
	Three Months Ended March 31,
	2025								2024
(dollars in thousands)	Direct		Assumed		Ceded		Net Premiums		Direct		Assumed		Ceded		Net Premiums
Underwriting:
Written	$	2,135,972	$	729,042	$	(554,725)	$	2,310,289	$	2,107,467	$	668,699	$	(543,956)	$	2,232,210
Earned	$	2,195,483	$	438,045	$	(544,156)	$	2,089,372	$	2,198,238	$	392,942	$	(463,380)	$	2,127,800
Fronting:
Written	773,685		579,531		(1,353,214)		2		744,958		419,275		(1,164,406)		(173)
Earned	739,245		244,306		(983,549)		2		703,682		123,271		(827,126)		(173)
Consolidated:
Written	$	2,909,657	$	1,308,573	$	(1,907,939)	$	2,310,291	$	2,852,425	$	1,087,974	$	(1,708,362)	$	2,232,037
Earned	$	2,934,728	$	682,351	$	(1,527,705)	$	2,089,374	$	2,901,920	$	516,213	$	(1,290,506)	$	2,127,627

Substantially all of the premiums written and earned in the Company's program services and insurance-linked securities fronting operations for the three months ended March 31, 2025 and 2024 were ceded. The percentage of consolidated ceded earned premiums to gross earned premiums was 42% and 38% for the three months ended March 31, 2025 and 2024, respectively. The percentage of consolidated assumed earned premiums to net earned premiums was 33% and 24% for the three months ended March 31, 2025 and 2024, respectively.

Substantially all of the incurred losses and loss adjustment expenses in the Company's program services and insurance-linked securities fronting operations were ceded. These gross losses totaled $957.5 million and $603.7 million for the three months ended March 31, 2025 and 2024, respectively.

The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations.


	Three Months Ended March 31,
(dollars in thousands)		2025		2024
Gross losses and loss adjustment expenses		$	1,673,509	$	1,693,847
Ceded losses and loss adjustment expenses		(418,927)		(406,167)
Net losses and loss adjustment expenses		$	1,254,582	$	1,287,680