| Effects of Reinsurance |
The following tables set forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the years ended December 31, 2024, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | 2022 | | ($ in thousands) | | Written | | Earned | | Written | | Earned | | Written | | Earned | | Direct premiums | | $ | 1,458,637 | | | $ | 1,375,917 | | | $ | 1,241,180 | | | $ | 1,155,835 | | | $ | 1,012,239 | | | $ | 951,121 | | | Assumed premiums | | 284,595 | | | 282,662 | | | 218,649 | | | 193,971 | | | 131,713 | | | 113,610 | | | Ceded premiums | | (619,654) | | | (601,857) | | | (549,138) | | | (520,663) | | | (468,409) | | | (448,737) | | | Net premiums | | $ | 1,123,578 | | | $ | 1,056,722 | | | $ | 910,691 | | | $ | 829,143 | | | $ | 675,543 | | | $ | 615,994 | | | Ceded losses and LAE incurred | | | | $ | 534,295 | | | | | $ | 337,011 | | | | | $ | 311,257 | | | | | | | | | | | | | | |
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| Ceded Credit Risk |
The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of December 31, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | ($ in thousands) | | 2024 | | 2023 | | | | | | | Ceded unpaid losses and LAE | | $ | 670,846 | | | $ | 455,484 | | | Ceded paid losses and LAE | | 166,663 | | | 122,287 | | | Loss portfolio transfer | | 22,662 | | | 20,858 | | | Allowance for credit losses | | (2,295) | | | (2,295) | | | Reinsurance recoverables | | $ | 857,876 | | | $ | 596,334 | | | Ceded unearned premium | | $ | 203,901 | | | $ | 186,121 | | | | | | |
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