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Note 8 - Reinsurance
 6 Months Ended
Jun. 30, 2014
Reinsurance Disclosures [Abstract]  
Reinsurance
Reinsurance
The effect of reinsurance on net premiums written and earned is as follows:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
2014
 
2013
 
2014
 
2013
Net premiums written-insurance:
 
 
 
 
 
 
 
Direct
$
238,638

 
$
269,827

 
$
467,960

 
$
515,294

Assumed
150

 
(206
)
 
623

 
(10,603
)
Ceded
(16,421
)
 
(18,392
)
 
(32,510
)
 
(46,277
)
Net premiums written-insurance
$
222,367

 
$
251,229

 
$
436,073

 
$
458,414

Net premiums earned-insurance:
 
 
 
 
 
 
 
Direct
$
230,204

 
$
224,585

 
$
452,163

 
$
432,525

Assumed
1,932

 
6,419

 
4,079

 
8,630

Ceded
(18,022
)
 
(17,880
)
 
(36,463
)
 
(35,443
)
Net premiums earned-insurance
$
214,114

 
$
213,124

 
$
419,779

 
$
405,712

Mortgage Insurance
We have entered into two separate quota share reinsurance (“QSR”) agreements with a third-party reinsurance provider (the “Initial QSR Transaction,” and the “Second QSR Transaction,” collectively, the “Reinsurance Transactions”). As of June 30, 2014, RIF ceded under the Initial QSR Transaction and the Second QSR Transaction was $1.2 billion and $1.5 billion, respectively.
The following tables show the amounts related to the Reinsurance Transactions for the periods indicated:
 
Initial QSR Transaction
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
2014
 
2013
 
2014
 
2013
Ceded premiums written
$
5,046

 
$
5,900

 
$
10,350

 
$
12,022

Ceded premiums earned
6,803

 
7,662

 
13,610

 
15,495

Ceding commissions written
1,262

 
1,475

 
2,588

 
3,005

 
Second QSR Transaction
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
2014
 
2013
 
2014
 
2013
Ceded premiums written
$
8,072

 
$
7,580

 
$
15,365

 
$
24,020

Ceded premiums earned
7,197

 
4,283

 
13,782

 
7,121

Ceding commissions written
2,825

 
2,653

 
5,378

 
8,407


We ceded the maximum amount permitted under the Initial QSR Transaction (up to $1.6 billion of ceded RIF), and therefore, are no longer ceding NIW under this transaction. We are currently ceding additional NIW under the Second QSR Transaction, and we intend to continue doing so until our ceded RIF under this transaction reaches approximately $1.6 billion. Ceded losses to date under the Reinsurance Transactions have been immaterial.