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Reinsurance (Tables)

6 Months Ended

Jun. 30, 2012

Reinsurance/Insurance Operations [Abstract]

The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income (in thousands):


	Three Months Ended June 30, 2012									Six Months Ended June 30, 2012
	Premiums Written			Premiums Earned			Loss and Loss Adjustment Expenses			Premiums Written			Premiums Earned			Loss and Loss Adjustment Expenses
Direct	$	222,568		$	186,656		$	56,533		$	412,571		$	365,460		$	109,140
Ceded		(102,433	)		(130,962	)		(27,096	)		(265,867	)		(261,126	)		(53,529	)

Net	$	120,135		$	55,694		$	29,437		$	146,704		$	104,334		$	55,611


	Three Months Ended June 30, 2011									Six Months Ended June 30, 2011
	Premiums Written			Premiums Earned			Loss and Loss Adjustment Expenses			Premiums Written			Premiums Earned			Loss and Loss Adjustment Expenses
Direct	$	213,479		$	170,134		$	53,360		$	386,654		$	334,721		$	106,491
Ceded		(145,798	)		(120,610	)		(27,508	)		(269,689	)		(237,193	)		(54,454	)

Net	$	67,681		$	49,524		$	25,852		$	116,965		$	97,528		$	52,037

Prepaid reinsurance premiums and reinsurance recoverables

The following prepaid reinsurance premiums and reinsurance recoverables and receivables are reflected in the Condensed Consolidated Balance Sheets (in thousands):


	As of		As of
	June 30, 2012		December 31, 2011

Prepaid reinsurance premiums	$	247,835	$	243,095


Reinsurance recoverable on unpaid losses and LAE	$	73,169	$	88,002
Reinsurance recoverable on paid losses		42,290		(2,296	)
Reinsurance receivables, net		125,664		55,205

Reinsurance recoverables and receivables	$	241,123	$	140,911