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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2012
Reinsurance Disclosures [Abstract] |
Total Reinsurance Balances Segregated By Reinsurer |
|  | As of December 31, 2012 |  | As of December 31, 2011
($ in thousands) |  | Reinsurance Balances |  | % of Net Unsecured Reinsurance |  | Reinsurance Balances |  | % of Net Unsecured Reinsurance
Total reinsurance recoverables |  | $ | 1,421,109 |  |  |  |  |  | $ | 561,855 |  |  |
Total prepaid reinsurance premiums |  | 132,637 |  |  |  |  |  | 147,686 |  |  |
Less: collateral 1 |  | (139,335 | ) |  |  |  |  | (146,364 | ) |  |
Net unsecured reinsurance balances |  | 1,414,411 |  |  |  |  |  | 563,177 |  |  |
Federal and state pools 2: |  |  |  |  |  |  |  |  |  |  |
National Flood Insurance Program (“NFIP”) |  | 1,028,685 |  |  | 73 |  |  | 267,600 |  |  | 48
NJ Unsatisfied Claim Judgment Fund |  | 68,655 |  |  | 5 |  |  | 69,179 |  |  | 12
Other |  | 5,749 |  |  | — |  |  | 4,235 |  |  | 1
Total federal and state pools |  | 1,103,089 |  |  | 78 |  |  | 341,014 |  |  | 61
Remaining unsecured reinsurance |  | 311,322 |  |  | 22 |  |  | 222,163 |  |  | 39
Munich Re Group (A.M. Best rated “A+”) |  | 66,283 |  |  | 5 |  |  | 42,064 |  |  | 7
Hannover Ruckversicherungs AG (A.M. Best rated “A+”) |  | 60,358 |  |  | 4 |  |  | 50,718 |  |  | 9
Swiss Re Group (A.M. Best rated “A+”) |  | 52,189 |  |  | 4 |  |  | 30,330 |  |  | 5
AXIS Reinsurance Company (A.M. Best rated “A”) |  | 35,064 |  |  | 3 |  |  | 26,172 |  |  | 5
Partner Reinsurance Company of the U.S.(A.M. Best rated “A+”) |  | 20,074 |  |  | 1 |  |  | 19,105 |  |  | 3
All other reinsurers |  | 77,354 |  |  | 5 |  |  | 53,774 |  |  | 10
Total |  | $ | 311,322 |  |  | 22 | % |  | $ | 222,163 |  |  | 39
1 Includes letters of credit, trust funds, and funds withheld. 2 Considered to have minimal risk of default. Note: Some amounts may not foot due to rounding.
List of Direct, Assumed, and Ceded Reinsurance Amounts |
($ in thousands) |  | 2012 |  | 2011 |  | 2010
Premiums written: |  |  |  |  |  |  |  |  |
Direct |  | $ | 1,955,667 |  |  | 1,725,393 |  |  | 1,634,415 |
Assumed |  | 50,938 |  |  | 51,515 |  |  | 25,254 |
Ceded |  | (339,722 | ) |  | (291,559 | ) |  | (269,128 | )
Net |  | $ | 1,666,883 |  |  | 1,485,349 |  |  | 1,390,541 |
Premiums earned: |  |  |  |  |  |  |  |  |
Direct |  | $ | 1,873,007 |  |  | 1,693,021 |  |  | 1,654,301 |
Assumed |  | 65,884 |  |  | 29,011 |  |  | 26,619 |
Ceded |  | (354,772 | ) |  | (282,719 | ) |  | (264,322 | )
Net |  | $ | 1,584,119 |  |  | 1,439,313 |  |  | 1,416,598 |
Losses and loss expenses incurred: |  |  |  |  |  |  |  |  |
Direct |  | $ | 2,394,640 |  |  | 1,499,340 |  |  | 1,102,326 |
Assumed |  | 29,175 |  |  | 20,788 |  |  | 14,994 |
Ceded |  | (1,302,825 | ) |  | (445,141 | ) |  | (135,202 | )
Net |  | $ | 1,120,990 |  |  | 1,074,987 |  |  | 982,118 |
Ceded Premiums and Losses Related to Flood Operations |
($ in thousands) |  | 2012 |  | 2011 |  | 2010
Ceded premiums written |  | $ | (221,094 | ) |  | (206,711 | ) |  | (190,964 | )
Ceded premiums earned |  | (212,177 | ) |  | (198,153 | ) |  | (184,833 | )
Ceded losses and loss expenses incurred |  | (1,119,303 | ) |  | (352,619 | ) |  | (60,479 | )

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