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Note 8 - Reinsurance | 9 Months Ended
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Sep. 30, 2014
Reinsurance Disclosures [Abstract] |
Reinsurance | Reinsurance The effect of reinsurance on net premiums written and earned is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2014 |  | 2013 |  | 2014 |  | 2013
Net premiums written-insurance: |  |  |  |  |  |  |
Direct | $ | 261,301 |  |  | $ | 268,886 |  |  | $ | 729,261 |  |  | $ | 784,180 |
Assumed | (217 | ) |  | (126 | ) |  | 406 |  |  | (10,729 | )
Ceded | (16,832 | ) |  | (17,918 | ) |  | (49,342 | ) |  | (64,195 | )
Net premiums written-insurance | $ | 244,252 |  |  | $ | 250,842 |  |  | $ | 680,325 |  |  | $ | 709,256 |
Net premiums earned-insurance: |  |  |  |  |  |  |
Direct | $ | 244,160 |  |  | $ | 228,162 |  |  | $ | 696,323 |  |  | $ | 660,687 |
Assumed | 2,062 |  |  | 1,943 |  |  | 6,141 |  |  | 10,573 |
Ceded | (19,066 | ) |  | (18,121 | ) |  | (55,529 | ) |  | (53,564 | )
Net premiums earned-insurance | $ | 227,156 |  |  | $ | 211,984 |  |  | $ | 646,935 |  |  | $ | 617,696 |
Mortgage Insurance We have entered into two separate QSR agreements with a third-party reinsurance provider. As of September 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 QSR Reinsurance Transactions for the periods indicated:
| Initial QSR Transaction
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2014 |  | 2013 |  | 2014 |  | 2013
Ceded premiums written | $ | 4,668 |  |  | $ | 5,551 |  |  | $ | 15,018 |  |  | $ | 17,573 |
Ceded premiums earned | 6,578 |  |  | 7,216 |  |  | 20,188 |  |  | 22,711 |
Ceding commissions written | 1,166 |  |  | 1,388 |  |  | 3,754 |  |  | 4,393 |
| Second QSR Transaction
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2014 |  | 2013 |  | 2014 |  | 2013
Ceded premiums written | $ | 9,082 |  |  | $ | 8,233 |  |  | $ | 24,447 |  |  | $ | 32,253 |
Ceded premiums earned | 7,699 |  |  | 5,099 |  |  | 21,481 |  |  | 12,220 |
Ceding commissions written | 3,179 |  |  | 2,882 |  |  | 8,557 |  |  | 11,289 |
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 expect to continue ceding RIF under this transaction until the end of 2014. We have the option to recapture approximately $750 million of the ceded risk outstanding on December 31, 2014, and an additional portion of the remaining ceded risk outstanding on December 31, 2015. Ceded losses to date under the QSR Reinsurance Transactions have been immaterial.

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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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