Reinsurance Agreements (Tables)

12 Months Ended

Dec. 31, 2013

Reinsurance Agreements Tables

Primary reinsurance agreements

Crusader’s primary excess of loss reinsurance agreements since January 1, 2003, are as follows:

Loss Year(s)	Reinsurer(s)	A. M. Best Rating	Retention	Annual Aggregate Deductible
2011 – 2013	Platinum Underwriters Reinsurance, Inc. & Hannover Ruckversicherungs AG & TOA Reinsurance	A A+ A+	$500,000	$ -
2005 – 2010	Platinum Underwriters Reinsurance, Inc. & Hannover Ruckversicherungs AG	A A+	$300,000	$500,000
2004	Platinum Underwriters Reinsurance, Inc. & Hannover Ruckversicherungs AG	A A+	$250,000	$500,000
2003	Platinum Underwriters Reinsurance, Inc. & Hannover Ruckversicherungs AG & QBE Reinsurance Corporation	A A+ A	$250,000	$500,000

Effect of reinsurance on premiums written, premiums earned, and incurred losses

The effect of reinsurance on premiums written, premiums earned, and incurred losses are as follows:

	Year ended December 31
	2013			2012			2011
Premiums written:
Direct business	$	31,214,091		$	32,572,047		$	32,054,590
Reinsurance assumed		—			—			—
Reinsurance ceded		(5,120,807	)		(5,180,758	)		(5,334,743	)
Net premiums written	$	26,093,283		$	27,391,289		$	26,719,847
Premiums earned:
Direct business	$	31,983,540		$	32,454,089		$	32,072,262
Reinsurance assumed		—			—			—
Reinsurance ceded		(5,121,233	)		(5,135,929	)		(5,348,319	)
Net premiums earned	$	26,862,307		$	27,318,160		$	26,723,943
Incurred losses and loss adjustment expenses:
Direct	$	15,491,895		$	16,795,237		$	11,970,100
Assumed		—			—			—
Ceded		597,280			(1,561,834	)		2,417,227
Net incurred losses and loss adjustment expenses	$	16,089,175		$	15,233,403		$	14,387,327