| Reinsurance |
Reinsurance The following table summarizes the effect of reinsurance on premiums written and earned for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | (in thousands) | | Premiums written: | | | | | | | | | | Direct | | $ | 555,522 | | | $ | 529,770 | | | $ | 1,039,797 | | | $ | 978,414 | | | | | | | | | | | | Ceded | | (96,822) | | | (99,534) | | | (199,392) | | | (197,124) | | | Net written | | $ | 458,700 | | | $ | 430,236 | | | $ | 840,405 | | | $ | 781,290 | | | | | | | | | | | | Premiums earned: | | | | | | | | | | Direct | | $ | 480,088 | | | $ | 430,535 | | | $ | 947,110 | | | $ | 833,127 | | | | | | | | | | | | Ceded | | (96,475) | | | (98,074) | | | (197,707) | | | (191,148) | | | Net earned | | $ | 383,613 | | | $ | 332,461 | | | $ | 749,403 | | | $ | 641,979 | |
The following table summarizes ceded losses and loss adjustment expenses for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | | (in thousands) | | Ceded incurred losses and loss adjustment expenses | | $ | 39,232 | | | $ | 40,944 | | | $ | 88,159 | | | $ | 70,205 | |
The following table presents reinsurance recoverables on paid and unpaid losses as of June 30, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | (in thousands) | | Reinsurance recoverables on paid losses | | $ | 5,321 | | | $ | 14,831 | | | Reinsurance recoverables on unpaid losses, net | | 381,958 | | | 323,060 | | | Reinsurance recoverables, net | | $ | 387,279 | | | $ | 337,891 | |
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