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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2013
Reinsurance Disclosures [Abstract]  
Schedule of Total Reinsurance Balances Segregated By Reinsurer
 
 
As of December 31, 2013
 
As of December 31, 2012
($ in thousands)
 
Reinsurance Balances
 
% of Net Unsecured Reinsurance
 
Reinsurance Balances
 
% of Net
Unsecured Reinsurance
Total reinsurance recoverables
 
$
550,897

 
 

 
$
1,421,109

 
 
Total prepaid reinsurance premiums
 
143,000

 
 

 
132,637

 
 
Less: collateral1
 
(119,732
)
 
 

 
(139,335
)
 
 
Net unsecured reinsurance balances
 
574,165

 
 

 
1,414,411

 
 
 
 
 
 
 
 
 
 
 
Federal and state pools2:
 
 

 
 

 
 

 
 
NFIP
 
177,637

 
31

 
1,028,685

 
73
NJ Unsatisfied Claim Judgment Fund
 
71,732

 
12

 
68,655

 
5
Other
 
3,034

 
1

 
5,749

 
—
Total federal and state pools
 
252,403

 
44

 
1,103,089

 
78
 
 
 
 
 
 
 
 
 
Remaining unsecured reinsurance
 
321,762

 
56

 
311,322

 
22
 
 
 
 
 
 
 
 
 
Hannover Ruckversicherungs AG (A.M. Best rated “A+”)
 
72,565

 
13

 
60,358

 
4
Munich Re Group (A.M. Best rated “A+”)
 
69,749

 
12

 
66,283

 
5
Swiss Re Group (A.M. Best rated “A+”)
 
48,234

 
8

 
52,189

 
4
AXIS Reinsurance Company (A.M. Best rated “A+”)
 
45,114

 
8

 
35,064

 
3
Partner Reinsurance Company of the U.S. (A.M. Best rated “A+”)
 
25,730

 
4

 
20,074

 
1
QBE Reinsurance Corporation (A.M. Best rated "A")
 
15,665

 
3

 
13,871

 
1
All other reinsurers
 
44,705

 
8

 
63,483

 
4
Total
 
$
321,762

 
56
%
 
$
311,322

 
22

 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)
 
2013
 
2012
 
2011
Premiums written:
 
 

 
 

 
 

Direct
 
$
2,133,793

 
1,955,667

 
1,725,396

Assumed
 
43,650

 
50,938

 
51,515

Ceded
 
(367,284
)
 
(339,722
)
 
(291,559
)
Net
 
$
1,810,159

 
1,666,883

 
1,485,352

 
 
 
 
 
 
 
Premiums earned:
 
 

 
 

 
 

Direct
 
$
2,048,530

 
1,873,007

 
1,693,021

Assumed
 
44,464

 
65,884

 
29,011

Ceded
 
(356,922
)
 
(354,772
)
 
(282,719
)
Net
 
$
1,736,072

 
1,584,119

 
1,439,313

 
 
 
 
 
 
 
Losses and loss expenses incurred:
 
 

 
 

 
 

Direct
 
$
1,370,293

 
2,394,640

 
1,499,340

Assumed
 
32,678

 
29,175

 
20,788

Ceded
 
(281,233
)
 
(1,302,825
)
 
(445,141
)
Net
 
$
1,121,738

 
1,120,990

 
1,074,987
Schedule of Ceded Premiums and Losses Related to Flood Operations
($ in thousands)
 
2013
 
2012
 
2011
Ceded premiums written
 
$
(236,309
)
 
(221,094
)
 
(206,711
)
Ceded premiums earned
 
(228,650
)
 
(212,177
)
 
(198,153
)
Ceded losses and loss expenses incurred
 
(183,142
)
 
(1,119,303
)
 
(352,619
)