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Reinsurance
 6 Months Ended
Jun. 30, 2014
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]  
Reinsurance
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, for 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 table sets 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,
 
Six months ended June 30,
 
 
 
2014
 
2013
 
2014
 
2013
 
 
Premiums written
 
 
 
 
 
 
 
 
 
Direct
$
19,707

 
$
16,333

 
$
33,562

 
$
26,650

 
 
Assumed
491,833

 
686,890

 
1,183,238

 
1,311,991

 
 
Ceded
(165,133
)
 
(144,114
)
 
(420,046
)
 
(342,719
)
 
 
Net premiums written
$
346,407

 
$
559,109

 
$
796,754

 
$
995,922

 
 
Premiums earned
 
 
 
 
 
 
 
 
 
Direct
$
14,949

 
$
10,789

 
$
29,178

 
$
20,662

 
 
Assumed
350,389

 
380,626

 
735,987

 
747,479

 
 
Ceded
(104,922
)
 
(99,526
)
 
(218,215
)
 
(204,997
)
 
 
Net premiums earned
$
260,416

 
$
291,889

 
$
546,950

 
$
563,144

 
 
Claims and claim expenses
 
 
 
 
 
 
 
 
 
Gross claims and claim expenses incurred
$
97,064

 
$
116,995

 
$
165,214

 
$
150,993

 
 
Claims and claim expenses recovered
(15,676
)
 
(13,033
)
 
(24,911
)
 
(19,780
)
 
 
Net claims and claim expenses incurred
$
81,388

 
$
103,962

 
$
140,303

 
$
131,213