We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating and (ii) an aging analysis of our past due reinsurance recoverable balances as of June 30, 2026, and December 31, 2025:


	June 30, 2026
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	155,513	105	155,618
A+	566,547		3,067	569,614
A	142,876		3,116	145,992
A-	68		109	177


Total rated reinsurers	865,004		6,397	871,401

Non-rated reinsurers
Federal and state pools	81,022		—	81,022
Other than federal and state pools	1,780		45	1,825
Total non-rated reinsurers	82,802		45	82,847

Total reinsurance recoverable, gross	$	947,806	6,442	954,248
Less: allowance for credit losses				(2,000)
Total reinsurance recoverable, net				952,248


	December 31, 2025
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	153,275	1,681	154,956
A+	529,027		5,556	534,583
A	130,457		974	131,431
A-	1,166		114	1,280


Total rated reinsurers	813,925		8,325	822,250

Non-rated reinsurers
Federal and state pools	82,322		—	82,322
Other than federal and state pools	12,862		61	12,923
Total non-rated reinsurers	95,184		61	95,245

Total reinsurance recoverable, gross	$	909,109	8,386	917,495
Less: allowance for credit losses				(2,000)
Total reinsurance recoverable, net				915,495

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:


	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2026		2025	2026		2025
Balance at beginning of period	$	2,000	2,000	$	2,000	2,000
Current period change for expected credit losses	—		—	—		—

Write-offs charged against the allowance for credit losses	—		—	—		—
Recoveries	—		—	—		—
Allowance for credit losses, end of period	$	2,000	2,000	$	2,000	2,000

For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. "Reinsurance" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report.


	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2026		2025	2026		2025
Premiums written:
Direct	$	1,415,973	1,490,805	$	2,831,633	2,913,656
Assumed	5,921		5,441	12,771		11,418
Ceded	(201,200)		(207,617)	(398,202)		(396,002)
Net	1,220,694		1,288,629	2,446,202		2,529,072
Premiums earned:
Direct	1,404,205		1,373,080	2,810,927		2,713,526
Assumed	6,316		5,922	13,250		12,073
Ceded	(195,013)		(190,945)	(391,473)		(378,785)
Net	1,215,508		1,188,057	2,432,704		2,346,814
Loss and loss expense incurred:
Direct	909,014		929,929	1,763,732		1,760,601
Assumed	6,790		5,137	13,770		10,635
Ceded	(99,538)		(111,168)	(145,732)		(201,013)
Net	$	816,266	823,898	$	1,631,770	1,570,223