v3.26.1
REINSURANCE (Tables)
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Schedule of Ratings from Rating Agencies and Unsecured Amounts Due from Reinsurers Exceeded 3% of Stockholders' Equity
The following table presents ratings from rating agencies and the unsecured amounts due from the reinsurers whose aggregate balance exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands):
 Ratings as of June 30, 2026Due from as of
ReinsurerAM Best
Company		Standard
and Poor’s
Rating
Services, Inc.		Moody’s
Investors Service, Inc.		June 30, 2026December 31, 2025
Various Lloyd’s of London Syndicates (1)
A+AA-N/A$49,004 $75,742 
Florida Hurricane Catastrophe Fund “FHCF” (2)
N/A
N/A
N/A
— 69,734 
Markel Bermuda Ltd.
A
A
A
— 38,569 
Everest Reinsurance Co
A+
A+
A
— 22,041 
Renaissance Reinsurance Ltd.
A+
A+
A
— 20,875 
DaVinci Reinsurance Ltd.
A
A+
A
— 18,799 
Total (3)
$49,004 $245,760 
(1)Moody’s does not provide a rating for Lloyd’s; the reinsurer is fully collateralized with a trust agreement.
(2)No rating is available, because the fund is not rated.
(3)Amounts represent prepaid reinsurance premiums and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and LAE.
Schedule of Effects of Reinsurance Arrangements
The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands):
Three Months Ended June 30,
20262025
Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses		Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses
Direct$621,314 $544,806 $245,769 $596,720 $523,425 $260,953 
Ceded(612,642)(167,533)(1,207)(696,774)(163,232)(648)
Net$8,672 $377,273 $244,562 $(100,054)$360,193 $260,305 
Six Months Ended June 30,
20262025
Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses		Premiums
Written		Premiums
Earned		Losses and Loss
Adjustment
Expenses
Direct$1,127,861 $1,076,227 $473,968 $1,063,798 $1,036,682 $510,660 
Ceded(613,125)(342,052)(1,310)(697,075)(320,768)200 
Net$514,736 $734,175 $472,658 $366,723 $715,914 $510,860 
Schedule of Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable
The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands):
June 30,December 31,
20262025
Prepaid reinsurance premiums$562,104 $291,031 
Reinsurance recoverable on paid losses and LAE
$22,427 $18,574 
Reinsurance recoverable on unpaid losses and LAE
154,462 214,344 
Reinsurance recoverable
$176,889 $232,918