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Reinsurance | 9 Months Ended
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Sep. 30, 2019
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 2018 Annual Report.
|  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Premiums written: |  |  |  |  |  |  |  |  |  |  |  |
Direct |  | $ | 785,680 |  |  | 752,834 |  |  | $ | 2,359,441 |  |  | 2,220,431 |
Assumed |  | 6,882 |  |  | 7,084 |  |  | 18,770 |  |  | 19,891 |
Ceded |  | (115,634 | ) |  | (108,250 | ) |  | (326,939 | ) |  | (308,846 | )
Net |  | $ | 676,928 |  |  | 651,668 |  |  | $ | 2,051,272 |  |  | 1,931,476 |
Premiums earned: |  |  |  |  |  |  |  |  |  |  |  |
Direct |  | $ | 752,872 |  |  | 706,497 |  |  | $ | 2,221,257 |  |  | 2,086,953 |
Assumed |  | 6,356 |  |  | 6,484 |  |  | 18,660 |  |  | 19,220 |
Ceded |  | (105,608 | ) |  | (98,704 | ) |  | (311,105 | ) |  | (295,232 | )
Net |  | $ | 653,620 |  |  | 614,277 |  |  | $ | 1,928,812 |  |  | 1,810,941 |
Loss and loss expenses incurred: |  |  |  |  |  |  |  |  |  |  |  |
Direct |  | $ | 437,618 |  |  | 477,427 |  |  | $ | 1,297,975 |  |  | 1,289,357 |
Assumed |  | 4,362 |  |  | 6,529 |  |  | 13,975 |  |  | 16,897 |
Ceded |  | (43,305 | ) |  | (104,757 | ) |  | (145,712 | ) |  | (175,786 | )
Net |  | $ | 398,675 |  |  | 379,199 |  |  | $ | 1,166,238 |  |  | 1,130,468 |
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) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Ceded premiums written |  | $ | (74,864 | ) |  | (70,100 | ) |  | $ | (206,451 | ) |  | (193,110 | )
Ceded premiums earned |  | (65,847 | ) |  | (61,448 | ) |  | (191,914 | ) |  | (180,582 | )
Ceded loss and loss expenses incurred |  | (27,459 | ) |  | (89,396 | ) |  | (62,208 | ) |  | (115,376 | )
Excluding the impact of our participation in the NFIP, ceded loss and loss expenses incurred increased in Nine Months 2019 compared to the respective prior year, due to one significant fire loss in the second quarter of 2019, which added $17.4 million to ceded loss and loss expenses. The elevated ceded loss and loss expenses incurred related to our participation in the NFIP in Third Quarter and Nine Months 2018 were due to Hurricane Florence, which impacted our footprint in September 2018.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI http://asc.fasb.org/topic&trid=2303980 + Details
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