| Effect Of Reinsurance On Premiums Written And Earned |
The following tables summarize the effect of reinsurance on premiums written and earned.
| | | | | | | | | | | | | | | | | | Quarter Ended September 30, | (dollars in thousands) | 2012 | | 2011 | | Written | | Earned | | Written | | Earned | Direct | $ | 519,408 |
| | $ | 505,514 |
| | $ | 501,687 |
| | $ | 475,578 |
| Assumed | 91,425 |
| | 94,822 |
| | 82,948 |
| | 86,134 |
| Ceded | (71,209 | ) | | (69,799 | ) | | (59,957 | ) | | (52,509 | ) | Net premiums | $ | 539,624 |
| | $ | 530,537 |
| | $ | 524,678 |
| | $ | 509,203 |
|
| | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | (dollars in thousands) | 2012 | | 2011 | | Written | | Earned | | Written | | Earned | Direct | $ | 1,568,092 |
| | $ | 1,505,710 |
| | $ | 1,482,903 |
| | $ | 1,383,678 |
| Assumed | 338,281 |
| | 269,771 |
| | 289,708 |
| | 254,907 |
| Ceded | (218,969 | ) | | (202,292 | ) | | (198,233 | ) | | (176,070 | ) | Net premiums | $ | 1,687,404 |
| | $ | 1,573,189 |
| | $ | 1,574,378 |
| | $ | 1,462,515 |
|
|