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Reinsurance (Tables)
 12 Months Ended
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: collateral1
 
(139,335
)
 
 

 
(146,364
)
 
 
Net unsecured reinsurance balances
 
1,414,411

 
 

 
563,177

 
 
 
 
 
 
 
 
 
 
 
Federal and state pools2:
 
 

 
 

 
 

 
 
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
)