REINSURANCE (Tables) - 10K

12 Months Ended

Dec. 31, 2014

REINSURANCE

Schedule of premiums written and earned along with losses and settlement expenses incurred

(in thousands)	2014		2013		2012
WRITTEN
Direct	$	787,267	$	770,142	$	709,107
Reinsurance assumed		76,581		73,053		75,692
Reinsurance ceded		(160,696)		(176,873)		(191,713)
Net	$	703,152	$	666,322	$	593,086
EARNED
Direct	$	781,640	$	741,569	$	679,124
Reinsurance assumed		72,878		78,891		77,597
Reinsurance ceded		(167,143)		(189,658)		(180,150)
Net	$	687,375	$	630,802	$	576,571
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	315,226	$	279,358	$	282,859
Reinsurance assumed		61,923		72,508		69,830
Reinsurance ceded		(80,540)		(92,065)		(81,044)
Net	$	296,609	$	259,801	$	271,645

Schedule of net reinsurance balances recoverable, after consideration of collateral, from top 10 reinsurers

			Net Reinsurer				Ceded
	A.M. Best	S & P	Exposure as of		Percent of		Premiums		Percent of
(dollars in thousands)	Rating	Rating	12/31/2014		Total		Written		Total
Munich Re America / HSB	A+, Superior	AA-, Very Strong	$	64,374	18.1	%	$	21,080	13.1	%
Endurance Re	A, Excellent	A, Strong		57,860	16.3	%		13,761	8.6	%
Aspen UK Ltd.	A, Excellent	A, Strong		35,095	9.9	%		8,073	5.0	%
Swiss Re / Westport Ins. Corp.	A+, Superior	AA-, Very Strong		25,736	7.2	%		8,162	5.1	%
Transatlantic Re	A, Excellent	A+, Strong		25,599	7.2	%		9,605	6.0	%
Berkley Insurance Co.	A+, Superior	A+, Strong		22,611	6.4	%		6,255	3.9	%
Allied World Re - US	A, Excellent	A, Strong		15,788	4.4	%		4,061	2.5	%
Axis Re	A+, Superior	A+, Strong		15,557	4.4	%		5,059	3.1	%
General Re	A++, Superior	AA+, Very Strong		11,474	3.2	%		2,630	1.6	%
Toa-Re	A+, Superior	A+, Strong		11,070	3.1	%		3,074	1.9	%
All other reinsurers*				70,331	19.8	%		78,936	49.2	%
Total ceded exposure			$	355,495	100.0	%	$	160,696	100.0	%

*All other reinsurance balances recoverable, when considered by individual reinsurer, are less than 2 percent of shareholders’ equity.