v2.3.0.15
Reinsurance
9 Months Ended
Sep. 30, 2011
Reinsurance [Abstract] 
Reinsurance

3. Reinsurance

The following tables summarize the effect of reinsurance on premiums written and earned.

 

     Quarter Ended September 30,  

(dollars in thousands)

    2011     2010  
     Written     Earned     Written     Earned  

Direct

    $    501,687      $    475,578      $    444,099      $    418,888   

Assumed

      82,948        86,134        77,492        63,890   

Ceded

      (59,957 )      (52,509 )      (54,436 )      (47,423 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net premiums

    $ 524,678      $ 509,203      $ 467,155      $ 435,355   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

     Nine Months Ended September 30,  

(dollars in thousands)

    2011     2010  
     Written     Earned     Written     Earned  

Direct

    $ 1,482,903      $ 1,383,678      $ 1,301,792      $ 1,238,911   

Assumed

      289,708        254,907        226,337        173,287   

Ceded

      (198,233 )      (176,070 )      (160,243 )      (148,020 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net premiums

    $ 1,574,378      $ 1,462,515      $ 1,367,886      $ 1,264,178   
  

 

 

    

 

 

    

 

 

    

 

 

  

Incurred losses and loss adjustment expenses were net of reinsurance recoverables (ceded incurred losses and loss adjustment expenses) of $42.9 million and $24.1 million, respectively, for the quarters ended September 30, 2011 and 2010 and $136.7 million and $87.9 million, respectively, for the nine months ended September 30, 2011 and 2010. The nine months ended September 30, 2011 included $38.4 million of estimated reinsurance recoverables related to losses on natural catastrophes and $26.4 million of estimated reinsurance recoverables related to two large losses in the Marine and Energy division of the London Insurance Market segment. The nine months ended September 30, 2010 included $43.2 million of estimated reinsurance recoverables related to the Deepwater Horizon drilling rig explosion.