Reinsurance (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Premiums Written
Direct	$	10,056	$	9,652	$	8,542
Assumed	11,455		8,751		6,785
Ceded	(5,779)		(4,935)		(4,249)
Net	$	15,732	$	13,468	$	11,078

Premiums Earned
Direct	$	9,721	$	9,131	$	8,058
Assumed	10,880		7,890		5,768
Ceded	(5,501)		(4,581)		(4,147)
Net	$	15,100	$	12,440	$	9,679

Losses and Loss Adjustment Expenses
Direct	$	5,676	$	4,739	$	3,991
Assumed	6,137		3,975		3,558
Ceded	(3,471)		(2,468)		(2,521)
Net	$	8,342	$	6,246	$	5,028

Coverage and retention

The following table summarizes the respective coverages and retentions at December 31, 2024:


Bellemeade Entities (Issue Date)	Initial Coverage at Issuance		Current Coverage		Remaining Retention, Net
2021-3 Ltd. (1)	$	639	$	461	$	132
2022-1 Ltd. (2)	317		218		140
2022-2 Ltd. (3)	327		293		199
2023-1 Ltd. (4)	233		233		175
2024-1 Ltd. (5)	204		204		172
Total	$	1,720	$	1,409	$	818

(1) 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.

(2) 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.

(3) 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.

(4) Issued in October 2023, covering in-force policies issued between January 1, 2023 and September 30, 2023. $186 million was directly funded by Bellemeade Re 2023-1 Ltd. via insurance-linked notes, with an additional $47 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.

(5) Issued in August 2024, covering in-force policies issued between September 1, 2023 and July 31, 2024. $163 million was directly funded by Bellemeade Re 2024-1 Ltd. via insurance-linked notes, with an additional $41 million capacity provided directly to Arch MI U.S. by a separate panel of reinsurers.