| Effects of Reinsurance |
The following table sets forth the effects of reinsurance on premiums written and earned for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | (Amounts in thousands) | 2026 | | 2025 | | 2026 | | 2025 | | Net premiums written: | | | | | | | | | Direct | $ | 264,115 | | | $ | 262,925 | | | $ | 527,425 | | | $ | 526,006 | | | Assumed | 11,285 | | | 8,131 | | | 20,916 | | | 15,436 | | | Ceded | (35,070) | | | (32,082) | | | (71,536) | | | (64,843) | | | Net premiums written | $ | 240,330 | | | $ | 238,974 | | | $ | 476,805 | | | $ | 476,599 | | | | | | | | | | | Net premiums earned: | | | | | | | | | Direct | $ | 268,396 | | | $ | 269,240 | | | $ | 538,591 | | | $ | 539,482 | | | Assumed | 11,330 | | | 8,131 | | | 20,451 | | | 15,436 | | | Ceded | (35,070) | | | (32,082) | | | (71,536) | | | (64,843) | | | Net premiums earned | $ | 244,656 | | | $ | 245,289 | | | $ | 487,506 | | | $ | 490,075 | |
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| Schedule of Retained Aggregate Loss and Reinsurance Coverage |
The following table presents the issue date, policy dates, initial and current first layer retained aggregate loss and initial and current reinsurance coverage amount under each reinsurance transaction. Current amounts are presented as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage insurance-linked notes | | (Amounts in millions) | | Issue date | | Policy dates | | Initial first layer retained loss | | Current first layer retained loss | | Initial reinsurance coverage | | Current reinsurance coverage | | Triangle Re 2021-2 Ltd. | | 4/16/2021 | | 9/01/2020 - 12/31/2020 | | $189 | | $186 | | $303 | | $44 | | Triangle Re 2021-3 Ltd. | | 9/02/2021 | | 1/01/2021 - 6/30/2021 | | $304 | | $297 | | $372 | | $70 | | Triangle Re 2023-1 Ltd. | | 11/15/2023 | | 7/01/2022 - 6/30/2023 | | $244 | | $233 | | $248 | | $152 | | Total | | | | | | | | | | | | $266 | | | | | | | | | | | | | | | Traditional excess-of-loss reinsurance | | (Amounts in millions) | | Issue date | | Policy dates | | Initial first layer retained loss | | Current first layer retained loss | | Initial reinsurance coverage | | Current reinsurance coverage | | 2021 XOL | | 2/04/2021 | | 1/01/2021 - 12/31/2021 | | $671 | | $652 | | $206 | | $38 | | 2022-1 XOL | | 1/27/2022 | | 1/01/2022 - 12/31/2022 | | $462 | | $422 | | $196 | | $126 | | 2022-2 XOL | | 1/27/2022 | | 1/01/2022 - 12/31/2022 | | $385 | | $345 | | $25 | | $25 | | 2022-3 XOL | | 3/24/2022 | | 7/01/2021 - 12/31/2021 | | $317 | | $305 | | $289 | | $98 | | 2022-4 XOL | | 3/24/2022 | | 7/01/2021 - 12/31/2021 | | $264 | | $253 | | $36 | | $36 | | 2022-5 XOL | | 9/15/2022 | | 1/01/2022 - 6/30/2022 | | $256 | | $234 | | $201 | | $119 | | 2023-1 XOL | | 3/08/2023 | | 1/01/2023 - 12/31/2023 | | $360 | | $339 | | $180 | | $128 | | 2024-1 XOL | | 1/30/2024 | | 1/01/2024 - 12/31/2024 | | $362 | | $356 | | $270 | | $254 | | 2024-2 XOL | | 6/25/2024 | | 7/01/2023 - 12/31/2023 | | $134 | | $129 | | $90 | | $60 | | 2025-1 XOL | | 1/27/2025 | | 1/01/2025 - 12/31/2025 | | $354 | | $353 | | $180 | | $180 | | 2025-2 XOL | | 1/27/2025 | | 1/01/2025 - 12/31/2025 | | $294 | | $294 | | $28 | | $28 | | 2026-1 XOL | | 1/27/2025 | | 1/01/2026 - 12/31/2026 | | $194 | | $194 | | $94 | | $94 | | 2026-2 XOL | | 1/27/2025 | | 1/01/2026 - 12/31/2026 | | $160 | | $160 | | $12 | | $12 | | Total | | | | | | | | | | | | $1,198 |
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