| REINSURANCE The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive income (loss) for reinsurance 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 | | (dollars in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Premiums written: | | | | | | | | | Direct | $ | 277.3 | | | $ | 250.1 | | | $ | 615.0 | | | $ | 523.0 | | | Assumed | 68.9 | | | 58.1 | | | 142.0 | | | 115.9 | | | Ceded | (12.2) | | | (44.6) | | | (31.0) | | | (91.3) | | | Net premiums written | $ | 334.0 | | | $ | 263.6 | | | $ | 726.0 | | | $ | 547.6 | | | Premiums earned: | | | | | | | | | Direct | $ | 302.1 | | | $ | 252.7 | | | $ | 584.1 | | | $ | 481.1 | | | Assumed | 69.2 | | | 55.3 | | | 131.6 | | | 101.9 | | | Ceded | (18.3) | | | (46.4) | | | (41.4) | | | (91.1) | | | Net premiums earned | $ | 353.0 | | | $ | 261.6 | | | $ | 674.3 | | | $ | 491.9 | | | Losses and LAE incurred: | | | | | | | | | Direct | $ | 186.7 | | | $ | 173.6 | | | $ | 357.2 | | | $ | 335.8 | | | Assumed | 55.8 | | | 45.1 | | | 101.3 | | | 76.6 | | | Ceded | (9.2) | | | (28.4) | | | (19.6) | | | (55.7) | | | Net losses and LAE incurred | $ | 233.3 | | | $ | 190.3 | | | $ | 438.9 | | | $ | 356.7 | |
In the event that all or any of the reinsuring companies might be unable to meet their obligations under existing reinsurance agreements, we would be liable to the policyholder for such defaulted amounts. GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTENGross premiums written by state is as follows 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 | | Amount | | % of Total | | Amount | | % of Total | | Amount | | % of Total | | Amount | | % of Total | | (dollars in millions) | | State: | | | | | | | | | | | | | | | | | Texas | $ | 70.8 | | | 20.5 | % | | $ | 61.7 | | | 20.0 | % | | $ | 145.9 | | | 19.3 | % | | $ | 123.3 | | | 19.3 | % | | Georgia | 41.0 | | 11.8 | | | 41.1 | | 13.3 | | | 87.5 | | 11.6 | | | 80.5 | | 12.6 | | | Florida | 26.8 | | 7.7 | | | 28.4 | | 9.2 | | | 57.9 | | 7.6 | | | 44.0 | | 6.9 | | | California | 24.3 | | 7.0 | | | 9.4 | | 3.0 | | | 50.0 | | 6.6 | | | 14.1 | | 2.2 | | | Pennsylvania | 20.5 | | 5.9 | | | 17.8 | | 5.8 | | | 44.2 | | 5.8 | | | 35.3 | | 5.5 | | | Colorado | 18.6 | | 5.4 | | | 17.3 | | 5.6 | | | 40.5 | | 5.4 | | | 35.5 | | 5.6 | | | South Carolina | 10.2 | | 3.0 | | | 9.6 | | 3.1 | | | 28.0 | | 3.7 | | | 31.6 | | 4.9 | | | Arizona | 11.5 | | 3.3 | | | 12.7 | | 4.1 | | | 25.1 | | 3.3 | | | 26.6 | | 4.2 | | | Nevada | 8.1 | | 2.3 | | | 4.5 | | 1.5 | | | 20.3 | | 2.7 | | | 8.9 | | 1.4 | | | Oklahoma | 8.0 | | 2.3 | | | 6.5 | | 2.1 | | | 18.0 | | 2.4 | | | 15.1 | | 2.4 | | | All others states | 106.4 | | 30.8 | | | 99.2 | | 32.3 | | | 239.6 | | 31.6 | | | 224.0 | | 35.0 | | | Total | $ | 346.2 | | | 100.0 | % | | $ | 308.2 | | | 100.0 | % | | $ | 757.0 | | | 100.0 | % | | $ | 638.9 | | | 100.0 | % |
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