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Reinsurance | 12 Months Ended
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Dec. 31, 2019
Reinsurance [Abstract] |
Reinsurance | 11. REINSURANCE The Company utilizes reinsurance agreements to reduce its exposure to large claims and catastrophic loss occurrences. These agreements provide for recovery from reinsurers of a portion of losses and LAE under certain circumstances without relieving the Company of its underlying obligations to the policyholders. Losses and LAE incurred and premiums earned are reported after deduction for reinsurance. In the event that one or more of the reinsurers were unable to meet their obligations under these reinsurance agreements, the Company would not realize the full value of the reinsurance recoverable balances. The Company may hold partial collateral, including letters of credit and funds held, under these agreements. See also Note 1C, Note 3 and Note 8. Premiums written and earned and incurred losses and LAE are comprised of the following for the periods indicated:
| Years Ended December 31,
(Dollars in thousands) | 2019 |  | 2018 |  | 2017
Written premiums: |  |  |  |  |  |  |  |
Direct | $ | 2,783,036 |  | $ | 2,240,951 |  | $ | 2,083,555
Assumed |  | 6,350,328 |  |  | 6,234,203 |  |  | 5,090,367
Ceded |  | (1,308,940) |  |  | (1,060,726) |  |  | (929,261)
Net written premiums | $ | 7,824,424 |  | $ | 7,414,428 |  | $ | 6,244,661
Premiums earned: |  |  |  |  |  |  |  |
Direct | $ | 2,551,662 |  | $ | 2,129,320 |  | $ | 1,825,705
Assumed |  | 6,059,222 |  |  | 5,807,332 |  |  | 4,945,522
Ceded |  | (1,207,198) |  |  | (1,004,953) |  |  | (833,387)
Net premiums earned | $ | 7,403,686 |  | $ | 6,931,699 |  | $ | 5,937,840
Incurred losses and LAE: |  |  |  |  |  |  |  |
Direct | $ | 1,618,686 |  | $ | 1,372,589 |  | $ | 1,311,682
Assumed |  | 3,923,298 |  |  | 5,046,947 |  |  | 3,909,816
Ceded |  | (619,086) |  |  | (768,133) |  |  | (698,917)
Net incurred losses and LAE | $ | 4,922,898 |  | $ | 5,651,403 |  | $ | 4,522,581

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- Definition The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI http://asc.fasb.org/topic&trid=2303980 + Details
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