810 540 
Trade names2,755 602 2,153 
Total finite-lived intangible assets56,983 9,705 47,278 
Indefinite-lived Intangible Assets:
Insurance licenses$14,125 $— $14,125 
Total intangible assets$71,108 $9,705 $61,403 
Premium Receivable, Allowance for Credit Loss
Below is a rollforward of the premium receivable allowance for credit losses as of December 31, 2024 and 2023:
Year Ended December 31,202420232022
Beginning balance$69 $— $— 
Current period provision (benefit)73 69 — 
Write-offs of the allowance— — — 
Recoveries of previously written-off amounts— — — 
Ending balance$142 $69 $— 
Reinsurance Recoverable, Credit Quality Indicator The following table sets forth our five most significant reinsurers by amount of reinsurance recoverable as of December 31, 2024.
Reinsurers
Type of Insurance
Rating
 (1)
Reinsurance
Recoverable
(2)
Unsecured
Recoverable
(3)
General Reinsurance CompanySpecialty P&CA++$135,706 $117,537 
QBE Insurance CorporationSpecialty P&CA31,502 31,502 
Munich Reinsurance CompanySpecialty P&CA+20,052 16,653 
The Cincinnati Insurance CompanySpecialty P&CA+15,663 14,933 
Everest Reinsurance CompanySpecialty P&CA+8,641 7,356 
All other
reinsurers
94,726 44,329 
Total recoverables
$306,290 $232,310 
(1)Represents financial strength ratings from AM Best.
(2)Represents reinsurance recoverables on paid and unpaid losses. Unsecured amounts from QBE Insurance Corporation is also supported by an unlimited, uncapped indemnity from Enstar Holdings (US).
(3)Reinsurance recoverables reduced by ceded premiums payables due to reinsurers, letters of credit, and collateral posted for the benefit of Everspan.
Short-Duration Insurance Contracts, Schedule of Historical Claims Duration
The claim development tables that follow present, by accident year, incurred and cumulative paid claims and allocated claim adjustment expense on a historical basis. This claim development information is presented on an undiscounted, net of reinsurance basis since 2021, Everspan's entry into the Specialty P&C business. The claim development tables also provide the historical average annual percentage payout of incurred claims by age, net of reinsurance, as supplementary information (identified as unaudited in the tables below). The historical average annual percentage payout for incurred claims is subject to variability due to the impact of both large claim activity and subrogation recoveries, among other items.
Commercial Auto
Incurred Claims and Allocated LAE, Net of Reinsurance
Accident YearYear ended December 31,IBNR Reserves at December 31, 2024Cumulative Number of Reported Claims
2021202220232024
Unaudited
2021$432 $468 $978 $962 $150 80
20228,225 7,866 9,099 1,959 1,155
202319,459 23,313 6,496 3,197
2024$15,193 7,583 2,768 
Total$48,567 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Accident YearYear ended December 31,Liability for Loss and Loss Adjustment Expenses, Net of Reinsurance
20212022202320242021 -Before
Unaudited20242021
2021$7 $44 $151 $681 
2022555 2,325 4,700 
20233,914 10,989 
20243,477 
Total19,847 28,720 — 
Total net liability28,720 
Average Annual Percentage Payout of Incurred Claims by Age,
Net of Reinsurance
Unaudited
Years1234
11.6 %17.9 %18.6 %55.1 %
Excess and General Liability
Incurred Claims and Allocated LAE, Net of Reinsurance
Accident YearYear ended December 31,IBNR Reserves at December 31, 2024Cumulative Number of Reported Claims
2021202220232024
Unaudited
2021$3 $3 $10 $12 $2 1 
2022372 350 589 227 6 
20233,597 2,901 2,434 69 
2024$12,200 10,877 177 
Total$15,702 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Accident YearYear ended December 31,Liability for Loss and Loss Adjustment Expenses, Net of Reinsurance
20212022202320242021 -Before
Unaudited20242021
2021$— $— $— $— 
2022— 1 368 
202330 316 
2024161 
Total845 14,857 — 
Total net liability14,857 
Average Annual Percentage Payout of Incurred Claims by Age,
Net of Reinsurance
Unaudited
Years1234
0.6 %3.7 %31.3 %— %
Workers Compensation
Incurred Claims and Allocated LAE, Net of Reinsurance
Accident YearYear ended December 31,IBNR Reserves at December 31, 2024Cumulative Number of Reported Claims
2021202220232024
Unaudited
2021$— $— $— $— $— 0
2022— — — — 0
20236,053 6,056 (331)2,308
2024$16,486 8,156 3,177 
Total$22,542 
Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Accident YearYear ended December 31,Liability for Loss and Loss Adjustment Expenses, Net of Reinsurance
20212022202320242021 -Before
Unaudited20242021
2021$— $— $— $— 
2022— — — 
2023807 3,938 
20244,139 
Total8,077 14,465 — 
Total net liability14,465 
Average Annual Percentage Payout of Incurred Claims by Age,
Net of Reinsurance
Unaudited
Years1234
19.2 %65.0 %— %— %
Other (1)
Incurred Claims and Allocated LAE, Net of Reinsurance
Accident YearYear Ended December 31,IBNR Reserves at December 31, 2024Cumulative Number of Reported Claims
2021202220232024
Unaudited
2021$— $— $— $— $— — 
20221 1 1 1 740 
20236,142 6,062 539 17,633 
202423,341 3,469 52,385 
Total$29,404 
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident YearYear Ended December 31,Liability for Loss and Loss Adjustment Expenses, Net of Reinsurance
20212022202320242021 -Before
Unaudited20242021
2021$— $— $— $— 
2022— — — 
2023966 4,337 
202410,706 
Total15,043 14,361 — 
Total net liability14,361 
Average Annual Percentage Payout of Incurred Claims by Age,
Net of Reinsurance
Unaudited
Years1234
20.6 %35.8 %— %— %
(1) Other includes non-standard personal auto, professional liability, business owners products, travel and surety