Reinsurance Ceded (Tables)

12 Months Ended

Dec. 31, 2015

Reinsurance Recoverables

Amounts recoverable from reinsurers are recognized in a manner consistent with the claims liabilities associated with the reinsurance placement and presented on the balance sheet as reinsurance recoverables. Such balances as of December 31, 2015 and 2014 consist of the following:

	As of December 31,
	2015		2014
	($ in millions)
Reinsurance recoverables on paid losses	$	80.6	$	71.7
Ceded outstanding loss and LAE		1,169.3		1,289.4
Total reinsurance recoverables	$	1,249.9	$	1,361.1

Information Regarding Concentration of Reinsurance Recoverables and Ratings Profile of its Reinsurers

Information regarding concentration of Alleghany’s reinsurance recoverables and the ratings profile of its reinsurers as of December 31, 2015 is as follows:

Reinsurer(1)	Rating(2)	Amount		Percentage
Swiss Reinsurance Company	A+ (Superior)	$	133.5		10.7 %
PartnerRe Ltd.	A (Excellent)		109.8		8.8
Allianz SE	A+ (Superior)		105.7		8.5
W.R. Berkley Corporation	A+ (Superior)		90.2		7.2
RenaissanceRe Holdings Ltd.	A+ (Superior)		89.5		7.2
Syndicates at Lloyd’s of London	A (Excellent)		89.2		7.1
Fairfax Financial Holdings Ltd.	A (Excellent)		56.5		4.5
Ace Ltd(3)	A++ (Superior)		53.2		4.3
Chubb Corporation(3)	A++ (Superior)		49.9		4.0
Allied World Assurance Company Holdings, AG	A (Excellent)		47.6		3.8
All other reinsurers			424.8		33.9
Total reinsurance recoverables(4)		$	1,249.9		100.0 %
Secured reinsurance recoverables(5)		$	209.4		16.8 %

(1) Reinsurance recoverables reflect amounts due from one or more reinsurance subsidiaries of the listed company.

(2) Represents the A.M. Best Company, Inc. financial strength rating for the applicable reinsurance subsidiary or subsidiaries from which the reinsurance recoverable is due.

(3) In January 2016, Ace Ltd acquired the Chubb Corporation.

(4) Approximately 95 percent of our reinsurance recoverables balance as of December 31, 2015 was due from reinsurers having an A.M. Best Company, Inc. financial strength rating of A (Excellent) or higher.

(5) Represents reinsurance recoverables secured by funds held, trust agreements and letters of credit.

Property and Casualty Premiums Written and Earned

The following table indicates property and casualty premiums written and earned for 2015, 2014 and 2013:

	Year Ended December 31,
	2015			2014			2013
	($ in millions)
Gross premiums written – direct		$ 1,505.6			$ 1,529.4			$ 1,474.5
Gross premiums written – assumed		3,616.6			3,567.2			3,411.8
Ceded premiums written		(633.0	)		(599.1	)		(598.9	)
Net premiums written		$ 4,489.2			$ 4,497.5			$ 4,287.4
Gross premiums earned – direct		$ 1,515.9			$ 1,517.0			$ 1,372.2
Gross premiums earned – assumed		3,403.3			3,540.5			3,459.6
Ceded premiums earned		(688.9	)		(646.9	)		(592.6	)
Net premiums earned		$ 4,230.3			$ 4,410.6			$ 4,239.2