The following table summarizes the effects of reinsurance on the Company’s written and earned premiums and losses and loss adjustment expenses:


Three Months Ended March 31, 2026	Written Premiums		Earned Premiums		Losses and Loss Adjustment Expenses
	($ in thousands)
Assumed	$	216,741	$	212,919	$	140,349
Ceded	(76,399)		(76,111)		(48,868)
Net	$	140,342	$	136,808	$	91,481


Three Months Ended March 31, 2025	Written Premiums		Earned Premiums		Losses and Loss Adjustment Expenses
	($ in thousands)
Assumed	$	174,848	$	168,853	$	111,547
Ceded	(58,079)		(59,037)		(38,120)
Net	$	116,769	$	109,816	$	73,427

All assumed amounts are assumed through the AmFam Quota Share Agreement as described in Note 11.

For the three months ended March 31, 2026 and 2025, Bowhead ceded $8.4 million and $6.8 million of written premium, $8.5 million and $6.7 million of earned premium and $5.6 million and $2.8 million of losses and loss adjustment expenses to a subsidiary of AmFam, respectively.

The following table summarizes reinsurance recoverable on paid and unpaid losses and loss adjustment expenses:


As of	March 31, 2026		December 31, 2025
	($ in thousands)
Reinsurance recoverable on unpaid losses and loss adjustment expenses	$	412,908	$	381,697
Reinsurance recoverable on paid losses and loss adjustment expenses	20,604		18,202
Allowance for credit losses	(247)		(223)
Reinsurance recoverable, net	$	433,265	$	399,676

The following table summarizes the Company’s top five reinsurers, their A.M. Best financial strength rating and percent of total reinsurance recoverable as of March 31, 2026 and December 31, 2025:


Reinsurer	A.M. Best Rating	March 31, 2026	December 31, 2025
Renaissance Reinsurance U.S. Inc	A+	29.9%	30.1%
Endurance Assurance Corporation	A+	23.2%	23.5%
Markel Global Reinsurance Company	A	17.4%	18.4%
American Family Connect Property and Casualty Insurance Company	A	9.6%	9.1%
Ascot Bermuda Limited	A	6.8%	7.1%
All other reinsurers	At least A	13.1%	11.8%
Total		100.0%	100.0%

As of March 31, 2026 and December 31, 2025, $41.4 million and $36.5 million, respectively, of the Company’s reinsurance recoverable balance is with a subsidiary of AmFam.