Reinsurance Ceded (Tables)

3 Months Ended

Mar. 31, 2012

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 LAE and ceded unearned premium (constituting approximately 73.4% of the total recoverable), together with the reinsurance recoverable and collateral as of March 31, 2012, and the reinsurers’ ratings from the indicated rating agency:

	Reinsurance Recoverables
In thousands	Unearned Premium		Paid/Unpaid Losses		Total		Collateral Held  (1)		AMB		S&P
Munich Reinsurance America Inc.		10,301		82,421		92,722		15		A+		AA-
Everest Reinsurance Company		14,229		77,070		91,299		6,875		A+		A+
Swiss Reinsurance America Corporation		5,248		86,241		91,489		5,984		A+		AA-
Transatlantic Reinsurance Company		14,335		74,038		88,373		7,103		A		A+
National Indemnity Company		22,240		38,064		60,304		12,718		A++		AA+
Partner Reinsurance Europe		6,883		31,065		37,948		20,944		A+		A+
Lloyd’s Syndicate #2003		6,344		32,108		38,452		7,052		A		A+
Berkley Insurance Company		1,658		29,647		31,305		423		A+		A+
Allied World Reinsurance		6,934		21,672		28,606		2,776		A		A
General Reinsurance Corporation		743		25,836		26,579		3,708		A++		AA+
Scor Holding (Switzerland) AG		1,696		24,742		26,438		8,527		A		A
Ace Property and Casualty Insurance Company		1,155		21,533		22,688		—		A+		AA-
Sirius America Insurance Company		114		22,373		22,487		279		A		A-
Tower Insurance Company		8,202		13,006		21,208		3,154		A-		NR
Platinum Underwriters Re		673		20,106		20,779		2,305		A		A-
Validus Reinsurance Ltd.		2,654		19,364		22,018		12,075		A		A-
Munchener Ruckversicherungs-Gesellschaft		520		19,913		20,433		6,716		A+		AA-
AXIS Re Europe		4,687		13,835		18,522		5,246		A		A+
Lloyd’s Syndicate #4000		2,000		14,172		16,172		1,828		A		A+
Scor Global P&C SE		7,455		8,381		15,836		3,799		A		A
Top 20 Total	$	118,071	$	675,587	$	793,658	$	111,527
All Others		54,145		232,827		286,972		87,359
Total	$	172,216	$	908,414	$	1,080,630	$	198,886

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