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Reinsurance | 9 Months Ended
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Sep. 30, 2014
Reinsurance Disclosures [Abstract] |
Reinsurance | Reinsurance The following table contains a listing of direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expenses incurred for the periods indicated. For more information concerning reinsurance, refer to Note 8. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2013 Annual Report.
|  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Premiums written: |  |  |  |  |  |  |  |  |  |  |  |
Direct |  | $ | 592,858 |  |  | 570,849 |  |  | 1,723,063 |  |  | 1,650,855 |
Assumed |  | 5,780 |  |  | 22,053 |  |  | 19,467 |  |  | 34,913 |
Ceded |  | (103,517 | ) |  | (100,154 | ) |  | (290,836 | ) |  | (280,719 | )
Net |  | $ | 495,121 |  |  | 492,748 |  |  | 1,451,694 |  |  | 1,405,049 |
Premiums earned: |  |  |  |  |  |  |  |  |  |  |  |
Direct |  | $ | 548,734 |  |  | 518,307 |  |  | 1,630,347 |  |  | 1,516,454 |
Assumed |  | 6,789 |  |  | 11,066 |  |  | 27,359 |  |  | 32,480 |
Ceded |  | (92,884 | ) |  | (91,805 | ) |  | (274,947 | ) |  | (264,174 | )
Net |  | $ | 462,639 |  |  | 437,568 |  |  | 1,382,759 |  |  | 1,284,760 |
Loss and loss expense incurred: |  |  |  |  |  |  |  |  |  |  |  |
Direct |  | $ | 304,525 |  |  | 350,648 |  |  | 995,581 |  |  | 1,055,248 |
Assumed |  | 5,362 |  |  | 7,264 |  |  | 20,218 |  |  | 22,758 |
Ceded |  | (38,955 | ) |  | (74,595 | ) |  | (126,526 | ) |  | (245,246 | )
Net |  | $ | 270,932 |  |  | 283,317 |  |  | 889,273 |  |  | 832,760 |
Direct premiums earned increases in Third Quarter 2014 and Nine Months 2014 compared to Third Quarter 2013 and Nine Months 2013 reflect pure price increases coupled with stable retention that we have achieved in our Standard Insurance Operations. These increases were consistent with the fluctuation in DPW for the twelve-month period ended September 30, 2014 compared to the twelve-month period ended September 30, 2013. Assumed premiums written and earned decreased in Third Quarter 2014 and Nine Months 2014 compared to the same periods last year as a result of the March 2014 sale of the renewal rights to our self-insured group, or "SIG," book of pooled public entity business. Direct loss and loss expense incurred decreased by $46.1 million in Third Quarter 2014 compared to Third Quarter 2013 driven by: (i) lower catastrophe losses; (ii) favorable prior year casualty reserve development; and (iii) a $4.0 million reduction in our estimated ultimate exposure related to Hurricane Sandy, $3.6 million of which is ceded under our catastrophe excess of loss treaty. In addition, the ceded premiums and losses related to our participation in the NFIP, under which 100% of our flood premiums, losses, and loss expenses are ceded to the NFIP, are as follows:
Ceded to NFIP |  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Ceded premiums written |  | $ | (69,922 | ) |  | (64,196 | ) |  | (193,000 | ) |  | (183,364 | )
Ceded premiums earned |  | (60,761 | ) |  | (57,920 | ) |  | (178,260 | ) |  | (169,697 | )
Ceded loss and loss expense incurred |  | (14,008 | ) |  | (34,879 | ) |  | (48,099 | ) |  | (162,780 | )

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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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