Reinsurance (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31, 2013
							Losses and Loss
	Premiums			Premiums			Adjustment
	Written			Earned			Expenses
Direct	$	783,894		$	788,477		$	216,852
Ceded		(522,116	)		(520,822	)		(108,237	)

Net	$	261,778		$	267,655		$	108,615


	Year Ended December 31, 2012
							Losses and Loss
	Premiums			Premiums			Adjustment
	Written			Earned			Expenses
Direct	$	780,128		$	751,899		$	249,064
Ceded		(517,604	)		(520,779	)		(122,877	)

Net	$	262,524		$	231,120		$	126,187


	Year Ended December 31, 2011
							Losses and Loss
	Premiums			Premiums			Adjustment
	Written			Earned			Expenses
Direct	$	721,462		$	689,955		$	245,335
Ceded		(512,979	)		(490,970	)		(121,026	)

Net	$	208,483		$	198,985		$	124,309

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 December 31,
	2013		2012
Prepaid reinsurance premiums	$	241,214	$	239,921


Reinsurance recoverable on unpaid losses and LAE	$	68,584	$	81,415
Reinsurance recoverable on paid losses		39,263		7,776
Reinsurance receivable, net		203		24,334

Reinsurance recoverable and receivable	$	108,050	$	113,525