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Reinsurance (Tables) | 3 Months Ended
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Mar. 31, 2017
Reinsurance Disclosures [Abstract] |
Effect of reinsurance agreement | 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 March 31,
(In thousands) |  | 2017 |  | 2016
Premiums earned: |  |  |  |
Direct |  | $ | 259,428 |  |  | $ | 255,387 |
Assumed |  | 98 |  |  | 208 |
Ceded |  | (30,423 | ) |  | (34,254 | )
Net premiums earned |  | $ | 229,103 |  |  | $ | 221,341 |
Losses incurred: |  |  |  |
Direct |  | $ | 32,413 |  |  | $ | 92,432 |
Assumed |  | 105 |  |  | 101 |
Ceded |  | (4,899 | ) |  | (7,521 | )
Net losses incurred |  | $ | 27,619 |  |  | $ | 85,012 |
Effect of all reinsurance agreements on premiums earned and losses incurred | Following is a summary of our quota share reinsurance agreements, excluding captive agreements discussed below, for the three months ended March 31, 2017 and 2016.
|  | Three Months Ended March 31,
(In thousands) |  | 2017 |  | 2016
Ceded premiums written and earned, net of profit commission (1) |  | 28,895 |  |  | 31,666 |
Ceded losses incurred |  | 4,687 |  |  | 8,513 |
Ceding commissions (2) |  | 12,003 |  |  | 11,576 |
Profit commission |  | 31,117 |  |  | 26,215 |
(1) | Under our QSR Transactions, premiums are ceded on an earned and received basis as defined in the agreements.
(2) | Ceding commissions are reported within Other underwriting and operating expenses, net on the consolidated statements of operations.

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- Definition Tabular disclosure of the effect of reinsurance agreements on premiums earned and losses incurred. + References No definition available. + Details
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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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