Reinsurance (Tables)

3 Months Ended

Mar. 31, 2020

The effect of our reinsurance agreements on premiums written and earned is as follows:


	For the three months ended
	March 31, 2020		March 31, 2019
	(In Thousands)
Net premiums written
Direct	$	103,453	$	81,730
Ceded ⁽¹⁾	(12,082)		(9,807)
Net premiums written	$	91,371	$	71,923

Net premiums earned
Direct	$	113,187	$	86,298
Ceded ⁽¹⁾	(14,470)		(12,430)
Net premiums earned	$	98,717	$	73,868

⁽¹⁾ Net of profit commission.

The following table shows the amounts related to the QSR Transactions:


	For the three months ended
	March 31, 2020		March 31, 2019
	(In Thousands)
Ceded risk-in-force	$	4,843,715	$	4,534,353

Ceded premiums earned	(23,011)		(21,468)
Ceded claims and claim expenses	1,532		899

Ceding commission earned	4,513		4,206
Profit commission	12,413		12,061

Schedule of ILN Transactions

The following table presents the inception date, covered production period, initial and current reinsurance coverage amount, and initial and current first layer retained aggregate loss under each of the ILN Transactions.


($ values in thousands)	Inception Date	Covered Production	Initial Reinsurance Coverage		Current Reinsurance Coverage		Initial First Layer Retained Loss		Current First Layer Retained Loss
2017 ILN Transaction	May 2, 2017	1/1/2013 - 12/31/2016	$	211,320	$	46,990	$	126,793	$	122,810
2018 ILN Transaction	July 25, 2018	1/1/2017 - 5/31/2018	264,545		174,340		125,312		124,311
2019 ILN Transaction	July 30, 2019	6/1/2018 - 6/30/2019	326,905		259,047		123,424		123,424