Reinsurance (Tables)

12 Months Ended

Dec. 31, 2022

Reinsurance Disclosures [Abstract]

Effects of reinsurance

The effects of reinsurance on the Company’s written and earned premiums and losses and loss adjustment expenses with unaffiliated reinsurers were as follows:

	Year Ended December 31,
	2022		2021		2020
Premiums Written
Direct	$	8,540,787	$	7,706,832	$	6,553,910
Assumed	6,785,660		5,045,655		3,534,158
Ceded	(4,249,258)		(3,734,150)		(2,650,352)
Net	$	11,077,189	$	9,018,337	$	7,437,716
Premiums Earned
Direct	$	8,057,635	$	7,149,794	$	6,361,451
Assumed	5,767,738		4,333,873		3,213,873
Ceded	(4,147,296)		(3,401,369)		(2,583,389)
Net	$	9,678,077	$	8,082,298	$	6,991,935
Losses and Loss Adjustment Expenses
Direct	$	3,990,768	$	4,266,758	$	4,392,392
Assumed	3,559,133		2,826,820		2,204,323
Ceded	(2,522,384)		(2,508,775)		(1,907,116)
Net	$	5,027,517	$	4,584,803	$	4,689,599

Coverage and retention

The following table summarizes the respective coverages and retentions at December 31, 2022:

			December 31, 2022
Bellemeade Entities (Issue Date)	Initial Coverage at Issuance		Current Coverage		Remaining Retention, Net
2017-1 Ltd. (1)	$	368,114	$	36,679	$	142,461
2018-1 Ltd. (2)	374,460		89,698		143,592
2018-3 Ltd. (3)	506,110		199,237		152,861
2019-1 Ltd. (4)	341,790		107,880		118,908
2019-2 Ltd. (5)	621,022		325,462		191,550
2019-3 Ltd. (6)	700,920		222,977		208,931
2019-4 Ltd. (7)	577,267		266,124		142,564
2020-2 Ltd. (8)	449,167		105,110		237,709
2020-3 Ltd. (9)	451,816		250,971		161,544
2020-4 Ltd. (10)	337,013		101,729		138,131
2021-1 Ltd. (11)	643,577		503,267		153,525
2021-2 Ltd. (12)	616,017		535,461		138,524
2021-3 Ltd. (13)	639,391		616,959		132,492
2022-1 Ltd. (14)	316,760		316,760		143,577
2022-2 Ltd. (15)	327,165		327,165		217,436
Total	$	7,270,589	$	4,005,479	$	2,423,805

(1)    Issued in October 2017, covering in-force policies issued between January 1, 2017 and June 30, 2017.

(2)    Issued in April 2018, covering in-force policies issued between July 1, 2017 and December 31, 2017.

(3)    Issued in October 2018, covering in-force policies issued between January 1, 2018 and June 30, 2018.

(4)    Issued in March 2019, covering in-force policies primarily issued between 2005 to 2008 under United Guaranty Residential Insurance Company (“UGRIC”); as well as policies issued through 2015 under both UGRIC and Arch Mortgage Insurance Company.

(5)    Issued in April 2019, covering in-force policies issued between July 1, 2018 and December 31, 2018.

(6)    Issued in July 2019, covering in-force policies issued in 2016.

(7)    Issued in October 2019, covering in-force policies issued between January 1, 2019 and June 30, 2019.

(8)    Issued in September 2020, covering in-force policies issued between January 1, 2020 and May 31, 2020. $423 million was directly funded by Bellemeade 2020-2 Ltd. with an additional $26 million of capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.

(9)    Issued in November 2020, covering in-force policies issued between June 1, 2020 and August 31, 2020. $418 million was directly funded by Bellemeade 2020-3 Ltd. with an additional $34 million of capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.

(10)    Issued in December 2020, covering in-force policies issued between July 1, 2019 and December 31, 2019. $321 million was directly funded by Bellemeade 2020-4 Ltd. with an additional $16 million of capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.

(11) Issued in March 2021, covering in-force policies issued between September 1, 2020 and November 30, 2020. $580 million was directly funded by Bellemeade Re 2021-1 Ltd. with an additional $64 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.

(12) Issued in June 2021, covering in-force policies issued between December 1, 2020 and March 31, 2021. $523 million was directly funded by Bellemeade Re 2021-2 Ltd. via insurance-linked notes, with an additional $93 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.

(13) Issued in September 2021, covering in-force policies issued between April 1, 2021 and June 30, 2021. $508 million was directly funded by Bellemeade Re 2021-3 Ltd. via insurance-linked notes, with an additional $131 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.

(14) Issued in January 2022, covering in-force policies issued between July 1, 2021 and November 30, 2021. $284 million was directly funded by Bellemeade Re 2022-1 Ltd. via insurance-linked notes, with an additional $33 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.

(15) Issued in September 2022, covering in-force policies issued between November 1, 2021 and June 30, 2022. $201 million was directly funded by Bellemeade Re 2022-2 Ltd. via insurance-linked notes, with an additional $126 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.