We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating and (ii) an aging analysis of our past due reinsurance recoverable balances as of September 30, 2026, and December 31, 2025:


	September 30, 2026
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	180,507	278	180,785
A+	676,773		2,691	679,464
A	170,725		688	171,413
A-	54		109	163


Total rated reinsurers	1,028,059		3,766	1,031,825

Non-rated reinsurers
Federal and state pools	94,832		—	94,832
Other than federal and state pools	1,643		48	1,691
Total non-rated reinsurers	96,475		48	96,523

Total reinsurance recoverable, gross	$	1,124,534	3,814	1,128,348
Less: allowance for credit losses				(2,000)
Total reinsurance recoverable, net				1,126,348


	December 31, 2025
($ in thousands)	Current		Past Due	Total Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++	$	153,275	1,681	154,956
A+	529,027		5,556	534,583
A	130,457		974	131,431
A-	1,166		114	1,280


Total rated reinsurers	813,925		8,325	822,250

Non-rated reinsurers
Federal and state pools	82,322		—	82,322
Other than federal and state pools	12,862		61	12,923
Total non-rated reinsurers	95,184		61	95,245

Total reinsurance recoverable, gross	$	909,109	8,386	917,495
Less: allowance for credit losses				(2,000)
Total reinsurance recoverable, net				915,495

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:


	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2026		2025	2026		2025
Balance at beginning of period	$	2,000	2,000	$	2,000	2,000
Current period change for expected credit losses	—		—	—		—

Write-offs charged against the allowance for credit losses	—		—	—		—
Recoveries	—		—	—		—
Allowance for credit losses, end of period	$	2,000	2,000	$	2,000	2,000

For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. “Summary of Significant Accounting Policies” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report.

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report.


	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2026		2025	2026		2025
Premiums written:
Direct	$	1,331,836	1,411,730	$	4,163,469	4,325,386
Assumed	8,199		7,542	20,970		18,960
Ceded	(217,211)		(211,356)	(615,413)		(607,358)
Net	1,122,824		1,207,916	3,569,026		3,736,988
Premiums earned:
Direct	1,374,205		1,387,891	4,185,132		4,101,417
Assumed	6,726		6,306	19,976		18,379
Ceded	(200,740)		(189,519)	(592,213)		(568,304)
Net	1,180,191		1,204,678	3,612,895		3,551,492
Loss and loss expense incurred:
Direct	985,205		966,358	2,748,937		2,726,959
Assumed	6,503		5,260	20,273		15,895
Ceded	(229,012)		(152,587)	(374,744)		(353,600)
Net	$	762,696	819,031	$	2,394,466	2,389,254