Ceded Reinsurance (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018, 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	$	34,809	$	106,334	$	141,143	$	1,547	A+	A+
Swiss Reinsurance America Corporation		13,514		64,457		77,971		4,223	A+	AA-
National Indemnity Company		5,338		61,540		66,878		8,320	A++	AA+
Transatlantic Reinsurance Company		7,597		48,328		55,925		2,541	A+	A+
Munich Reinsurance America Inc.		10,932		41,369		52,301		6,054	A+	AA-
Employers Mutual Casualty Company		16,491		34,445		50,936		18,120	A	NR
Aspen Insurance UK Ltd.		11,801		31,508		43,309		6,446	A	A
Allied World Reinsurance		7,303		30,439		37,742		1,757	A	A-
XL Reinsurance America Inc.		7,240		21,250		28,490		2,761	A+	AA-
Ace Property & Casualty Insurance Company		1,591		24,148		25,739		63	A++	AA
Top 10 Reinsurers	$	116,616	$	463,818	$	580,434	$	51,832
Others		110,107		474,630		584,737		154,085
Total	$	226,723	$	938,448	$	1,165,171	$	205,917

(1) - Net of reserve for uncollectible reinsurance of approximately $13.4 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	2018			2017			2016
Direct	$	1,613,825		$	1,489,422		$	1,403,865
Assumed		299,136			223,843			165,046
Ceded		(441,876	)		(441,935	)		(382,687	)
Net Written Premiums	$	1,471,085		$	1,271,330		$	1,186,224

Summary of Components of Net Earned Premium

The following table summarizes the components of Net Earned Premium:

	Years Ended December 31,
amounts in thousands	2018			2017			2016
Direct	$	1,553,852		$	1,425,582		$	1,330,265
Assumed		256,509			187,609			171,978
Ceded		(447,138	)		(426,771	)		(401,898	)
Net Earned Premiums	$	1,363,223		$	1,186,420		$	1,100,345

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	2018			2017			2016
Direct	$	1,002,358		$	938,640		$	795,414
Assumed		159,989			148,606			87,995
Ceded		(268,568	)		(280,981	)		(217,961	)
Net Losses and LAE	$	893,779		$	806,265		$	665,448