Ceded Reinsurance (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, and the reinsurers’ ratings from A.M. Best and S&P:

	Reinsurance Recoverables
	Unearned		Paid/Unpaid				Collateral
amounts in thousands	Premium		Losses ⁽¹⁾		Total		Held		A.M. Best	S&P
Everest Reinsurance Company	$	25,321	$	82,154	$	107,475	$	6,571	A+	A+
National Indemnity Company		7,467		98,759		106,226		3,183	A++	AA+
Swiss Reinsurance America Corporation		22,442		77,199		99,641		6,440	A+	AA-
Transatlantic Reinsurance Company		7,669		53,347		61,016		2,494	A+	A+
Munich Reinsurance America Inc.		8,959		50,612		59,571		3,477	A+	AA-
Allied World Reinsurance		6,319		35,931		42,250		1,575	A	A
Employers Mutual Casualty Company		8,856		32,687		41,543		5,551	A	NR
Aspen Insurance UK Ltd.		11,281		22,737		34,018		5,452	A	A
Ace Property and Casualty Insurance Company		10,192		22,352		32,544		2,722	A++	AA
Partner Reinsurance Europe		6,868		20,681		27,549		25,045	A	A+
Top 10	$	115,374	$	496,459	$	611,833	$	62,510
All Others		98,003		365,399		463,402		89,198
Total	$	213,377	$	861,858	$	1,075,235	$	151,708

(1) - Net of reserve for uncollectible reinsurance of approximately $12.1 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	2016			2015			2014
Direct	$	1,403,865		$	1,277,728		$	1,232,012
Assumed		165,046			175,774			200,341
Ceded		(382,687	)		(409,642	)		(432,215	)
Net written premiums	$	1,186,224		$	1,043,860		$	1,000,138

Summary of Components of Net Earned Premium

The following table summarizes the components of Net earned premium:

	Years Ended December 31,
amounts in thousands	2016			2015			2014
Direct	$	1,330,265		$	1,223,840		$	1,183,120
Assumed		171,978			175,153			193,431
Ceded		(401,898	)		(414,906	)		(440,656	)
Net earned premiums	$	1,100,345		$	984,087		$	935,895

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	2016			2015			2014
Direct	$	795,414		$	703,361		$	657,059
Assumed		87,995			97,947			118,352
Ceded		(217,961	)		(228,710	)		(230,182	)
Net losses and LAE	$	665,448		$	572,598		$	545,229