| Effects of Reinsurance |
The following table summarizes the effect of reinsurance on premiums written and earned 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) | | Premiums written: | | | | | | | | | | Direct | | $ | 462,868 | | | $ | 486,251 | | | $ | 1,472,494 | | | $ | 1,526,048 | | | | | | | | | | | | Ceded | | (63,724) | | | (81,191) | | | (217,605) | | | (280,583) | | | Net written | | $ | 399,144 | | | $ | 405,060 | | | $ | 1,254,889 | | | $ | 1,245,465 | | | | | | | | | | | | Premiums earned: | | | | | | | | | | Direct | | $ | 491,789 | | | $ | 497,795 | | | $ | 1,470,236 | | | $ | 1,444,905 | | | | | | | | | | | | Ceded | | (68,317) | | | (86,838) | | | (222,308) | | | (284,545) | | | Net earned | | $ | 423,472 | | | $ | 410,957 | | | $ | 1,247,928 | | | $ | 1,160,360 | |
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| Effects of Reinsurance on Losses |
The following table summarizes ceded losses and loss adjustment expenses 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) | | Ceded incurred losses and loss adjustment expenses | | $ | 19,033 | | | $ | 18,568 | | | $ | 68,460 | | | $ | 106,727 | |
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| Reinsurance Recoverables |
The following table presents reinsurance recoverables on paid and unpaid losses as of September 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | | (in thousands) | | Reinsurance recoverables on paid losses | | $ | 13,282 | | | $ | 12,973 | | | Reinsurance recoverables on unpaid losses, net | | 413,824 | | | 381,356 | | | Reinsurance recoverables, net | | $ | 427,106 | | | $ | 394,329 | |
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