The following table lists the Company’s 20 largest reinsurers measured by the amount of reinsurance recoverable for ceded losses and loss adjustment expenses (“LAE”) and ceded unearned premium (constituting 76.3% of the total recoverable), together with the reinsurance recoverable and collateral as of September 30, 2013, and the reinsurers’ ratings from A.M. Best Company (“A.M. Best”) and Standard & Poor’s (“S&P”):


	Reinsurance Recoverables
In thousands	Unearned Premium		Paid/Unpaid Losses		Total ⁽¹⁾		Collateral Held ⁽²⁾		A.M. Best		S&P
National Indemnity Company	$	56,161	$	73,815	$	129,976	$	37,385		A++		AA+
Transatlantic Reinsurance Company		21,964		70,838		92,802		10,052		A		A+
Everest Reinsurance Company		22,082		64,313		86,395		9,115		A+		A+
Swiss Reinsurance America Corporation		6,094		76,895		82,989		8,638		A+		AA-
Munich Reinsurance America Inc.		6,307		70,676		76,983		4,440		A+		AA-
Partner Reinsurance Europe		11,141		40,623		51,764		18,715		A+		A+
Lloyd’s Syndicate #2003		8,493		37,427		45,920		10,568		A		A+
Allied World Reinsurance		14,006		28,718		42,724		4,724		A		A
Scor Global P&C SE		12,212		25,127		37,339		11,826		A		A+
Tower Insurance Company		13,271		16,002		29,273		8,305		B++		NR
Validus Reinsurance Ltd.		2,576		21,140		23,716		12,756		A		A
Employers Mutual Casualty Company		11,257		6,746		18,003		11,050		A		NR
Atlantic Specialty Insurance		8,626		8,406		17,032		2,560		A		A-
QBE Reinsurance Corp		6,959		9,559		16,518		2,416		A		A+
Scor Holding (Switzerland) AG		675		14,050		14,725		4,927		A		A+
Berkley Insurance Company		1,787		12,797		14,584		519		A+		A+
Lloyd’s Syndicate #4000		345		13,930		14,275		305		A		A+
AXIS Re Europe		4,750		9,511		14,261		4,486		A+		A+
Lloyd’s Syndicate #1955		2,459		10,931		13,390		2,397		A		A+
Platinum Underwriters Re		259		12,700		12,959		1,692		A		A-

Top 20 Reinsurers	$	211,424	$	624,204	$	835,628	$	166,876
Others		42,011		217,040		259,051		73,700

Total	$	253,435	$	841,244	$	1,094,679	$	240,576

(1) -

Net of reserve for uncollectible reinsurance of approximately $11.3 million.

(2) -

Collateral of $240.6 million consists of $180.6 million in ceded balances payable, $57.2 million in letters of credit, and $2.8 million of other balances held by the Company’s Insurance Companies and Lloyd’s Operations.