v3.26.3
Reinsurance (Tables)
 9 Months Ended
Sep. 30, 2026
Reinsurance Disclosures [Abstract]  
Reinsurance Recoverable, Allowance for Credit Loss The following table summarizes the Company's allowance for credit losses associated with its reinsurance recoverables.
(dollars in thousands)September 30, 2026December 31, 2025
Fronting
$206,801 $1,454 
Underwriting
27,895 16,668 
Consolidated$234,696 $18,122 

For the nine months ended September 30, 2026, the change in the allowance for expected credit losses included a $205.3 million provision for expected credit losses related to the Company's program services fronting operations within the Company's Financial segment. This provision related to one capacity provider that is currently in bankruptcy. As of December 31, 2025, the Company held collateral from this capacity provider in excess of the related reinsurance recoverables.
Effect Of Reinsurance And Retrocessional Reinsurance On Premiums Written And Earned The following tables summarize the effect of reinsurance and retrocessional reinsurance on premiums written and earned. Fronting premiums are attributable to business written on behalf of third-party capacity providers, substantially all of which are ceded.
Quarter Ended September 30,
20262025
(dollars in thousands)DirectAssumedCededNet PremiumsDirectAssumedCededNet Premiums
Underwriting:
Written$2,372,205 $200,863 $(333,095)$2,239,973 $2,420,107 $382,313 $(563,681)$2,238,739 
Earned$2,367,480 $334,950 $(428,557)$2,273,873 $2,275,753 $453,405 $(522,939)$2,206,219 
Fronting:
Written1,037,946 379,371 (1,417,202)115 704,379 352,094 (1,057,016)(543)
Earned954,559 831,301 (1,784,225)1,635 843,146 1,112,200 (1,955,792)(446)
Consolidated:
Written$3,410,151 $580,234 $(1,750,297)$2,240,088 $3,124,486 $734,407 $(1,620,697)$2,238,196 
Earned$3,322,039 $1,166,251 $(2,212,782)$2,275,508 $3,118,899 $1,565,605 $(2,478,731)$2,205,773 
Nine Months Ended September 30,
20262025
(dollars in thousands)DirectAssumedCededNet PremiumsDirectAssumedCededNet Premiums
Underwriting:
Written$6,724,591 $604,775 $(1,120,859)$6,208,507 $6,970,879 $1,583,225 $(1,761,973)$6,792,131 
Earned$6,918,925 $1,000,231 $(1,524,734)$6,394,422 $6,681,520 $1,342,521 $(1,587,018)$6,437,023 
Fronting:
Written3,101,000 1,917,215 (5,017,932)283 2,299,790 2,367,720 (4,667,803)(293)
Earned2,545,816 1,695,266 (4,239,332)1,750 2,414,888 1,673,636 (4,088,709)(185)
Consolidated:
Written$9,825,591 $2,521,990 $(6,138,791)$6,208,790 $9,270,669 $3,950,945 $(6,429,776)$6,791,838 
Earned$9,464,741 $2,695,497 $(5,764,066)$6,396,172 $9,096,408 $3,016,157 $(5,675,727)$6,436,838 
Percentage of reinsurance ceded earned premiums to GEP & assumed earned premiums to NEP
Quarter Ended September 30, Nine Months Ended September 30,
2026202520262025
Underwriting:
Ceded earned premiums to gross earned premiums16 %19 %19 %20 %
Assumed earned premiums to net earned premiums15 %21 %16 %21 %
Consolidated:
Ceded earned premiums to gross earned premiums49 %53 %47 %47 %
Assumed earned premiums to net earned premiums51 %71 %42 %47 %
Effect Of Reinsurance And Retrocessional Reinsurance On Losses and Loss Adjustment Expenses The following table summarizes the effect of reinsurance and retrocessional reinsurance on losses and loss adjustment expenses in the Company's underwriting operations.
Quarter Ended September 30, Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Gross losses and loss adjustment expenses$1,559,875 $1,566,985 $4,880,804 $4,900,250 
Ceded losses and loss adjustment expenses(283,906)(313,061)(1,250,819)(1,103,552)
Net losses and loss adjustment expenses$1,275,969 $1,253,924 $3,629,985 $3,796,698 
Substantially all of the incurred losses and loss adjustment expenses related to the Company's fronted premiums were ceded. These gross losses totaled $2.1 billion and $4.2 billion for the quarter and nine months ended September 30, 2026, respectively, and $1.2 billion and $3.4 billion for the quarter and nine months ended September 30, 2025, respectively.