v3.25.2
Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2025
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
Effects of Reinsurance
The following table sets forth the effects of reinsurance on premiums written and earned for the periods indicated:
Three months ended
June 30,		Six months ended
June 30,
(Amounts in thousands)
2025202420252024
Net premiums written:
Direct$262,925 $259,265 $526,006 $514,425 
Assumed8,131 3,460 15,436 5,031 
Ceded(32,082)(27,175)(64,843)(53,603)
Net premiums written$238,974 $235,550 $476,599 $465,853 
Net premiums earned:
Direct$269,240 $268,282 $539,482 $533,886 
Assumed8,131 3,460 15,436 5,031 
Ceded(32,082)(27,175)(64,843)(53,603)
Net premiums earned$245,289 $244,567 $490,075 $485,314 
Schedule of Retained Aggregate Loss and Reinsurance Coverage
The following table presents the issue date, policy dates, initial and current first layer retained aggregate loss and initial and current reinsurance coverage amount under each reinsurance transaction. Current amounts are presented as of June 30, 2025:
Mortgage insurance-linked notes
(Amounts in millions)Issue datePolicy datesInitial first layer retained lossCurrent first layer retained lossInitial reinsurance coverageCurrent reinsurance coverage
Triangle Re 2021-2 Ltd.4/16/20219/01/2020 - 12/31/2020$189$187$303$94
Triangle Re 2021-3 Ltd.9/02/20211/01/2021 - 6/30/2021$304$300$372$140
Triangle Re 2023-1 Ltd.11/15/20237/01/2022 - 6/30/2023$244$242$248$206
Total$440
Traditional excess-of-loss reinsurance
(Amounts in millions)Issue datePolicy datesInitial first layer retained lossCurrent first layer retained lossInitial reinsurance coverageCurrent reinsurance coverage
2021 XOL2/04/20211/01/2021 - 12/31/2021$671$661$206$72
2022-1 XOL1/27/20221/01/2022 - 12/31/2022$462$446$196$148
2022-2 XOL1/27/20221/01/2022 - 12/31/2022$385$369$25$25
2022-3 XOL3/24/20227/01/2021 - 12/31/2021$317$311$289$142
2022-4 XOL3/24/20227/01/2021 - 12/31/2021$264$258$36$36
2022-5 XOL 9/15/20221/01/2022 - 6/30/2022$256$247$201$140
2023-1 XOL3/08/20231/01/2023 - 12/31/2023$360$356$180$172
2024-1 XOL1/30/20241/01/2024 - 12/31/2024$362$362$270$270
2024-2 XOL6/25/20247/01/2023 - 12/31/2023$134$134$90$87
2025-1 XOL1/27/20251/01/2025 - 12/31/2025$161$161$75$75
2025-2 XOL1/27/20251/01/2025 - 12/31/2025$134$134$11$11
Total$1,178
On January 27, 2025, we entered into an excess-of-loss reinsurance transaction that covers a portion of expected new insurance written from January 1, 2026, through December 31, 2026, and provides reinsurance coverage of approximately $260 million.
Quota Share Reinsurance Ceding Percentage, Ceding Commission, And Profit Commission EMICO has rights to terminate the reinsurance agreements upon the occurrence of certain events. Reinsurance recoverables are recorded in Other assets on the consolidated balance sheets.
AgreementIssue datePolicy datesCeding percentageCeding commissionProfit commission
QS 2023-16/30/20231/01/2023 - 12/31/202316.125%20%
up to 55%
QS 2024-11/03/20241/01/2024 - 12/31/202421.225%20%
up to 55%
QS 2025-111/26/20241/01/2025 - 12/31/202527.150%20%
up to 62%
QS 2026-111/26/20241/01/2026 - 12/31/202627.000%20%
up to 61%