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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2014
Reinsurance Disclosures [Abstract]  
Schedule of Total Reinsurance Balances Segregated By Reinsurer
 
 
As of December 31, 2014
 
As of December 31, 2013
($ in thousands)
 
Reinsurance Balances
 
% of Net Unsecured Reinsurance
 
Reinsurance Balances
 
% of Net
Unsecured Reinsurance
Total reinsurance recoverables
 
$
581,548

 
 

 
$
550,897

 
 

Total prepaid reinsurance premiums
 
146,993

 
 

 
143,000

 
 

Less: collateral1
 
(114,843
)
 
 

 
(119,732
)
 
 

Net unsecured reinsurance balances
 
613,698

 
 

 
574,165

 
 

 
 
 
 
 
 
 
 
 
Federal and state pools2:
 
 

 
 

 
 

 
 

NFIP
 
172,547

 
28

 
177,637

 
31

NJ Unsatisfied Claim Judgment Fund
 
76,342

 
13

 
71,732

 
12

Other
 
2,557

 
—

 
3,034

 
1

Total federal and state pools
 
251,446

 
41

 
252,403

 
44

 
 
 
 
 
 
 
 
 
Remaining unsecured reinsurance
 
362,252

 
59

 
321,762

 
56

 
 
 
 
 
 
 
 
 
Hannover Ruckversicherungs AG (A.M. Best rated “A+”)
 
79,864

 
13

 
72,565

 
13

Munich Re Group (A.M. Best rated “A+”)
 
78,347

 
13

 
69,749

 
12

Swiss Re Group (A.M. Best rated “A+”)
 
55,026

 
9

 
48,234

 
8

AXIS Reinsurance Company (A.M. Best rated “A+”)
 
51,014

 
8

 
45,114

 
8

Partner Reinsurance Company of the U.S. (A.M. Best rated “A+”)
 
25,424

 
4

 
25,730

 
4

QBE Reinsurance Corporation (A.M. Best rated "A")
 
13,069

 
2

 
15,665

 
3

All other reinsurers
 
59,508

 
10

 
44,705

 
8

Total
 
$
362,252

 
59
%
 
$
321,762

 
56
%

 1 Includes letters of credit, trust funds, and funds withheld.
2 Considered to have minimal risk of default.
Note: Some amounts may not foot due to rounding.
List Of Direct, Assumed, And Ceded Reinsurance Amounts
($ in thousands)
 
2014
 
2013
 
2012
Premiums written:
 
 

 
 

 
 

Direct
 
$
2,228,270

 
2,133,793

 
1,955,667

Assumed
 
26,306

 
43,650

 
50,938

Ceded
 
(369,296
)
 
(367,284
)
 
(339,722
)
Net
 
$
1,885,280

 
1,810,159

 
1,666,883

 
 
 
 
 
 
 
Premiums earned:
 
 

 
 

 
 

Direct
 
$
2,183,258

 
2,048,530

 
1,873,007

Assumed
 
34,653

 
44,464

 
65,884

Ceded
 
(365,302
)
 
(356,922
)
 
(354,772
)
Net
 
$
1,852,609

 
1,736,072

 
1,584,119

 
 
 
 
 
 
 
Losses and loss expenses incurred:
 
 

 
 

 
 

Direct
 
$
1,314,864

 
1,370,293

 
2,394,640

Assumed
 
26,187

 
32,678

 
29,175

Ceded
 
(183,550
)
 
(281,233
)
 
(1,302,825
)
Net
 
$
1,157,501

 
1,121,738

 
1,120,990
Schedule of Ceded Premiums and Losses Related to Flood Operations
Ceded to NFIP ($ in thousands)
 
2014
 
2013
 
2012
Ceded premiums written
 
$
(237,718
)
 
(236,309
)
 
(221,094
)
Ceded premiums earned
 
(234,224
)
 
(228,650
)
 
(212,177
)
Ceded losses and loss expenses incurred
 
(57,323
)
 
(183,142
)
 
(1,119,303
)