The following table summarizes the effects of reinsurance on the Company’s written and earned premiums and losses and loss adjustment expenses:


Three Months Ended September 30, 2026	Written Premiums		Earned Premiums		Losses and Loss Adjustment Expenses
	($ in thousands)
Assumed	$	256,429	$	241,724	$	160,352
Ceded	(106,554)		(91,492)		(59,304)
Net	$	149,875	$	150,232	$	101,048


Three Months Ended September 30, 2025	Written Premiums		Earned Premiums		Losses and Loss Adjustment Expenses
	($ in thousands)
Assumed	$	231,515	$	197,785	$	128,807
Ceded	(82,492)		(69,378)		(44,199)
Net	$	149,023	$	128,407	$	84,608


Nine Months Ended September 30, 2026	Written Premiums		Earned Premiums		Losses and Loss Adjustment Expenses
	($ in thousands)
Assumed	$	771,064	$	680,686	$	451,148
Ceded	(299,823)		(249,693)		(161,673)
Net	$	471,241	$	430,993	$	289,475


Nine Months Ended September 30, 2025	Written Premiums		Earned Premiums		Losses and Loss Adjustment Expenses
	($ in thousands)
Assumed	$	638,724	$	549,446	$	360,072
Ceded	(224,079)		(192,086)		(123,137)
Net	$	414,645	$	357,360	$	236,935

All assumed amounts are assumed through the AmFam Quota Share Agreement as described in Note 12.

For the three months ended September 30, 2026 and 2025, Bowhead ceded $10.1 million and $9.3 million of written premium, $9.5 million and $7.9 million of earned premium and $6.1 million and $4.6 million of losses and loss adjustment expenses to a subsidiary of AmFam, respectively.

For the nine months ended September 30, 2026 and 2025, Bowhead ceded $30.0 million and $25.6 million of written premium, $27.0 million and $21.9 million of earned premium and $17.4 million and $13.8 million of losses and loss adjustment expenses to a subsidiary of AmFam, respectively.

The following table summarizes reinsurance recoverable on paid and unpaid losses and loss adjustment expenses:


As of	September 30, 2026		December 31, 2025
	($ in thousands)
Reinsurance recoverable on unpaid losses and loss adjustment expenses	$	498,864	$	381,697
Reinsurance recoverable on paid losses and loss adjustment expenses	26,571		18,202
Allowance for credit losses	(298)		(223)
Reinsurance recoverable, net	$	525,137	$	399,676

The following table summarizes the Company’s top five reinsurers, their A.M. Best financial strength rating and percent of total reinsurance recoverable as of September 30, 2026 and December 31, 2025:


Reinsurer	A.M. Best Rating	September 30, 2026	December 31, 2025
Renaissance Reinsurance U.S. Inc	A+	29.7%	30.1%
Endurance Assurance Corporation	A+	23.4%	23.5%
Markel Global Reinsurance Company	A	15.9%	18.4%
American Family Connect Property and Casualty Insurance Company	A	9.9%	9.1%
Ascot Bermuda Limited	A	5.6%	7.1%
All other reinsurers	At least A	15.5%	11.8%
Total		100.0%	100.0%

As of September 30, 2026 and December 31, 2025, $52.2 million and $36.5 million, respectively, of the Company’s reinsurance recoverable balance is with a subsidiary of AmFam.