Reinsurance (Tables)

6 Months Ended

Jun. 30, 2013

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


	Three Months Ended June 30, 2013									Six Months Ended June 30, 2013
	Premiums Written			Premiums Earned			Loss and Loss Adjustment Expenses			Premiums Written			Premiums Earned			Loss and Loss Adjustment Expenses
Direct	$	219,946		$	197,302		$	50,350		$	424,085		$	391,470		$	100,946
Ceded		(133,897	)		(130,435	)		(25,151	)		(275,214	)		(259,194	)		(49,264	)

Net	$	86,049		$	66,867		$	25,199		$	148,871		$	132,276		$	51,682


	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

Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable

The following prepaid reinsurance premiums and reinsurance recoverable and receivable are reflected in the Consolidated Balance Sheets as of the periods presented (in thousands):


	As of June 30, 2013		As of December 31, 2012
Prepaid reinsurance premiums	$	255,941	$	239,921


Reinsurance recoverable on unpaid losses and LAE	$	67,820	$	81,415
Reinsurance recoverable on paid losses		11,331		7,776
Reinsurance receivable, net		24,542		24,334

Reinsurance recoverable and receivable	$	103,693	$	113,525