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Reinsurance (Tables) | 9 Months Ended
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Sep. 30, 2016
Reinsurance Disclosures [Abstract] |
Effect of all reinsurance agreements on premiums earned and losses incurred | The reinsurance agreements we have entered into are discussed below. The effect of all of our reinsurance agreements on premiums earned and losses incurred is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Premiums earned: |  |  |  |  |  |  |  |
Direct |  | $ | 270,718 |  |  | $ | 252,951 |  |  | $ | 789,671 |  |  | $ | 738,870 |
Assumed |  | 152 |  |  | 285 |  |  | 542 |  |  | 931 |
Ceded |  | (33,494 | ) |  | (14,002 | ) |  | (100,040 | ) |  | (69,771 | )
Net premiums earned |  | $ | 237,376 |  |  | $ | 239,234 |  |  | $ | 690,173 |  |  | $ | 670,030 |
Losses incurred: |  |  |  |  |  |  |  |
Direct |  | $ | 69,579 |  |  | $ | 81,699 |  |  | $ | 216,874 |  |  | $ | 265,445 |
Assumed |  | 241 |  |  | 425 |  |  | 681 |  |  | 1,191 |
Ceded |  | (8,923 | ) |  | (5,666 | ) |  | (25,056 | ) |  | (18,155 | )
Net losses incurred |  | $ | 60,897 |  |  | $ | 76,458 |  |  | $ | 192,499 |  |  | $ | 248,481 |
Effect of reinsurance agreement | Following is a summary of our quota share reinsurance agreements, excluding captive agreements, for the three and nine months ended September 30, 2016 and 2015.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2016 |  | 2015 |  | 2016 |  | 2015
2013 QSR Transaction |  |  |  |  |  |  |  |
Ceded premiums written, net of profit commission |  | n/a |  |  | $ | (69,410 | ) |  | n/a |  |  | $ | (11,355 | )
Ceded premiums earned, net of profit commission |  | n/a |  |  | (11,568 | ) |  | n/a |  |  | 35,999 |
Ceded losses incurred |  | n/a |  |  | — |  |  | n/a |  |  | 6,060 |
Ceding commissions (1) |  | n/a |  |  | (11,568 | ) |  | n/a |  |  | 10,235 |
Profit commission |  | n/a |  |  | 11,568 |  |  | n/a |  |  | 62,525 |
2015 QSR Transaction (Effective July 1, 2015)
Ceded premiums written, net of profit commission (2) |  | 31,707 |  |  | 22,626 |  |  | 93,334 |  |  | 22,626 |
Ceded premiums earned, net of profit commission (2) |  | 31,707 |  |  | 22,626 |  |  | 93,334 |  |  | 22,626 |
Ceded losses incurred |  | 7,432 |  |  | 4,236 |  |  | 22,015 |  |  | 4,236 |
Ceding commissions (1) |  | 12,137 |  |  | 9,195 |  |  | 35,659 |  |  | 9,195 |
Profit commission |  | 28,981 |  |  | 23,347 |  |  | 84,963 |  |  | 23,347 |
(1) | Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations.
(2) | Effective July 1, 2015 premiums are ceded on an earned and received basis as defined in our 2015 QSR Transaction.

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- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + 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 + Details
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