
	Three months ended March 31
		2026		2025
Gross ceded premiums		$	44,464	$	28,548
Earned ceded premiums		$	25,113	$	19,292
Loss and loss adjustment expenses ceded		$	11,999	$	6,656

Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company.

The following table shows a breakdown of losses recoverable on a gross and net of collateral basis:


	March 31, 2026				December 31, 2025
	Gross		Net of Collateral(1)		Gross		Net of Collateral(1)
A- or better by A.M. Best	$	83,447	$	73,642	$	78,874	$	70,799
Not rated	3,307		1,429		3,035		812
Total before provision	$	86,754	$	75,071	$	81,909	$	71,611
Provision for credit losses	(517)				(517)
Total reinsurance recoverable, net	$	86,237			$	81,392

(1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire.

At March 31, 2026, we had 2 reinsurers (December 31, 2025: 2) that accounted for 10% or more of the total loss and loss adjustment expenses recoverable, net of the credit loss provision, for an aggregate gross amount of $23.4 million (December 31, 2025: $20.7 million).