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Note 7 - Reinsurance | 6 Months Ended
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Jun. 30, 2017
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) | 2017 |  | 2016 |  | 2017 |  | 2016
Net premiums written—insurance: |  |  |  |  |  |  |
Direct | $ | 260,647 |  |  | $ | 252,728 |  |  | $ | 500,292 |  |  | $ | 486,654 |
Ceded (1) | (19,340 | ) |  | (20,375 | ) |  | (34,320 | ) |  | (227,991 | )
Net premiums written—insurance | $ | 241,307 |  |  | $ | 232,353 |  |  | $ | 465,972 |  |  | $ | 258,663 |
Net premiums earned—insurance: |  |  |  |  |  |  |
Direct | $ | 243,229 |  |  | $ | 248,938 |  |  | $ | 479,291 |  |  | $ | 489,268 |
Assumed | 7 |  |  | 9 |  |  | 14 |  |  | 18 |
Ceded (1) | (14,140 | ) |  | (19,862 | ) |  | (28,409 | ) |  | (39,251 | )
Net premiums earned—insurance | $ | 229,096 |  |  | $ | 229,085 |  |  | $ | 450,896 |  |  | $ | 450,035 |
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(1) | Net of profit commission.
In 2012, Radian Guaranty entered into the QSR Transactions with a third-party reinsurance provider. Radian Guaranty has ceded the maximum amount permitted under the QSR Transactions; therefore, Radian Guaranty is no longer ceding NIW under these transactions. RIF ceded under the QSR Transactions was $1.4 billion and $1.9 billion as of June 30, 2017 and 2016, respectively. In the first quarter of 2016, in order to proactively manage the risk and return profile of Radian Guaranty’s insured portfolio and manage its position under the PMIERs financial requirements in a cost-effective manner, Radian Guaranty entered into the Single Premium QSR Transaction with a panel of third-party reinsurers. RIF ceded under the Single Premium QSR Transaction was $4.1 billion and $3.5 billion as of June 30, 2017 and 2016, respectively. See Note 8 of Notes to Consolidated Financial Statements in our 2016 Form 10-K for more information about our reinsurance transactions. The following tables show the amounts related to the QSR Transactions and the Single Premium QSR Transaction for the periods indicated:
| QSR Transactions
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2017 |  | 2016 |  | 2017 |  | 2016
Ceded premiums written (1) | $ | 5,059 |  |  | $ | 7,356 |  |  | $ | 10,516 |  |  | $ | 15,318 |
Ceded premiums earned (1) | 7,404 |  |  | 11,172 |  |  | 15,238 |  |  | 22,497 |
Ceding commissions written | 1,446 |  |  | 2,099 |  |  | 3,005 |  |  | 4,369 |
Ceding commissions earned (2) | 3,379 |  |  | 3,779 |  |  | 7,273 |  |  | 8,225 |
Ceded losses, net | (310 | ) |  | 223 |  |  | 260 |  |  | 764 |
| Single Premium QSR Transaction |
| Three Months Ended June 30, |  | Six Months Ended June 30, |
(In thousands) | 2017 |  | 2016 |  | 2017 |  | 2016 |
Ceded premiums written (1) | $ | 13,856 |  |  | $ | 11,488 |  |  | $ | 22,816 |  |  | $ | 209,081 |  | (3)
Ceded premiums earned (1) | 6,311 |  |  | 7,146 |  |  | 12,170 |  |  | 13,140 |  |
Ceding commissions written | 5,134 |  |  | 4,844 |  |  | 8,846 |  |  | 55,776 |  |
Ceding commissions earned (2) | 3,248 |  |  | 3,759 |  |  | 6,185 |  |  | 6,791 |  |
Ceded losses | 464 |  |  | 380 |  |  | 1,037 |  |  | 916 |  |
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(1) | Net of profit commission.
(2) | Includes amounts reported in policy acquisition costs and other operating expenses.
(3) | Includes ceded premiums for policies written in prior periods. See Note 8 of Notes to Consolidated Financial Statements in our 2016 Form 10-K.

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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 -URI http://asc.fasb.org/topic&trid=2303980 + Details
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