v3.26.1
Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2026
Reinsurance Disclosures [Abstract]  
Reinsurance Recoverable, Allowance for Credit Loss The following table summarizes the Company's allowance for credit losses associated with its reinsurance recoverables.
(dollars in thousands)June 30, 2026December 31, 2025
Fronting
$206,801 $1,454 
Underwriting
27,600 16,668 
Consolidated$234,401 $18,122 

For the six months ended June 30, 2026, the change in the allowance for expected credit losses included a $205.3 million provision for expected credit losses related to the Company's program services fronting operations within the Company's Financial segment. This provision related to one capacity provider that is currently in bankruptcy. As of December 31, 2025, the Company held collateral from this capacity provider in excess of the related reinsurance recoverables.
Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned 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.
Quarter Ended June 30,
20262025
(dollars in thousands)DirectAssumedCededNet PremiumsDirectAssumedCededNet Premiums
Underwriting:
Written$2,282,932 $184,138 $(343,419)$2,123,651 $2,414,799 $471,869 $(643,567)$2,243,101 
Earned$2,209,012 $316,465 $(453,697)$2,071,780 $2,210,284 $451,071 $(519,923)$2,141,432 
Fronting:
Written1,135,318 969,786 (2,105,099)5 821,727 1,436,096 (2,257,573)250 
Earned853,492 504,203 (1,357,697)(2)832,497 317,130 (1,149,368)259 
Consolidated:
Written$3,418,250 $1,153,924 $(2,448,518)$2,123,656 $3,236,526 $1,907,965 $(2,901,140)$2,243,351 
Earned$3,062,504 $820,668 $(1,811,394)$2,071,778 $3,042,781 $768,201 $(1,669,291)$2,141,691 

Six Months Ended June 30,
20262025
(dollars in thousands)DirectAssumedCededNet PremiumsDirectAssumedCededNet Premiums
Underwriting:
Written$4,352,386 $403,912 $(787,764)$3,968,534 $4,550,772 $1,200,912 $(1,198,292)$4,553,392 
Earned$4,431,670 $657,134 $(968,255)$4,120,549 $4,405,767 $889,116 $(1,064,079)$4,230,804 
Fronting:
Written2,063,054 1,537,844 (3,600,730)168 1,595,411 2,015,626 (3,610,787)250 
Earned1,711,032 872,112 (2,583,029)115 1,571,742 561,436 (2,132,917)261 
Consolidated:
Written$6,415,440 $1,941,756 $(4,388,494)$3,968,702 $6,146,183 $3,216,538 $(4,809,079)$4,553,642 
Earned$6,142,702 $1,529,246 $(3,551,284)$4,120,664 $5,977,509 $1,450,552 $(3,196,996)$4,231,065 
Percentage of reinsurance ceded earned premiums to GEP & assumed earned premiums to NEP
Quarter Ended June 30, Six Months Ended June 30,
2026202520262025
Underwriting:
Ceded earned premiums to gross earned premiums18 %20 %19 %20 %
Assumed earned premiums to net earned premiums15 %21 %16 %21 %
Consolidated:
Ceded earned premiums to gross earned premiums47 %44 %46 %43 %
Assumed earned premiums to net earned premiums40 %36 %37 %34 %
Effect Of Reinsurance And Retrocessional Reinsurance On Losses and Loss Adjustment Expenses The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations.
Quarter Ended June 30, Six Months Ended June 30,
(dollars in thousands)2026202520262025
Gross losses and loss adjustment expenses$1,808,626 $1,659,756 $3,242,622 $3,333,265 
Ceded losses and loss adjustment expenses(621,126)(371,564)(888,606)(790,491)
Net losses and loss adjustment expenses$1,187,500 $1,288,192 $2,354,016 $2,542,774 
Substantially all of the incurred losses and loss adjustment expenses related to the Company's fronted premiums were ceded. These gross losses totaled $993.5 million and $2.2 billion for the quarter and six months ended June 30, 2026, respectively, and $1.3 billion and $2.3 billion for the quarter and six months ended June 30, 2025, respectively.