Reinsurance (Tables)

12 Months Ended

Dec. 31, 2016

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,
(U.S. dollars in thousands)	2016			2015			2014			2016			2015			2014
Direct	$	9,166,627		$	7,847,236		$	5,450,868		$	9,142,690		$	7,717,173		$	5,173,403
Assumed	4,458,981			2,821,771			2,310,621			4,074,817			3,465,421			2,343,329
Ceded	(3,394,972		)	(2,780,183		)	(1,994,280		)	(3,451,620		)	(3,018,410		)	(1,799,294		)
Net	$	10,230,636		$	7,888,824		$	5,767,209		$	9,765,887		$	8,164,184		$	5,717,438

Analysis of losses, loss expenses and future policy benefit reserves recoverables

The following table presents an analysis of total unpaid losses and loss expenses recoverable for the years ended December 31:



(U.S. dollars in thousands)	2016		2015
P&C Operations	$	5,480,300	$	5,248,905
Corporate and Other	10,997		13,801
Total unpaid losses and loss expenses recoverable	$	5,491,297	$	5,262,706

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, 2016, by reinsurers owing 3% or more of such total:



Name of Reinsurer	Reinsurer Financial Strength Rating	% of Total
Munich Reinsurance Co.	AA-/Stable	25.6	%
Lloyd's Syndicates	A+/Stable	15.9	%
Swiss Reinsurance Co.	AA-/Stable	7.2	%
Transatlantic Reinsurance Company	A+/Stable	4.1	%
Arch Reinsurance Company	A+/Negative	3.7	%
AXIS Reinsurance Co.	A+/Stable	3.0	%

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, 2016:



Reinsurer Financial Strength Rating	% of Total
AAA	2.8	%
AA	44.5	%
A	48.1	%
BBB	0.6	%
BB and below	0.6	%
Captives	3.3	%
Not Rated	0.1	%
Total	100.0	%