The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Fronting premiums are attributable to business written on behalf of third-party capacity providers, substantially all of which are ceded.


	Three Months Ended March 31,
	2026								2025
(dollars in thousands)	Direct		Assumed		Ceded		Net Premiums		Direct		Assumed		Ceded		Net Premiums
Underwriting:
Written	$	2,069,454	$	219,774	$	(444,345)	$	1,844,883	$	2,135,972	$	729,042	$	(554,725)	$	2,310,289
Earned	$	2,222,658	$	340,669	$	(514,558)	$	2,048,769	$	2,195,483	$	438,045	$	(544,156)	$	2,089,372
Fronting:
Written	927,736		568,058		(1,495,631)		163		773,685		579,531		(1,353,214)		2
Earned	857,540		367,909		(1,225,332)		117		739,245		244,306		(983,549)		2
Consolidated:
Written	$	2,997,190	$	787,832	$	(1,939,976)	$	1,845,046	$	2,909,657	$	1,308,573	$	(1,907,939)	$	2,310,291
Earned	$	3,080,198	$	708,578	$	(1,739,890)	$	2,048,886	$	2,934,728	$	682,351	$	(1,527,705)	$	2,089,374


	Three Months Ended March 31,
		2026		2025
Ceded earned premiums to gross earned premiums		46	%	42	%
Assumed earned premiums to net earned premiums		35	%	33	%

Substantially all of the incurred losses and loss adjustment expenses related to the Company's fronted premiums were ceded. These gross losses totaled $1.2 billion and $957.5 million for the three months ended March 31, 2026 and 2025, respectively.

The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations.


	Three Months Ended March 31,
(dollars in thousands)		2026		2025
Gross losses and loss adjustment expenses		$	1,433,996	$	1,673,509
Ceded losses and loss adjustment expenses		(267,480)		(418,927)
Net losses and loss adjustment expenses		$	1,166,516	$	1,254,582