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 2014 Annual Report.



	Quarter ended March 31,
($ in thousands)	2015			2014
Premiums written:
Direct	$	598,783		557,891
Assumed	6,081			7,850
Ceded	(86,776		)	(88,991	)
Net	$	518,088		476,750
Premiums earned:
Direct	$	562,042		536,700
Assumed	5,908			10,185
Ceded	(91,827		)	(90,390	)
Net	$	476,123		456,495
Loss and loss expense incurred:
Direct	$	312,246		358,349
Assumed	4,662			7,479
Ceded	(31,909		)	(45,282	)
Net	$	284,999		320,546

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 March 31,
($ in thousands)	2015			2014
Ceded premiums written	$	(53,842	)	(57,303	)
Ceded premiums earned	(58,998		)	(58,286	)
Ceded loss and loss expense incurred	(6,249		)	(7,379	)