v2.4.0.6

Ceded Reinsurance | 6 Months Ended
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Jun. 30, 2012
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] |
Ceded Reinsurance | CEDED REINSURANCE The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain claims and claim expenses, generally in excess of various retentions or on a proportional basis. In addition to loss recoveries, certain of the Company’s ceded reinsurance contracts provide for recoveries of additional premiums, reinstatement premiums and for lost no-claims bonuses, which are incurred when losses are ceded to other reinsurance contracts. The Company remains liable to the extent that any reinsurance company fails to meet its obligations. The following tables set forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred:
| Three months ended June 30, | 2012 |  | 2011 |
| Premiums written |  |  |  |
| Direct | $ | 11,736 |  |  | $ | 9,309 |  |
| Assumed | 655,600 |  |  | 632,254 |  |
| Ceded | (239,706 | ) |  | (213,568 | ) |
| Net premiums written | $ | 427,630 |  |  | $ | 427,995 |  |
| Premiums earned |  |  |  |
| Direct | $ | 7,950 |  |  | $ | 4,033 |  |
| Assumed | 341,620 |  |  | 306,757 |  |
| Ceded | (105,154 | ) |  | (93,615 | ) |
| Net premiums earned | $ | 244,416 |  |  | $ | 217,175 |  |
| Claims and claim expenses |  |  |  |
| Gross claims and claim expenses incurred | $ | 70,101 |  |  | $ | 164,670 |  |
| Claims and claim expenses recovered | (20,550 | ) |  | (13,409 | ) |
| Net claims and claim expenses incurred | $ | 49,551 |  |  | $ | 151,261 |  |
| Six months ended June 30, | 2012 |  | 2011 |
| Premiums written |  |  |  |
| Direct | $ | 20,199 |  |  | $ | 15,561 |  |
| Assumed | 1,311,288 |  |  | 1,236,507 |  |
| Ceded | (411,282 | ) |  | (371,498 | ) |
| Net premiums written | $ | 920,205 |  |  | $ | 880,570 |  |
| Premiums earned |  |  |  |
| Direct | $ | 15,737 |  |  | $ | 6,515 |  |
| Assumed | 698,906 |  |  | 701,292 |  |
| Ceded | (191,562 | ) |  | (185,091 | ) |
| Net premiums earned | $ | 523,081 |  |  | $ | 522,716 |  |
| Claims and claim expenses |  |  |  |
| Gross claims and claim expenses incurred | $ | 85,383 |  |  | $ | 1,027,993 |  |
| Claims and claim expenses recovered | (20,280 | ) |  | (248,195 | ) |
| Net claims and claim expenses incurred | $ | 65,103 |  |  | $ | 779,798 |  |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6486672&loc=d3e27261-158547 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 55 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6588590&loc=d3e27795-158548 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 03 -Paragraph 13 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 310 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6485557&loc=d3e21549-158491 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 113 -Paragraph 120 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 92-5 -Paragraph 19 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 55 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6588590&loc=d3e27703-158548 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 113 -Paragraph 27 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6486672&loc=d3e27374-158547 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.6,13) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6480758&loc=d3e6811-158387 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 03 -Paragraph 6 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6480758&loc=d3e6816-158387 + Details
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