v3.25.2
Deferred Policy Acquisition Costs
 6 Months Ended
Jun. 30, 2025
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Deferred Policy Acquisition Costs Deferred Policy Acquisition Costs
The following table presents the amounts of policy acquisition costs deferred and amortized for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
Balance, beginning of period$112,313 $94,489 $109,263 $88,395 
Policy acquisition costs deferred:
Direct commissions81,974 77,818 153,448 143,373 
Ceding commissions(31,249)(29,869)(64,123)(58,315)
Other underwriting and policy acquisition costs4,430 3,512 8,110 6,653 
Policy acquisition costs deferred55,155 51,461 97,435 91,711 
Amortization of net policy acquisition costs
(43,398)(36,592)(82,628)(70,748)
Balance, end of period$124,070 $109,358 $124,070 $109,358 
Amortization of net policy acquisition costs is included in the line item "underwriting, acquisition and insurance expenses" in the accompanying consolidated statements of income and comprehensive income.