Reinsurance

The following table presents the effect of reinsurance on premiums written and earned by Fortegra for the following period:



Premiums	Three months ended June 30, 2015						Six months ended June 30, 2015
	Written			Earned			Written			Earned
Direct and assumed	$	167,087		$	140,582		$	311,371		$	277,636
Ceded	(120,832		)	(100,875		)	(233,173		)	(200,576		)
Net	$	46,255		$	39,707		$	78,198		$	77,060

The following table presents the effect of reinsurance on losses and loss adjustment expenses ("LAE") incurred by Fortegra for the following period:



Losses and LAE incurred	Three months ended June 30, 2015			Six months ended June 30, 2015
Direct and assumed	$	41,884		$	80,042
Ceded	(28,958		)	(54,666		)
Net losses & LAE incurred	$	12,926		$	25,376

The following table presents the components of the reinsurance receivables:



	As of
	June 30, 2015		December 31, 2014
Prepaid reinsurance premiums:
Life (1)	$	57,116	$	52,574
Accident and health (1)	48,873		44,968
Property	149,832		126,669
Total	255,821		224,211
Ceded claim reserves:
Life	2,485		1,868
Accident and health	8,061		7,971
Property	23,583		18,325
Total ceded claim reserves recoverable	34,129		28,164
Other reinsurance settlements recoverable	10,115		12,401
Reinsurance receivables	$	300,065	$	264,776

⁽¹⁾ Including policyholder account balances ceded.

The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from unrelated reinsurers:



	As of
	June 30, 2015
Total of the three largest receivable balances from unrelated reinsurers	$	150,635

At June 30, 2015, the three unrelated reinsurers from whom Fortegra has the largest receivable balances were: London Life Reinsurance Company (A. M. Best Rating: A); London Life International Reinsurance Corporation (A. M. Best Rating: not rated); and MFI Insurance Company, LTD (A. M. Best Rating: Not rated). The related receivables of London Life International Reinsurance Corporation are collateralized by assets held in trust accounts and letters of credit due to their offshore relationships. At June 30, 2015, the Company does not believe there is a risk of loss as a result of the concentration of credit risk in the reinsurance program.