Ceded Reinsurance (Tables)

12 Months Ended

Dec. 31, 2015

Lists of 10 Largest Reinsurers Measured by Reinsurance Recoverable

The following table lists our Company’s 10 largest reinsurers measured by the amount of total reinsurance recoverables as of December 31, 2015, and the reinsurers’ ratings from A.M. Best and S&P:

	Reinsurance Recoverables
	Unearned		Paid/Unpaid				Collateral
amounts in thousands	Premium		Losses		Total ⁽¹⁾		Held		A.M. Best	S&P
National Indemnity Company	$	14,854	$	118,337	$	133,191	$	7,198	A++	AA+
Everest Reinsurance Company		21,097		77,702		98,799		3,933	A+	A+
Swiss Reinsurance America Corporation		25,564		63,081		88,645		7,814	A+	AA-
Transatlantic Reinsurance Company		9,267		62,402		71,669		1,783	A	A+
Munich Reinsurance America Inc.		9,051		51,795		60,846		1,577	A+	AA-
Allied World Reinsurance		7,177		38,343		45,520		1,012	A	A
Employers Mutual Casualty Company		10,775		28,321		39,096		4,015	A	NR
Ace Property and Casualty Insurance Company		12,577		21,470		34,047		3,284	A++	AA
Partner Reinsurance Europe		11,231		21,728		32,959		17,619	A	A+
National Union Fire Ins.		7,478		22,288		29,766		5,717	A	A+
Top 10	$	129,071	$	505,467	$	634,538	$	53,952
Others		103,517		353,557		457,074		105,618
Total	$	232,588	$	859,024	$	1,091,612	$	159,570

(1) - Net of reserve for uncollectible reinsurance of approximately $6.9 million.

Summary of Components of Net Written Premium

The following table summarizes the components of Net written premium:

	Years Ended December 31,
amounts in thousands	2015			2014			2013
Direct	$	1,277,728		$	1,232,012		$	1,177,483
Assumed		175,774			200,341			193,034
Ceded		(409,642	)		(432,215	)		(482,595	)
Net written premiums	$	1,043,860		$	1,000,138		$	887,922

Summary of Components of Net Earned Premium

The following table summarizes the components of Net earned premium:

	Years Ended December 31,
amounts in thousands	2015			2014			2013
Direct	$	1,223,840		$	1,183,120		$	1,121,198
Assumed		175,153			193,431			176,726
Ceded		(414,906	)		(440,656	)		(455,985	)
Net earned premiums	$	984,087		$	935,895		$	841,939

Summary of Components of Net Losses and Loss Adjustment Expenses Incurred

The following table summarizes the components of Net losses and LAE incurred:

	Years Ended December 31,
amounts in thousands	2015			2014			2013
Direct	$	703,361		$	657,059		$	574,020
Assumed		97,947			118,352			133,674
Ceded		(228,710	)		(230,182	)		(188,733	)
Net losses and LAE	$	572,598		$	545,229		$	518,961