Reinsurance Ceded (Tables)

9 Months Ended

Sep. 30, 2011

Lists of 20 Largest Reinsurers Measured by Reinsurance Recoverable

The following table lists the Company’s 20 largest reinsurers measured by the amount of reinsurance recoverable for ceded losses and loss adjustment expense and ceded unearned premium (constituting approximately 74% of the total recoverable), together with the reinsurance recoverable and collateral as of September 30, 2011, and the reinsurers’ rating from the indicated rating agency:

		September 30,		September 30,		September 30,		September 30,		September 30,
	Reinsurance Recoverables								Rating &
In thousands	Unearned Premium		Paid/Unpaid Losses		Total		Collateral Held(1)		Rating Agency(2)
Swiss Reinsurance America Corporation		5,643		92,482		98,125		7,756	A	AMB
Munich Reinsurance America Inc.		12,442		75,289		87,731		2,896	A+	AMB
Everest Reinsurance Company		15,019		69,873		84,892		7,193	A+	AMB
Transatlantic Reinsurance Company		16,279		68,333		84,612		6,557	A	AMB
National Indemnity Company		14,511		26,891		41,402		6,348	A++	AMB
Partner Reinsurance Europe		7,082		33,691		40,773		16,832	AA-	S&P
Scor Holding (Switzerland) AG		2,888		34,727		37,615		7,211	A	AMB
Berkley Insurance Company		1,816		30,877		32,693		123	A+	AMB
General Reinsurance Corporation		815		31,741		32,556		1,466	A++	AMB
Lloyd’s Syndicate #2003		5,774		25,815		31,589		6,401	A	AMB
Munchener Ruckversicherungs-Gesellschaft		706		27,400		28,106		5,885	A+	AMB
White Mountains Reinsurance of America		150		27,530		27,680		716	A	AMB
Platinum Underwriters Re		988		25,787		26,775		3,000	A	AMB
Ace Property and Casualty Insurance Company		2,013		22,982		24,995		31	A+	AMB
Allied World Reinsurance		6,824		15,656		22,480		2,431	A	AMB
AXIS Re Europe		5,792		15,559		21,351		5,058	A	AMB
Validus Reinsurance Ltd.		3,130		14,841		17,971		6,671	A-	AMB
Tower Insurance Company		10,337		7,112		17,449		2,577	A-	AMB
Lloyd’s Syndicate #4000		2,225		11,937		14,162		1,995	A	AMB
Lloyd’s Syndicate #457		2,806		10,492		13,298		3,118	A	AMB
Top 20 Total	$	117,240	$	669,015	$	786,255	$	94,265
All Other		52,940		223,763		276,703		89,905
Total	$	170,180	$	892,778	$	1,062,958	$	184,170

(1) Collateral includes letter of credit balances payable and other balances held by the Company’s Insurance Companies and Lloyd’s Operations.

(2) A.M. Best Company (“A.M. Best”) and Standard and Poor’s Rating Services (“S&P”).