| Deferred Policy Acquisition Costs |
The following table presents the amounts of policy acquisition costs deferred and amortized for the three and nine months ended September 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | (in thousands) | | Balance, beginning of period | | $ | 124,743 | | | $ | 124,070 | | | $ | 118,737 | | | $ | 109,263 | | Policy acquisition costs deferred: | | | | | | | | | | Direct commissions | | 68,755 | | | 71,844 | | | 219,233 | | | 225,292 | | | Ceding commissions | | (20,507) | | | (26,244) | | | (70,981) | | | (90,367) | | | Other underwriting and policy acquisition costs | | 4,779 | | | 3,979 | | | 13,190 | | | 12,089 | | | Policy acquisition costs deferred | | 53,027 | | | 49,579 | | | 161,442 | | | 147,014 | | Amortization of net policy acquisition costs | | (55,601) | | | (49,233) | | | (158,010) | | | (131,861) | | | Balance, end of period | | $ | 122,169 | | | $ | 124,416 | | | $ | 122,169 | | | $ | 124,416 | |
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