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Reinsurance | 12 Months Ended
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Dec. 31, 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:
| Year ended December 31, | 2014 |  | 2013 |  | 2012 |
| Premiums written |  |  |  |  |  |
| Direct | $ | 76,511 |  |  | $ | 54,334 |  |  | $ | 36,367 |  |
| Assumed | 1,474,061 |  |  | 1,551,078 |  |  | 1,515,224 |  |
| Ceded | (482,336 | ) |  | (401,465 | ) |  | (448,934 | ) |
| Net premiums written | $ | 1,068,236 |  |  | $ | 1,203,947 |  |  | $ | 1,102,657 |  |
| Premiums earned |  |  |  |  |  |
| Direct | $ | 66,027 |  |  | $ | 44,530 |  |  | $ | 34,028 |  |
| Assumed | 1,450,047 |  |  | 1,482,511 |  |  | 1,465,701 |  |
| Ceded | (453,658 | ) |  | (412,415 | ) |  | (430,374 | ) |
| Net premiums earned | $ | 1,062,416 |  |  | $ | 1,114,626 |  |  | $ | 1,069,355 |  |
| Claims and claim expenses |  |  |  |  |  |
| Gross claims and claim expenses incurred | $ | 228,581 |  |  | $ | 185,139 |  |  | $ | 403,491 |  |
| Claims and claim expenses recovered | (30,634 | ) |  | (13,852 | ) |  | (78,280 | ) |
| Net claims and claim expenses incurred | $ | 197,947 |  |  | $ | 171,287 |  |  | $ | 325,211 |  |
The reinsurers with the three largest balances accounted for 35.4%, 14.9% and 7.0%, respectively, of the Company’s reinsurance recoverable balance at December 31, 2014 (2013 - 28.2%, 19.9% and 11.0%, respectively). The valuation allowance recorded against reinsurance recoverable was $1.0 million at December 31, 2014 (2013 - $1.7 million). The three largest company-specific components of the valuation allowance represented 17.9%, 4.0% and 2.9%, respectively, of the Company’s total valuation allowance at December 31, 2014 (2013 - 14.2%, 12.5% and 3.1%, respectively).

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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 310 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6485557&loc=d3e21549-158491 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 7 Reference 3: 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 4: 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 5: 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 6: 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 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 6 -Article 7 Reference 8: 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 9: 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=34714010&loc=d3e27795-158548 Reference 10: 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=34714010&loc=d3e27703-158548 + Details
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