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Segment reporting
 9 Months Ended 12 Months Ended
Sep. 30, 2014
Dec. 31, 2013
Segment Reporting [Abstract]    
Segment reporting
Segment reporting
The determination of the Company’s business segments is based on the manner in which management monitors the performance of its operations. The Company reports two operating segments - Property and Casualty Reinsurance and Catastrophe Risk Management. The Company has also identified a corporate function that includes net investment income on capital and certain general and administrative expenses related to corporate activities.
Effective January 1, 2014, the Company modified the presentation of its operating segments to allocate net investment income from float to the property and casualty reinsurance segment. The property and casualty reinsurance operations generate excess cash flows, or float, which the Company tracks in managing the business. The Company considers net investment income on float in evaluating the overall contribution of the property and casualty reinsurance segment. Prior period segment results have been adjusted to conform to this presentation.
The following is a summary of the Company’s operating segments results for the three and nine months ended September 30, 2014 and 2013:     
 
Three months ended September 30, 2014
 
Property and Casualty Reinsurance (6)
 
Catastrophe Risk Management
 
Corporate
 
Total
Revenues
($ in thousands)
Gross premiums written
$
124,931

 
$
1,472

 
$
—

 
$
126,403

Gross premiums ceded
(150
)
 
—

 
—

 
(150
)
Net premiums written
124,781

 
1,472

 
—

 
126,253

Change in net unearned premium reserves
(23,294
)
 
5,989

 
—

 
(17,305
)
Net premiums earned
101,487

 
7,461

 
—

 
108,948

Expenses

 

 

 

Loss and loss adjustment expenses incurred, net
60,121

 
(6
)
 
—

 
60,115

Acquisition costs, net
37,571

 
746

 
—

 
38,317

General and administrative expenses
5,556

 
648

 
3,920

 
10,124

Total expenses
103,248

 
1,388

 
3,920

 
108,556

Net underwriting loss
(1,761
)
 
 n/a
 
 n/a
 
 n/a
Net investment income (loss)
(137
)
 
881

 
808

 
1,552

Other expenses
(2,982
)
 
—

 
—

 
(2,982
)
Income tax expense
—

 
—

 
(1,542
)
 
(1,542
)
Segment income (loss) including non-controlling interests
(4,880
)
 
6,954

 
(4,654
)
 
(2,580
)
Segment income attributable to non-controlling interests
—

 
(3,325
)
 
(92
)
 
(3,417
)
Segment income (loss)
$
(4,880
)
 
$
3,629

 
$
(4,746
)
 
$
(5,997
)


 
 
 
 
 
 
Property and Casualty Reinsurance - Underwriting Ratios:
 
 
 
 
 
 
Loss ratio (1)
59.2
%
 
 
 
 
 
 
Acquisition cost ratio (2)
37.0
%
 
 
 
 
 
 
Composite ratio (3)
96.2
%
 
 
 
 
 
 
General and administrative expense ratio (4)
5.5
%
 
 
 
 
 
 
Combined ratio (5)
101.7
%
 
 
 
 
 
 

(1)
Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net by net premiums earned.
(2)
Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums earned.
(3)
Composite ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net and acquisition costs, net by net premiums earned.
(4)
General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned.
(5)
Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and general and administrative expenses related to underwriting activities by net premiums earned.
(6)
Effective January 1, 2014, the Company modified the presentation of its operating segments to allocate net investment income from float to the Property and Casualty Reinsurance segment. Prior period segment results have been adjusted to conform to this presentation.
 
Three Months Ended September 30, 2013
 
Property and Casualty Reinsurance (6)
 
Catastrophe Risk Management
 
Corporate
 
Total
Revenues
($ in thousands)
Gross premiums written
$
43,714

 
$
1,711

 
$
—

 
$
45,425

Gross premiums ceded
—

 
—

 
—

 
—

Net premiums written
43,714

 
1,711

 
—

 
45,425

Change in net unearned premium reserves
18,051

 
2,853

 
—

 
20,904

Net premiums earned
61,765

 
4,564

 
—

 
66,329

Expenses

 

 

 

Loss and loss adjustment expenses incurred, net
39,349

 
—

 
—

 
39,349

Acquisition costs, net
20,541

 
576

 
—

 
21,117

General and administrative expenses
6,739

 
949

 
2,158

 
9,846

Total expenses
66,629

 
1,525

 
2,158

 
70,312

Net underwriting loss
(4,864
)
 
 n/a
 
 n/a
 
 n/a
Net investment income
7,072

 
2,089

 
45,456

 
54,617

Other expenses
(1,246
)
 
—

 
—

 
(1,246
)
Segment income including non-controlling interests
962

 
5,128

 
43,298

 
49,388

Segment income attributable to non-controlling interests
—

 
(2,432
)
 
(386
)
 
(2,818
)
Segment income
$
962

 
$
2,696

 
$
42,912

 
$
46,570



 
 
 
 
 
 
Property and Casualty Reinsurance - Underwriting Ratios:
 
 
 
 
 
 
Loss ratio (1)
63.7
%
 
 
 
 
 
 
Acquisition cost ratio (2)
33.3
%
 
 
 
 
 
 
Composite ratio (3)
97.0
%
 
 
 
 
 
 
General and administrative expense ratio (4)
10.9
%
 
 
 
 
 
 
Combined ratio (5)
107.9
%
 
 
 
 
 
 

(1)
Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net by net premiums earned.
(2)
Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums earned.
(3)
Composite ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net and acquisition costs, net by net premiums earned.
(4)
General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned.
(5)
Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and general and administrative expenses related to underwriting activities by net premiums earned.
(6)
Effective January 1, 2014, the Company modified the presentation of its operating segments to allocate net investment income from float to the Property and Casualty Reinsurance segment. Prior period segment results have been adjusted to conform to this presentation.


Nine months ended September 30, 2014

Property and Casualty Reinsurance (6)
 
Catastrophe Risk Management
 
Corporate
 
Total
Revenues
($ in thousands)
Gross premiums written
$
347,495

 
$
12,003

 
$
—

 
$
359,498

Gross premiums ceded
(150
)
 
—

 
—

 
(150
)
Net premiums written
347,345

 
12,003

 
—

 
359,348

Change in net unearned premium reserves
(96,069
)
 
(2,319
)
 
—

 
(98,388
)
Net premiums earned
251,276

 
9,684

 
—

 
260,960

Expenses

 

 

 

Loss and loss adjustment expenses incurred, net
150,789

 
(6
)
 
—

 
150,783

Acquisition costs, net
92,477

 
854

 
—

 
93,331

General and administrative expenses
17,020

 
2,160

 
10,518

 
29,698

Total expenses
260,286

 
3,008

 
10,518

 
273,812

Net underwriting loss
(9,010
)
 
 n/a
 
 n/a
 
 n/a
Net investment income
13,458

 
943

 
77,671

 
92,072

Other expenses
(4,789
)
 
—

 
—

 
(4,789
)
Income tax expense
—

 
—

 
(3,917
)
 
(3,917
)
Segment income (loss) including non-controlling interests
(341
)
 
7,619

 
63,236

 
70,514

Segment income attributable to non-controlling interests
—

 
(3,854
)
 
(1,586
)
 
(5,440
)
Segment income (loss)
$
(341
)
 
$
3,765

 
$
61,650

 
$
65,074


 
 
 
 
 
 
 
Property and Casualty Reinsurance - Underwriting Ratios:
 
 
 
 
 
 
Loss ratio (1)
60.0
%
 
 
 
 
 
 
Acquisition cost ratio (2)
36.8
%
 
 
 
 
 
 
Composite ratio (3)
96.8
%
 
 
 
 
 
 
General and administrative expense ratio (4)
6.8
%
 
 
 
 
 
 
Combined ratio (5)
103.6
%
 
 
 
 
 
 

(1)
Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net by net premiums earned.
(2)
Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums earned.
(3)
Composite ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net and acquisition costs, net by net premiums earned.
(4)
General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned.
(5)
Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and general and administrative expenses related to underwriting activities by net premiums earned.
(6)
Effective January 1, 2014, the Company modified the presentation of its operating segments to allocate net investment income from float to the Property and Casualty Reinsurance segment. Prior period segment results have been adjusted to conform to this presentation.

 
Nine months ended September 30, 2013
 
Property and Casualty Reinsurance (6)
 
Catastrophe Risk Management
 
Corporate
 
Total
Revenues
($ in thousands)
Gross premiums written
$
231,229

 
$
8,431

 
$
—

 
$
239,660

Gross premiums ceded
(9,975
)
 
—

 
—

 
(9,975
)
Net premiums written
221,254

 
8,431

 
—

 
229,685

Change in net unearned premium reserves
(65,408
)
 
(2,120
)
 
—

 
(67,528
)
Net premiums earned
155,846

 
6,311

 
—

 
162,157

Expenses

 

 

 

Loss and loss adjustment expenses incurred, net
103,291

 
388

 
—

 
103,679

Acquisition costs, net
48,353

 
758

 
—

 
49,111

General and administrative expenses
16,265

 
2,721

 
5,085

 
24,071

Total expenses
167,909

 
3,867

 
5,085

 
176,861

Net underwriting loss
(12,063
)
 
 n/a
 
 n/a
 
 n/a
Net investment income
15,128

 
3,210

 
150,466

 
168,804

Other expenses
(2,675
)
 
—

 
—

 
(2,675
)
Segment income including non-controlling interests
390

 
5,654

 
145,381

 
151,425

Segment income attributable to non-controlling interests
—

 
(3,027
)
 
(1,175
)
 
(4,202
)
Segment income
$
390

 
$
2,627

 
$
144,206

 
$
147,223

 
 
 
 
 
 
 
 
Property and Casualty Reinsurance - Underwriting Ratios:
 
 
 
 
 
 
Loss ratio (1)
66.3
%
 
 
 
 
 
 
Acquisition cost ratio (2)
31.0
%
 
 
 
 
 
 
Composite ratio (3)
97.3
%
 
 
 
 
 
 
General and administrative expense ratio (4)
10.4
%
 
 
 
 
 
 
Combined ratio (5)
107.7
%
 
 
 
 
 
 

(1)
Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net by net premiums earned.
(2)
Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums earned.
(3)
Composite ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net and acquisition costs, net by net premiums earned.
(4)
General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned.
(5)
Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and general and administrative expenses related to underwriting activities by net premiums earned.
(6)
Effective January 1, 2014, the Company modified the presentation of its operating segments to allocate net investment income from float to the Property and Casualty Reinsurance segment. Prior period segment results have been adjusted to conform to this presentation.
For the three months ended September 30, 2014, three contracts each contributed greater than 10.0% of total gross premiums written. These three contracts contributed 60.5%, 31.8% and 14.1%, respectively, of total gross premiums written for the three months ended September 30, 2014. For the three months ended September 30, 2013, four contracts each contributed greater than 10% of total gross premiums written. These four contracts contributed 61.0%, 22.0%, 13.1% and 12.3%, respectively, of total gross premiums written for the three months ended September 30, 2013.
For the nine months ended September 30, 2014, three contracts each contributed greater than 10.0% of total gross premiums written. These three contracts contributed 29.2%, 12.4% and 11.2%, respectively, of total gross premiums written for the nine months ended September 30, 2014. For the nine months ended September 30, 2013, four contracts contributed greater than 10% of total gross premiums written. These four contracts contributed 18.8%, 14.6%, 11.6% and 11.5%, respectively, of total gross premiums written for the nine months ended September 30, 2013.






The following table provides a breakdown of the Company’s gross premiums written by line of business for the
three and nine months ended September 30, 2014 and 2013:
 
For the three months ended
 
September 30, 2014
 
September 30, 2013
 
($ in thousands)
Property
$
(2,810
)
 
(2.2
)%
 
$
(1,603
)
 
(3.5
)%
Casualty
128,469

 
101.6
 %
 
9,426

 
20.7
 %
Specialty
(728
)
 
(0.6
)%
 
35,891

 
79.0
 %
Total property and casualty reinsurance
124,931

 
98.8
 %
 
43,714

 
96.2
 %
Catastrophe risk management
1,472

 
1.2
 %
 
1,711

 
3.8
 %
 
$
126,403

 
100.0
 %
 
$
45,425

 
100.0
 %
 
For the nine months ended
 
September 30, 2014
 
September 30, 2013
 
($ in thousands)
Property
$
78,577

 
21.9
%
 
$
26,635

 
11.1
%
Casualty
244,235

 
67.9
%
 
111,021

 
46.4
%
Specialty
24,683

 
6.9
%
 
93,573

 
39.0
%
Total property and casualty reinsurance
347,495

 
96.7
%
 
231,229

 
96.5
%
Catastrophe risk management
12,003

 
3.3
%
 
8,431

 
3.5
%
 
$
359,498

 
100.0
%
 
$
239,660

 
100.0
%
The following table provides a breakdown of the Company’s gross premiums written by prospective and retroactive reinsurance contracts for the three and nine months ended September 30, 2014 and 2013:
 
For the three months ended
 
For the nine months ended
 
September 30, 2014
 
September 30, 2013
 
September 30, 2014
 
September 30, 2013
 
($ in thousands)
Prospective
$
126,403

 
100.0
%
 
$
27,981

 
61.6
%
 
$
356,822

 
99.3
%
 
$
199,916

 
83.4
%
Retroactive
—

 
—
%
 
17,444

 
38.4
%
 
2,676

 
0.7
%
 
39,744

 
16.6
%
 
$
126,403

 
100.0
%
 
$
45,425

 
100.0
%
 
$
359,498

 
100.0
%
 
$
239,660

 
100.0
%

The Company records the gross premium written and earned at the inception of the contract for retroactive reinsurance contracts.
Substantially all of the Company's business is sourced through reinsurance brokers. The following table provides a breakdown of the Company's gross premiums written from brokers for the nine months ended September 30, 2014 and 2013:
 
2014
 
2013
 
($ in thousands)
Guy Carpenter & Company, LLC
$
91,567

 
25.5
%
 
$
(11,927
)
 
(5.0
)%
Willis Re
55,589

 
15.5
%
 
13,421

 
5.6
 %
Aon Benfield - a division of Aon plc
54,072

 
15.0
%
 
91,349

 
38.2
 %
Advocate Reinsurance Partners, LLC
51,002

 
14.2
%
 
26,000

 
10.8
 %
Stonehill Reinsurance Partners, LLC
44,744

 
12.4
%
 
—

 
—
 %
TigerRisk Partners LLC
13,852

 
3.9
%
 
10,472

 
4.4
 %
BMS Intermediaries
—

 
—
%
 
46,095

 
19.2
 %
Other brokers
3,203

 
0.9
%
 
7,545

 
3.1
 %
Total broker placed
314,029

 
87.4
%
 
182,955

 
76.3
 %
Direct placements
45,469

 
12.6
%
 
56,705

 
23.7
 %
 
$
359,498

 
100.0
%
 
$
239,660

 
100.0
 %


The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the three and nine months September 30, 2014 and 2013:

 
For the three months ended
 
For the nine months ended
 
September 30, 2014
 
September 30, 2013
 
September 30, 2014
 
September 30, 2013
 
($ in thousands)
United States
$
85,686

 
67.7
 %
 
$
7,665

 
16.9
%
 
$
288,420

 
80.3
%
 
$
151,314

 
63.1
%
United Kingdom
(812
)
 
(0.6
)%
 
—

 
—
%
 
24,600

 
6.8
%
 
—

 
—
%
Bermuda
41,529

 
32.9
 %
 
37,760

 
83.1
%
 
46,478

 
12.9
%
 
86,946

 
36.3
%
Other
—

 
—
 %
 
—

 
—
%
 
—

 
—
%
 
1,400

 
0.6
%
 
$
126,403

 
100.0
 %
 
$
45,425

 
100.0
%
 
$
359,498

 
100.0
%
 
$
239,660

 
100.0
%
Segment reporting
The determination of the Company’s business segments is based on the manner in which management monitors the performance of its operations. The Company reports two operating segments – Property and Casualty Reinsurance and Catastrophe Risk Management. The Company has also identified a corporate function that includes the Company’s investment results and certain general and administrative expenses related to corporate activities.
The following is a summary of the Company’s operating segments results for the years ended December 31, 2013 and 2012:
 
Year Ended December 31, 2013
 
Property and Casualty Reinsurance
 
Catastrophe Risk Management
 
Corporate
 
Total
Revenues
($ in thousands)
Gross premiums written
$
393,588

 
$
8,349

 
$
—

 
$
401,937

Gross premiums ceded
(9,975
)
 
—

 
—

 
(9,975
)
Net premiums written
383,613

 
8,349

 
—

 
391,962

Change in net unearned premium reserves
(171,006
)
 
(289
)
 
—

 
(171,295
)
Net premiums earned
212,607

 
8,060

 
—

 
220,667

Net investment income
—

 
4,421

 
248,782

 
253,203

Total revenues
212,607

 
12,481

 
248,782

 
473,870

Expenses
 
 
 
 
 
 
 
Loss and loss adjustment expenses incurred, net
139,616

 
196

 
—

 
139,812

Acquisition costs, net
66,981

 
963

 
—

 
67,944

General and administrative expenses
21,838

 
3,852

 
7,346

 
33,036

Total expenses
228,435

 
5,011

 
7,346

 
240,792

Underwriting loss
(15,828
)
 
 n/a

 
 n/a

 
 n/a

Income including non-controlling interests
 n/a

 
7,470

 
241,436

 
233,078

Income attributable to non-controlling interests
 n/a

 
(4,046
)
 
(1,721
)
 
(5,767
)
Net income (loss)
$
(15,828
)
 
$
3,424

 
$
239,715

 
$
227,311

 
 
 
 
 
 
 
 
Property and Casualty Reinsurance - Underwriting Ratios:
 
 
 
 
 
 
Loss ratio (1)
65.7
%
 
 
 
 
 
 
Acquisition cost ratio (2)
31.5
%
 
 
 
 
 
 
General and administrative expense ratio (3)
10.3
%
 
 
 
 
 
 
Combined ratio (4)
107.5
%
 
 
 
 
 
 

(1)
Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net by net premiums earned.
(2)
Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums earned.
(3)
General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned.
(4)
Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and general and administrative expenses related to underwriting activities by net premiums earned.

 
Year Ended December 31, 2012
 
Property and Casualty Reinsurance
 
Catastrophe Risk Management
 
Corporate
 
Total
Revenues
($ in thousands)
Gross premiums written
$
190,374

 
$
—

 
$
—

 
$
190,374

Gross premiums ceded
—

 
—

 
—

 
—

Net premiums written
190,374

 
—

 
—

 
190,374

Change in net unearned premium reserves
(93,893
)
 
—

 
—

 
(93,893
)
Net premiums earned
96,481

 
—

 
—

 
96,481

Net investment income
—

 
—

 
136,422

 
136,422

Total revenues
96,481

 
—

 
136,422

 
232,903

Expenses
 
 
 
 
 
 
 
Loss and loss adjustment expenses incurred, net
80,306

 
—

 
—

 
80,306

Acquisition costs, net
24,604

 
—

 
—

 
24,604

General and administrative expenses
20,290

 
1,534

 
5,552

 
27,376

Total expenses
125,200

 
1,534

 
5,552

 
132,286

Underwriting loss
(28,719
)
 
 n/a

 
 n/a

 
 n/a

Income (loss) including non-controlling interests
 n/a

 
(1,534
)
 
130,870

 
100,617

Income attributable to non-controlling interests
 n/a

 
—

 
(1,216
)
 
(1,216
)
Net income (loss)
$
(28,719
)
 
$
(1,534
)
 
$
129,654

 
$
99,401

 
 
 
 
 
 
 
 
Property and Casualty Reinsurance - Underwriting Ratios:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss ratio (1)
83.2
%
 
 
 
 
 
 
Acquisition cost ratio (2)
25.5
%
 
 
 
 
 
 
General and administrative expense ratio (3)
21.0
%
 
 
 
 
 
 
Combined ratio (4)
129.7
%
 
 
 
 
 
 
(1)
Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net by net premiums earned.
(2)
Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums earned.
(3)
General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned.
(4)
Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and general and administrative expenses related to underwriting activities by net premiums earned.
For the year ended December 31, 2013, three contracts individually contributed greater than 10% of total gross premiums written. These three contracts individually contributed 14.9%, 11.2% and 10.5%, respectively, of total gross premiums written for the year ended December 31, 2013. For the year ended December 31, 2012, three contracts each contributed greater than 10% of total gross premiums written. These three contracts contributed 22.3%, 20.0% and 11.8%, respectively, of total gross premiums written for the year ended December 31, 2012.






The following table provides a breakdown of the Company’s gross premiums written by line of business for the
years ended December 31, 2013 and 2012:
 
2013
 
2012
 
($ in thousands)
Property
$
67,612

 
16.8
%
 
$
103,174

 
54.2
%
Casualty
210,017

 
52.2
%
 
44,700

 
23.5
%
Specialty
115,959

 
28.9
%
 
42,500

 
22.3
%
Total property and casualty reinsurance
393,588

 
97.9
%
 
190,374

 
100.0
%
Catastrophe risk management
8,349

 
2.1
%
 
—

 
—
%
 
$
401,937

 
100.0
%
 
$
190,374

 
100.0
%
The following table provides a breakdown of the Company’s gross premiums written by prospective and retroactive reinsurance contracts for the years ended December 31, 2013 and 2012:
 
2013
 
2012
 
($ in thousands)
Prospective
$
362,151

 
90.1
%
 
$
190,374

 
100.0
%
Retroactive
39,786

 
9.9
%
 
—

 
—
%
 
$
401,937

 
100.0
%
 
$
190,374

 
100.0
%

The Company records the gross premium written and earned at the inception of the contract for retroactive reinsurance contracts.
Substantially all of the Company’s business is sourced through reinsurance brokers. The following table provides a breakdown of the Company’s gross premiums written from brokers for the years ended December 31, 2013 and 2012:
 
2013
 
2012
 
($ in thousands)
Aon Benfield - a division of Aon plc
$
111,865

 
27.8
%
 
$
22,000

 
11.6
%
Guy Carpenter & Company, LLC
89,125

 
22.2
%
 
65,073

 
34.2
%
Advocate Reinsurance Partners, LLC
57,994

 
14.4
%
 
22,473

 
11.8
%
BMS Intermediaries
46,095

 
11.5
%
 
5,269

 
2.8
%
Other brokers
40,246

 
10.0
%
 
33,059

 
17.4
%
Total broker placed
345,325

 
85.9
%
 
147,874

 
77.8
%
Other
56,612

 
14.1
%
 
42,500

 
22.2
%
 
$
401,937

 
100.0
%
 
$
190,374

 
100.0
%

The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the years ended December 31, 2013 and 2012 :
 
2013
 
2012
 
($ in thousands)
United States
$
304,141

 
75.7
%
 
$
190,374

 
100.0
%
Bermuda
96,396

 
24.0
%
 
—

 
—
%
Other
1,400

 
0.3
%
 
—

 
—
%
 
$
401,937

 
100.0
%
 
$
190,374

 
100.0
%