Ceded Reinsurance (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017, 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		29,333		90,005		119,338		9,564	A+	A+
Swiss Reinsurance America Corporation		18,987		71,062		90,049		8,069	A+	AA-
National Indemnity Company		5,770		61,413		67,183		5,423	A++	AA+
Transatlantic Reinsurance Company		8,587		50,487		59,074		2,588	A+	A+
Munich Reinsurance America Inc.		10,991		46,751		57,742		5,171	A+	AA-
Allied World Reinsurance		6,511		32,422		38,933		1,637	A	A-
Aspen Insurance UK Ltd.		8,921		29,093		38,014		8,775	A	A
Employers Mutual Casualty Company		12,096		22,509		34,605		11,172	A	NR
Scor Global P&C SE		5,938		25,228		31,166		6,393	A+	AA-
Partner Reinsurance Europe		5,257		25,472		30,729		11,408	A	A+
Top 10 Reinsurers		112,391		454,442		566,833		70,200
Others		116,178		427,817		543,995		110,464
Total		228,569		882,259		1,110,828		180,664

(1) - Net of reserve for uncollectible reinsurance of approximately $12.6 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	2017			2016			2015
Direct	$	1,489,422		$	1,403,865		$	1,277,728
Assumed		223,843			165,046			175,774
Ceded		(441,935	)		(382,687	)		(409,642	)
Net Written Premiums	$	1,271,330		$	1,186,224		$	1,043,860

Summary of Components of Net Earned Premium

The following table summarizes the components of Net Earned Premium:

	Years Ended December 31,
amounts in thousands	2017			2016			2015
Direct	$	1,425,582		$	1,330,265		$	1,223,840
Assumed		187,609			171,978			175,153
Ceded		(426,771	)		(401,898	)		(414,906	)
Net Earned Premiums	$	1,186,420		$	1,100,345		$	984,087

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	2017			2016			2015
Direct	$	938,640		$	795,414		$	703,361
Assumed		148,606			87,995			97,947
Ceded		(280,981	)		(217,961	)		(228,710	)
Net Losses and LAE	$	806,265		$	665,448		$	572,598