| Results of Operations Related to Reinsurance Agreements |
The following is the effect on the Company’s results of
operations for the three and six months ended June 30, 2012 and
2011 related to Maiden Reinsurance agreements:
| |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
| (Amounts in Thousands) |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
| Results of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium written – ceded |
|
$ |
(196,380 |
) |
|
$ |
(213,919 |
) |
|
$ |
(387,281 |
) |
|
$ |
(340,641 |
) |
| Change
in unearned premium – ceded |
|
|
26,378 |
|
|
|
77,227 |
|
|
|
50,961 |
|
|
|
90,013 |
|
|
Earned premium - ceded |
|
$ |
(170,002 |
) |
|
$ |
(136,692 |
) |
|
$ |
(336,320 |
) |
|
$ |
(250,628 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ceding commission
on premium written |
|
$ |
50,858 |
|
|
$ |
44,160 |
|
|
$ |
105,269 |
|
|
$ |
83,885 |
|
| Ceding
commission – deferred |
|
|
(6,308 |
) |
|
|
(9,796 |
) |
|
|
(14,445 |
) |
|
|
(13,712 |
) |
|
Ceding commission – earned |
|
$ |
44,550 |
|
|
$ |
34,364 |
|
|
$ |
90,824 |
|
|
$ |
70,173 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Incurred loss and
loss adjustment expense – ceded |
|
$ |
125,970 |
|
|
$ |
98,957 |
|
|
$ |
248,780 |
|
|
$ |
181,064 |
|
|