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REINSURANCE (Tables)
 12 Months Ended
Dec. 31, 2012
REINSURANCE [Abstract]  
Summary of impact of the excess of loss reinsurance treaties
The impact of the excess of loss reinsurance treaties on the financial statements is as follows.

Years Ended December 31,
2012
2011
2010
(Dollars in Thousands)
 
Premium written
 
 
 
Direct and Assumed
$
119,459
$
98,269
$
96,410
Ceded
(51,085
)
(46,293
)
(52,963
)
$
68,374
$
51,976
$
43,447
Premiums earned
Direct and Assumed
$
109,312
$
97,473
$
100,131
Ceded
(49,953
)
(48,950
)
(55,071
)
$
59,359
$
48,523
$
45,060
Losses and LAE incurred
Direct and Assumed
$
33,329
$
33,055
$
42,723
Ceded
(3,120
)
(2,159
)
(2,635
)
$
30,209
$
30,896
$
40,088

As of December 31,
 
2012
2011
(Dollars in Thousands)
Unpaid losses and LAE, net
 
 
Direct and Assumed
$
49,908
$
59,983
Ceded
(3,503
)
(2,087
)
$
46,405
$
57,896
Unearned premiums
Direct and Assumed
$
59,006
$
47,933
Ceded
(24,083
)
(22,024
)
$
34,923
$
25,909
  
Summary of impact of the quota-share reinsurance treaties
The impact of the quota-share reinsurance treaties on the financial statements is as follows.
As of December 31,
2012
2011
(Dollars in Thousands)
Transatlantic Reinsurance Company (A+ A.M. Best rated)
Reinsurance (payable) recoverable on paid losses and LAE
8
$
(23
)
Unpaid losses and LAE
$
62
113
$
70
$
90