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Reinsurance (Tables) | 9 Months Ended
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Sep. 30, 2018
Reinsurance Disclosures [Abstract] |
Effect of reinsurance agreement | The effect of all of our reinsurance agreements on premiums earned and losses incurred is shown in table 4.1 below.
| Table | 4.1 |  |  |  |  |  |  |  |
Effect of Reinsurance |  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| (In thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
| Premiums earned: |  |  |  |  |  |  |  |
| Direct |  | $ | 275,044 |  |  | $ | 268,709 |  |  | $ | 808,531 |  |  | $ | 789,317 |
| Assumed |  | 709 |  |  | 312 |  |  | 936 |  |  | 472 |
| Ceded |  | (25,327 | ) |  | (31,938 | ) |  | (79,970 | ) |  | (92,467 | )
| Net premiums earned |  | $ | 250,426 |  |  | $ | 237,083 |  |  | $ | 729,497 |  |  | $ | 697,322 |
| Losses incurred: |  |  |  |  |  |  |  |
| Direct |  | $ | (2,081 | ) |  | $ | 35,313 |  |  | $ | 12,642 |  |  | $ | 99,122 |
| Assumed |  | 55 |  |  | (97 | ) |  | 45 |  |  | 69 |
| Ceded |  | 508 |  |  | (5,469 | ) |  | (3,810 | ) |  | (14,486 | )
| Losses incurred, net |  | $ | (1,518 | ) |  | $ | 29,747 |  |  | $ | 8,877 |  |  | $ | 84,705 |
Effect of quota share reinsurance agreements on premiums earned and losses incurred | Table 4.2 below presents a summary of our quota share reinsurance agreements, excluding captive agreements (which were immaterial), for the three and nine months ended September 30, 2018 and 2017.
| Table | 4.2 |  |  |  |  |  |  |  |
Quota share reinsurance |  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
| Ceded premiums written and earned, net of profit commission (1) |  | $ | 25,248 |  |  | $ | 30,880 |  |  | $ | 79,716 |  |  | $ | 88,692 |
| Ceded losses incurred |  | (522 | ) |  | 5,879 |  |  | 3,531 |  |  | 14,990 |
| Ceding commissions (2) |  | 12,983 |  |  | 12,500 |  |  | 38,268 |  |  | 36,751 |
| Profit commission |  | 39,664 |  |  | 31,621 |  |  | 111,622 |  |  | 95,063 |
(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 quota share 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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