v2.4.0.6
Reinsurance
 9 Months Ended
Sep. 30, 2012
Reinsurance Disclosures [Abstract]  
Reinsurance
Reinsurance

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



Incurred losses and loss adjustment expenses were net of reinsurance recoverables (ceded incurred losses and loss adjustment expenses) of $15.3 million and $42.9 million, respectively, for the quarters ended September 30, 2012 and 2011 and $79.6 million and $136.7 million, respectively, for the nine months ended September 30, 2012 and 2011.