Reinsurance Ceded (Tables)

9 Months Ended

Sep. 30, 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 73.9% of the total recoverable), together with the reinsurance recoverable and collateral as of September 30, 2012, and the reinsurers’ ratings from the A.M. Best Company (“AMB”) or Standard & Poor’s (“S&P”):

	Reinsurance Recoverables
In thousands	Unearned Premium		Paid/Unpaid Losses		Total		Collateral Held(1)		AMB	S&P
Swiss Reinsurance America Corporation	$	5,017	$	91,035	$	96,052	$	7,152	A+	AA-
Munich Reinsurance America Inc.		10,356		85,215		95,571		1,235	A+	AA-
Transatlantic Reinsurance Company		17,445		72,832		90,277		12,848	A	A+
Everest Reinsurance Company		18,256		71,308		89,564		8,209	A+	A+
National Indemnity Company		41,244		34,388		75,632		22,746	A++	AA+
Partner Reinsurance Europe		10,053		36,191		46,244		19,814	A+	A+
Lloyd’s Syndicate #2003		8,622		33,044		41,666		10,232	A	A+
Allied World Reinsurance		9,500		20,987		30,487		4,085	A	A
Berkley Insurance Company		1,795		26,003		27,798		3,147	A+	A+
Tower Insurance Company		10,844		15,038		25,882		4,129	A-	NR
General Reinsurance Corporation		590		25,129		25,719		1,006	A++	AA+
Scor Global P&C SE		13,158		12,287		25,445		7,452	A	A+
Ace Property and Casualty Insurance Company		971		20,919		21,890		-	A+	AA-
Validus Reinsurance Ltd.		2,866		18,706		21,572		9,490	A	A
Scor Holding (Switzerland) AG		1,128		17,177		18,305		4,254	A	A+
Sirius America Insurance Company		75		18,086		18,161		2,455	A	A-
Platinum Underwriters Re		472		17,488		17,960		1,552	A	A-
Lloyd’s Syndicate #4000		2,657		14,177		16,834		2,254	A	A+
Munchener Ruckversicherungs-Gesellschaft		387		14,331		14,718		6,115	A+	AA-
AXIS Re Europe		3,563		10,904		14,467		2,083	A	A+
Top 20 Total	$	158,999	$	655,245	$	814,244	$	130,258
All Others		65,852		221,178		287,030		106,826
Total	$	224,851	$	876,423	$	1,101,274	$	237,084

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