XML 176 R49.htm IDEA: XBRL DOCUMENT v2.4.1.9
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2014
Reinsurance Disclosures [Abstract]  
Effect of reinsurance
The effect of reinsurance and retrocessional activity on premiums written and earned from property and casualty operations is shown below:
(U.S. dollars in thousands)
Premiums Written
Year Ended December 31,
 
Premiums Earned
Year Ended December 31,
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Direct
$
5,450,868

 
$
5,050,953

 
$
4,733,516

 
$
5,173,403

 
$
4,966,207

 
$
4,604,323

Assumed
2,310,621

 
2,365,839

 
2,441,612

 
2,343,329

 
2,363,261

 
2,393,490

Ceded
(1,994,280
)
 
(1,512,810
)
 
(1,218,109
)
 
(1,799,294
)
 
(1,315,369
)
 
(1,231,835
)
Net
$
5,767,209

 
$
5,903,982

 
$
5,957,019

 
$
5,717,438

 
$
6,014,099

 
$
5,765,978
Analysis of losses, loss expenses and future policy benefit reserves recoverables
The following table presents an analysis of total unpaid losses and loss expenses and future policy benefit reserves recoverable for the year ended December 31:
(U.S. dollars in thousands)
2014
 
2013
P&C Operations
$
3,411,526

 
$
3,414,735

Corporate and Other
17,842

 
20,495

Total unpaid losses and loss expenses recoverable
$
3,429,368

 
$
3,435,230
Ceded credit risk by reinsurer
The following is an analysis of the total recoverable and reinsurance balances receivable, net of collateral held, at December 31, 2014, by reinsurers owing 3% or more of such total:
Name of Reinsurer
Reinsurer Financial Strength Rating
 
% of Total
Munich Reinsurance Co.
AA-/Stable
 
10.5
%
Swiss Reinsurance Co.
AA-/Stable
 
8.8
%
Transatlantic Reinsurance Co.
A+/Stable
 
8.1
%
Swiss Re Europe S.A.
AA-/Stable
 
7.7
%
Arch Reinsurance Co.
A+/Stable
 
6.3
%
Lloyd's Syndicates
A+/Stable
 
5.1
%
AXIS Reinsurance Co.
A+/Stable
 
4.6
%
Ratings profile of reinsurers
The following table sets forth the ratings profile of the reinsurers that support the unpaid loss and loss expense recoverable and reinsurance balances receivable, net of collateral, at December 31, 2014:
Reinsurer Financial Strength Rating
% of Total
AAA
0.1
%
AA
42.0
%
A
50.4
%
BBB
0.4
%
Captives
5.4
%
Other
1.7
%
Total
100.0
%